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One of the COMMON QUESTION that an Auditor will ask is "Are new accounts being captured in the reconciliation process?"
It’s an important question. If accounts are being omitted then there’s no way of knowing what MATERIAL effect this can have on the bottom line.
RecWise allows for the REGULAR IMPORTING of the general ledger accounts that are added into the system.
What the Auditor won’t ask is whether there are too many accounts. And this is a question that deserves consideration. From an accountants perspective, the more accounts, the bigger the WORKLOAD which adds cost in completion time and resources required. Also it leaves less time to FOCUS on the complex reconciliations requiring analytical ability.
Over time, the number of accounts on the company balance sheet may grow exponentially. Even with an automated system, reconciliations may continue to exist where the account has long been INACTIVE, creating unnecessary work.
The Administrator can, through reporting, rationalize the number of reconciliation that are active. ARCHIVING prior reconciliations or MERGING accounts into larger reconciliations is achievable. No data or HISTORY is lost.