Account Reconciliation Services
- Especia provides Reconciliation services.
- It also helps in maintaining a financial ledger.
- Reconciliation of bank statements.
- Usage of latest and advanced software for accounting purposes.
- Providing these services at a reasonable price, decreasing the accounting expenses.
- Providing reports for strategies.
- Have compliance with accounting laws and regulations.
- Especia helps in providing solutions.
- It has been one of the best firms to be found in India since 2010, providing the best Account reconciliation Services.
This process is a beneficial practice for a company to maintain its financial status without creating any problems. One of the most important benefits of these services is that it helps protect the financial statement of a business, including credit card transactions, loans, or cash, etc. It is always essential to make sure there are no errors in reporting the statements. This process also helps to prevent any negative financial activities or overdrafts on the cash account.
Credit Card Account Reconciliations:
The best practice is used for ensuring credit card reconciliations. Credit card reconciliation is when financial statements are matched with credit card transactions showing up in the general ledger. There are two types of reconciliation for credit card transactions.
Credit Card Statements:
In this process, business payments for their expenses or services with their credit cards, such as credit cards issued to executives, managers, or from other teams, must be reconciled.
Credit Card Merchant Services:
This payment is processed from the account of the merchant provider. This also serves as a link between two people agreeing on an agreement between the online gateway where the transactions occur. This process is a bit tougher than the credit card statement, but it is not impossible.
Debit Card Reconciliations:
Debit Card Reconciliations are also important as Credit Card Reconciliations at the end of the month. Reconciling a bank account is quite similar to reconciling a debit card since errors happen frequently; a businessman can have hardships matching his financial statement with his bank account.
Account reconciliation Services Offerings
Account reconciliation services are very important for a company to maintain to understand and ensure where their money is mostly spent and how much money is still getting saved. This process helps a company save money for their future project and companies and detect any fraud or errors that have happened. Especia provides expertise and an experienced HR team who easily handles these services and error-free results.
FAQ Related to the Account Reconciliation Services
What is a Bank Reconciliations Statement?
Bank Reconciliation is a process by which client accounting records in his bank account like transactions to be recorded correctly. They are done to provide balance in their account by uncovering possible inconsistencies. This process is done to make sure that every recording must be exact.
Account Reconciliation is basically a process of comparing external and internal financial statements, which is a very important step to complete the financial close. Using their software rather than doing it manually on paper, the clients can enjoy their quickly and more efficient printed bank account statements.
Why should you choose Especia’s Account Reconciliations Services?
Account Reconciliations Services helps in Bank Reconciliations Statement. These services also help a company change its old fund to a new fund and support missing or incorrect transactions. They also help in bank reconciliation statements, with the help of JES relating to cash transactions. In the end, it also helps a company to check their account statements. Both of their credit cards or debit cards are matching or not, which acts as a strong building block and helps in ensuring future success.
How to Reconcile your Bank Account?
First, always save your ATM slips or receipts for all deposits, either credits or debits, so that you can easily record these transactions and check them with your obtained bank statements.
Always keep sure items such as Deposit Interest checks or any ATM withdrawals appear on your statement. Add up all the deposits which are recorded in the register.
Then you must write the ending balance of the account statements and the amount of deposit that is still not cleared.
How to perform Bank reconciliation?
There is always a difference between checking up a business account and a personal chequebook. The process of checking the transaction statements, which are related to numerous events of personal and business life. Both accounts are used in reconciliation in the same way. Keeping a check on a financial statement or transaction reconciliation is being done monthly.
What happens when a client recognizes a bank account?
Bank Account reconciliation is basically a process that ensures that the financial statements and transactions are exact and error-free. Reconciliation can be done in two types:
Reconciliation of the client’s Bank Statements ending balance to ARC
Reconciliation of MCA or master clearing account of the records that have not been sent to ARC.