Bank and Card Reconciliation
Outsourcing Services
Bank and Card Reconciliation
Who don’t know the importance of reconciliation of accounts in successful business operation? Reconciliation of accounts enable business to catch the errors, avoid any leakage of fund and resources, verification of current outstanding and dues and prevention of fraud in timely manner. And, when it comes to the question of bank and card reconciliation it becomes first priority of any business to get it reconciled or verified time to time. Accurate, proper and timely reconciliation of bank and cards help the business to:
Any unaccounted cheque, deposited but not credited cheques, forgotten entries, misread receipts, transposed numbers can be identified through timely and thorough reconciliations. These errors can be of any amount and it can result into a serious problem for business operations.
Any cheque that have deposited but not cleared, or any receivable for which final amount has already been decided with party, but it is still not released and as per our understanding it has already released, Similarly, we have issued a cheque, and record this transaction as a payment from our bank account in books, but receiver has not yet credited because of not presentation of cheque for payment, it could hit at an inappropriate time, these issue can only be identified through deep and professional reconciliation.
With the help of perfect reconciliation, business, can be able to identify the extra amount charged from their bank account in terms of cancelled subscriptions, wrong bank charges etc. if the statements are not reconciled regularly, it will take time to identify these issues, and become unlikely to be refunded because of non-identification on time.
Reconciliation of bank and cards regularly can greatly minimize damage from fraud. Unfortunately, fraud sometimes done by one’s own worker, if an employee alters or steal a cheque, it can only be bringing into light with the help of regular bank and card reconciliations.
“It’s a smart practice to have the bank statements reconciled by someone who is not responsible for issuing the cheques.”
Now days, number of companies are outsourcing bank and credit card reconciliation services to experienced and professional companies or consultants. It enables business to free its own precious resources and divert them towards more value creating operations.
Digi Accounto, is an expert bank and credit card reconciliation service provider. We are providing service to numerous companies for their bank and credit card reconciliation task. We pay the utmost attention to detail when we undertake these services. Outsourcing bank and card reconciliation services to a professional credit card and bank reconciliation service provider is a wise decision, as it can save time, effort, cost and resources.
Digi Accounto, is an expert bank and credit card reconciliation service provider. We are providing service to numerous companies for their bank and credit card reconciliation task. We pay the utmost attention to detail when we undertake these services. Outsourcing bank and card reconciliation services to a professional credit card and bank reconciliation service provider is a wise decision, as it can save time, effort, cost and resources.
Our bank and credit card reconciliation services includes:
- Reconciliation of bank statements according to the records and reports prepared by in-house team.
- Reconciliation of bank records with credit card statement
- Cheque sequencing services
- Credit card services – improve cash flow, track unsettled payments and monitor accounts for late payments
- Creation of bank reconciliation reports
- Review of all deposited, cleared, issued and cancelled cheques
Work Flow for Reconciliation Services
We at Digi Accounto, are a leading bank and card reconciliation service provide and follow following process for the delivery of our services:
Understanding the requirements
Our professional team will interact with client’s in-house accounts department and understand the bank account reconciliation needs.
Customized solution
After understanding the requirement thoroughly, we will provide a customized solution to effectively address client’s requirements.
Account reconciliation performed
Clients can enjoy complete peace of mind, when our professional analysts are balancing and reconciling its records after making sure that all information is 100% accurate.