10 Spring Cleaning Ideas to Help Freshen-Up Your Account Reconciliations
1. Review and update accounting policy and procedures
2. Review and update reconciliation instructions for each account
3. Review and update segregation of duty policies
4. Conduct an account reconciliation refresher course for preparers and reviewers
5. Conduct an annual account rationalization exercise to reduce the number of accounts that need to be reconciled
6. Establish and review the risk-based criteria used to guide the timing of account reconciliations
7. Create a process on how to identify material reconciling items during the close
8. Review how accounts are assigned to preparers/reviewers and adjust as needed
9. Establish quality measures to rate reconciliations
10. Develop an action plan on how to handle delinquent reconciliations
See how one tool can help you clean up your account reconciliation process here.