Once an organization begins modernizing its R2R process by centralizing account reconciliations
and automating transactions, the practice of automating logic-based, complex journals creates a comprehensive end-to-end process.
Technology is important in the account reconciliation
Each location had its own process to perform balance sheet account reconciliations
for the company's 30,000 accounts.
Depending on the size of the business concerned, this could result in a single account reconciliation
that is off by [pounds sterling]1m--even tens of millions.
Four years later, National Life looks at the account reconciliation
process as being both painless and reliable,
The company, which received USD2.33bn under the government's financial bailout programme, said in a regulatory filing, that the loss for the quarter ended December 31, 2008, reflected a 'significant increase in reserve for credit losses, further compression of net interest margin, write-offs of certain account reconciliation
differences and costs related to the process of becoming a bank holding company.'
In order to protect yourself when acquiring a property subject to frontage, you will want to ensure that the city performs its audit prior to closing and thus, you must have authority within your contract to require "flat rate account reconciliation
" prior to closing.
Institutions choosing to implement Sarbanes-Oxley Act-related policies and practices, take note: Chesapeake System Solutions has unveiled T-Recs Enterprise, a financial governance solution designed to assist users in complying with SOX by automating cash and non-cash account reconciliation
. The application walks users through each related task in this workflow to help them better understand and enforce the act's requirements.
The collective banking activity of a banking syndicate makes it possible to effectively implement a treasury management system and a TMS makes the implementation of a daily bank account reconciliation
process an efficient alternative.
SEI (seic.com), a provider of outsourced investment business solutions, has chosen Mobius Management Systems (mobius.com) to automate its account reconciliation
The Business Suite includes accounts payable, payroll, checking account reconciliation
, general ledger, purchase orders, and human resources functionalities.
* Check imaging for account reconciliation