The reason for reconciling bank records with the organization’s financial records is to check the integrity of data between them and the process involves matching the balances in organization records for a cash account to the corresponding information in the bank statement, this practice of reconciliation is to be done regularly as the organization has to utilize the funds in an efficient manner. Most business organization receives numerous receipts from their customers on a daily basis and the organization in turn make numerous bank deposits on a regular basis, the process of reconciliation at regular interval becomes lengthy & complex procedure for some organizations and if they are not taken care of or recorded in the wrong way, the business may get out of balance soon.
The need for reconciliation between the bank accounts & organizations record can be a result of several factors like accumulation of bank service fee, interest payments, outstanding cheques, direct deposit of funds by clients etc. We at RJV, uses the latest financial software tools to provide economical solution to solve the discrepancies and inconsistent amounts, we also provide real time reconciliation services to our clients so that the funds can be utilized efficiently and saves the interest cost of the organization.
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