© 2019   RecWise Pty Ltd            Adelaide, South Australia 5000         Tel: +61 8 7099 0155

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There are MANY REASONS why we reconcile the General Ledger.

 

Perhaps summed up simply and effectively by the catchphrase of an accountant who regularly greeted month end with: “If the balance sheet isn’t right, the profit won’t be right either.”

Reconciliations FACILITATE timely and accurate financial reporting which is not just a goal for organisations, it’s an OBLIGATION and one that has gained considerable prominence since the Enron disaster.

 

With the introduction of the SARBANES-OXLEY ACT, compliance and transparency in the reconciliation process is more important than ever.

 

Reconciliations are a critical safeguard to prevent MATERIALLY MISSTATING results.

So WHY RECONCILE....

 

Reconciliations ENABLE the business to know what is in their accounts and whether the balances are correct.

 

Reconciliations provide the means for UNCOVERING and RESOLVING issues in systems and processes.

Reconciliations VALIDATE the appropriateness of ACCOUNTING TREATMENTS and apply COMPANY POLICIES.

Reconciliations are a CRUCIAL source of information which provide businesses with the confidence in their numbers to make smart financial decisions and stay competitive.

 

Equal to the reasons for doing reconciliations are the benefits, so getting it right is well worth the endeavour.

RecWise DELIVERS   CRITICAL TRANSPARENCY

                                    STATUS of each reconciliation

                                    Knowledge of OWNERSHIP of each reconciliation

                                    The ACCOUNT BALANCES and

                                    The AGEING RECONCILING ITEMS 30/60/90/90+ days

                                    REPORTING on the end to end process and visibility over all                                      the reconciliations

                                    COMPLIANCE FUNCTIONS that serve to ENSURE                   

                                    reconciliation QUALITY and ADHERENCE to your COMPANY

                                    POLICIES.

WHY RECONCILE?