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Blog » Streamline Your Account Reconciliation Process with Cogneesol

Streamline Your Account Reconciliation Process with Cogneesol

Last updated: 19 Oct, 2023 By | 6 Minutes Read

Account Reconciliation Process

There is a certain dichotomy about the whole accounting process. On one hand, the very foundation of a business rests largely on operational data processed by the accounting system. On the other hand, it is a function that doesn’t require a lot of management focus.

An integral part of the whole accounting process is reconciliation. It is important because of lot of accounts depend on this single entity to be precise and accurate.

However, because of its inherent complexities and processing invoices, few companies prefer outsourcing account reconciliation process. These third-party service providers carry out transactions every month efficiently.

This is where Cogneesool kicks in. We have extensive years of experience in offering  accounts reconciliation services to businesses globally. Before going in to the details as to how we can take the pressure off, here’s brief about us.

Since 2008, Cogneeol has established as one of the industry leaders in the global business outsourcing scenario. Our clients today range from medium to large business to a clutch of Fortune 500 companies. We cover industries and domains that include legal and insurance services, IT and technology services and above all top of the line accounting services.

Use of the latest accounting software and cutting edge technologically advanced hardware help us to fulfill the goals of our clients. Our team of dedicated accountants are of course professionally qualified and experienced to handle the full reconciliation process in software like QuickBooks and NetSuite comprehensively.

Ways to streamline your account reconciliation process

  • Outsource in totality:

Let us handle the full reconciliation process for you. The advantage here is that you can be sure that all your books of accounts linked to payments and receipts are fully balanced and that your balance sheet reflects figures that are accurate.

  • Outsource partially:

You can opt to Outsource accounts reconciliation of specific items to us which you feel is important for your business. For example, these might be heads of accounts where profit and loss are involved so as to keep a check on your finances and avoid revenue leakage.We will send you a rundown of all activities in the accounts whose reconciliation has been entrusted to us. You might even choose to outsource the total deposits or the total payments reconciliation to us.

At Cogneesol we are committed to providing you top line account reconciliation services. What are the advantages that you get when you partner with us –

  • Data security

We are very serious about maintaining confidentiality of client records and have incorporated layers of security measures in our systems. All transfer of data between clients and Cogneesol is carried out over fully secured and safe web servers.Again, by having all heads of accounts balanced simultaneously, you eliminate the possibility of a fraudulent transaction as your internal records are being matched against an external entity – the bank statement.This is crucial as information about your invoices and payments and receipts has to be uploaded to us for processing and again sent back to your system. We will also enter into a non-disclosure agreement with you which will be an assurance of our commitment to protect the security of your business data.

  • Better control of your finances

When you outsource your reconciliation process to Cogneesol, you are always on top of your financial position. We balance your books with the bank statement promptly every month and this will give you an idea of your financial state at all times. Once you are in the know of this, you can take crucial business decisions based on the actual cash situation without having to rely on figures that might be grossly inflated or below the real level.

  • Documents to support reconciliation reports

This is absolutely necessary to establish the authenticity of the reconciliation done by us. We attach supporting documents to reconciliation reports submitted to you so that you are sure of the validity of our work.Further, in any business, there will be some delinquent or long outstanding items that are difficult to trace. In such cases, we will offer action plans to eliminate these items so that you arrive at a true position of account balances. Regular action taken reports on this score will also be provided to you.

Thinking as to why exactly should you join hands with Cogneesol? When you opt to outsource account reconciliation services to us, you are putting your trust in a company that has more than 300 customers in 15 countries around the world. This is solely due to the benchmarks of excellence that we have set for ourselves and scrupulously follow always. Call +1-646-688-2821 to get started with your free trial.