What the reconciliation software does it that is take the data from a bank statement and compares it to the general ledger of the company. Two sets of data are checked to in order to determine which transactions have been cleared and those entries that await to be reconciliated. It is a must that this program be in line with the general ledger as well as the existing financial software.
To understand more about this program, it is necessary to know the two key terms used. The first one is the Statement on Auditing Standards or SAS No. 70. It was developed by a CPA institute in America and its main purpose is for the establishment of controlled objectives as well as controlled reconciliation activities together with data storage.
Sarbanes Oxley compliance is also a key term that is common with this program. For the companies that are publicly traded, extensive reporting and record keeping is of great importance. Extensive reporting and security are the main ingredients that are used to check if a system is Sarbanes Oxley compliant.
One of the benefits that come with this program is that it can cut the hours that would have been otherwise spent on a calculator. With it there is no need for spreadsheets, it eliminates the need for manual bookkeeping. Redundant data entry such as work order, addresses and quotes are either reduced or totally eliminated.
Small business mainly those with a number of solid employees and customers and keep inventories stand to benefit the most from this system. Industrial specific programs refer to those that have been customized in accordance to the businesses field of work. Even those businesses that are very specific, cannot no lack this kind of system to upgrade their operations.
A decision is only made after extensive research has been made especially from those other businesses that are in the same line of work and have embraced the use of reconciliation software. These are the best places to learn from so as to choose the best program for your business, especially with the numerous options that are available to choose from.
To understand more about this program, it is necessary to know the two key terms used. The first one is the Statement on Auditing Standards or SAS No. 70. It was developed by a CPA institute in America and its main purpose is for the establishment of controlled objectives as well as controlled reconciliation activities together with data storage.
Sarbanes Oxley compliance is also a key term that is common with this program. For the companies that are publicly traded, extensive reporting and record keeping is of great importance. Extensive reporting and security are the main ingredients that are used to check if a system is Sarbanes Oxley compliant.
One of the benefits that come with this program is that it can cut the hours that would have been otherwise spent on a calculator. With it there is no need for spreadsheets, it eliminates the need for manual bookkeeping. Redundant data entry such as work order, addresses and quotes are either reduced or totally eliminated.
Small business mainly those with a number of solid employees and customers and keep inventories stand to benefit the most from this system. Industrial specific programs refer to those that have been customized in accordance to the businesses field of work. Even those businesses that are very specific, cannot no lack this kind of system to upgrade their operations.
A decision is only made after extensive research has been made especially from those other businesses that are in the same line of work and have embraced the use of reconciliation software. These are the best places to learn from so as to choose the best program for your business, especially with the numerous options that are available to choose from.
About the Author:
Someone that had a job in Accounts Receivable/Payable knows how the monthly reconciliation process can be a very strenuous task. Avoid the stress of performing manual accounting procedures and invest in data matching software at www.AdraMatch.com! They offer packages that are simple and effective, and they will speed up the various accounting practices of your business.
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