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Time for Your Annual Reconciliation Checkup?

With a new year brings a fresh start. And while many of you might cringe at the thought of cleaning up your reconciliation process, fear not – there’s still hope. Between monthly closes, generating reports, and auditor visits, we recommend that all companies, regardless of size, conduct a full assessment of their account reconciliation process each year.
Follow our best practice recommendations to make that monthly task as seamless as possible for you and your team.

  1. Review and, if needed, update your policies and procedures for each account. Some accounts may be complex and instructions on how they should be handled may only exist in the heads of the accountants who work on them. What happens when these accountants leave? Also, do the policies and procedures include steps to meet the latest regulations?
  2. Perform an account reconciliation quality assessment. Does it seem like you are still seeing roll-forwards each month? Are some accounts aging beyond 60 days? Have team members spot check other team members’ reconciliations. Are the policies and procedures adhered to? From an internal controls perspective, how do the reconciliations look?
  3. Check on the timing of all of your account reconciliations. Would it make more sense to push some into a quarterly reconciliation timeframe? Should other accounts be moved to a monthly schedule?
  4. Count the number of accounts you are reconciling. Have recent acquisitions or organizational changes left you with accounts that can be merged or retired?
  5. Hold an annual account reconciliation refresher course. It is always good to review processes, best practices, and regulations. Plus, this is a great opportunity to reiterate why proper account reconciliations are so important.

If your team is looking to automate your reconciliation process, have greater internal control over accounts, and eliminate manual workflows while saving your organization time and money – ART is the software for you. Click here to schedule a demo!

By |2023-03-11T14:46:45+00:00January 11th, 2017|Blog|0 Comments
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