Reconciliation
Reconciliation stands before us as one of the most effective and important control methods in testing the results of financial statements. Without establishing an orderly substructure of reconciliation it is hardly feasible to claim the accuracy of accounting records. The Companies are forced to take all required measures in order to provide an environment of trust to the third parties and institutions through a healthy financial reporting that can minimize risk of infraction and can fast track the collections
.
Certain challenges are involved in the execution of reconciliation within the body of company;
- Failure to allocate adequate amount of time due to the paucity of technological substructure,
- Failure to construct standard methods,
- Failure to establish independency since relevant person would be an employee of the Company,
- Vulnerability in the face of infractions,
- Failure to systematically record the meetings and contacts, risk of losing data due to personnel changes and time-consuming nature of restructuring,
- Failure to cumulatively and periodically reporting reconciliation differences
are just a few of the many challenges.
Thanks to the state-of-the-art technology we utilize, all reconciliation differences are stored in our database; Reconciliation results and statistics are reported; all meetings are visual and audio recorded and reconciliation information are continuously updated in our database.
Thanks to the state-of-the-art technology we utilize, all reconciliation differences are stored in our database; Reconciliation results and statistics are reported; all meetings are visual and audio recorded and reconciliation information are continuously updated in our database.
With the customized system that we will install in your own office to implement the service or in the service center within the body of D&P, we will offer a reconciliation service matching global standards with a reasonable cost.
By means of this service you will make huge saving in terms of personnel, technology and auditing costs in addition to protecting due payments that would be the most obvious suspect in the emergence of any disputes.