Bank Reconciliation

Minimize accounting expense - Outsource Bookkeeping Online

Cash being the lifeline of any business organization, it is crucial to keep an update of the company’s cash position at regular intervals through account reconciliation. Heka Support Services provides reliable, flawless and cost-effective bank account reconciliation services to help its clients keep a real time track of their cash position. We assure perfect and accurate bank reconciliation services enabling our partners to timely clear outstanding payments, deposit taxes, reveal discrepancies and monitor cash inflow from sales. Our proficiency in accounting bank reconciliation process enables a quick and precise matching of company’s book and bank balances.

Three Step Approach:

DATA SYNC
DATA SYNC
  • Upload bank statements
  • Extract Sub-ledger entries
  • Extract Journal entries
BANK RECONCILIATION
RECONCILIATION
  • Reconciliation of entries
  • Bank entries verification
  • Identification of errors
REPORTING
REPORTING
  • Verify consistency of balances
  • Prepare details of variances
  • Bank reconciliation statement

 

Key Benefits:

Cost Advantage
  • Reduce your bank account reconciliation cost upto 70%
  • Utilize your own resources towards core business activities
  • Customized packages for individuals and small businesses
Experienced Professionals
  • Skilled & trained team to support your bank account reconciliation
  • Real time account reconciliation – presenting a true picture of cash position
Operational Advantages
  • Instant updates – promising express online bookkeeping solutions
  • Monitor your cash inflow from sales activities
  • Track double payment to suppliers
  • Reveal discrepancies in books of accounts due to negligence
  • Keep a track of clearance of trade outstanding
  • Avoid penalties & bank charges due to overdrafts and late payment
Quality Measures
  • Quality assurance – introducing checkpoints to eliminate errors
  • Constant support and a swift turn-around time
Secure, Systematic & Audit Friendly
  • Ensure confidentiality of your bank information
  • Multilevel validations as safety measure
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Accounting of bank reconciliation is essential for a business unit to identify the actual difference of balances, by matching its own books of accounts with actual statements from banks and financial institutions. Bank account reconciliation allows companies or individuals to compare accounting and bank records in order to uncover any possible discrepancies. It is a tool to control errors on Journal entries, doubtful bank transactions, double payment, overdraft charges etc. There are normally two major categories for variance between book and bank balances, these are variances due to timing and error in entries. Normally there is a timing difference between entry in the bank’s system and company’s accounting system, this causes variance in balances. Bank account reconciliation statement should be targeted to notify the accounts manager about the variances due to errors in entries.

However, difference between the bank accounts and in-house records are likely to occur because of the following reasons:

  1. Cheques issued and recorded by accountant in company’s books but not presented in bank
  2. Cheques deposited and recorded by accountant in company’s books but not cleared by bank
  3. Charges debited by bank but not recorded by the accounts department
  4. Interest credited by bank but not recorded by the accounts department
  5. Error made either by bank or the company’s accounting department

Mismatch in bank reconciliation statement implies error on profit calculation, wrong share value fixation, misleading cash flow tracking and incorrect balance sheet presentation which impacts the financial position of the organization in the long run. To overcome discrepancies in accounting of bank reconciliation demands employing trained staff well experienced in finance and accounting domain. With bank reconciliation services led by specialists experienced in this field, we can assist you with partial, full, and deposit account reconciliations. Our bank reconciliation process analyzes all client bank records, examines internal records, find outs bank reconciliation journal entries, and prepares reconciliation statement of credit billings with internal records. With Heka Support Services taking up your bank reconciliation process, you are assured of cost-effective and reliable account reconciliations.