Account Reconciliation

Accounts Reconciliation Services

Account Reconciliations are utilized by accountants to ensure account balances are correct between accounts during the end of a particular accounting period.

3Alpha performs account reconciliation as follows:

Comparing of account balances between various independent systems

Verifying statements and reports for accuracy and investigate discrepancies

Taking action to correct these identified discrepancies.

This process is an important internal control in the financial reporting process. Public companies are required to perform this process as part of their financial close.

Defined as the act of confirming whether the actual account balance matches the corresponding bank statement, is crucial to the financial health of large corporations. Our team verifies the accuracy of each account. They also identify errors and inconsistencies requiring correction, and reconcile the final balance accordingly.

With almost a decade of experience, we provide all or any of the following in our process:

• Establish a standard definition for 'account reconciliation'.
• Set up a quality control team to monitor the account reconciliation process.
• Perform a separate reconciliation for each balance sheet account.
• Create risk-based criteria for the timing of account reconciliations.
• Establish action plans for all reconciling items.
• Provide document approval for all account reconciliations.
• Send regular reports to management.
• Implement regular training programs.
• Perform peer reviews of account reconciliation techniques.

At 3Alpha we maintain the highest standards of quality byhiring only trained accountants with prior experience.