In definition, a reconciliation software is that which basically compares bank statements of a business with the general ledger. It does this by checking two data sets from which it is able to determine cleared transactions as well as those entries that still need reconciliation. For all this to work, the program must first be compatible with existing financial systems and the general ledger.
There are key terms that are used here. One of these terms is the SAS number 70 which in full stands for statement on auditing standards. Developed by the American institute of CPA, it establishes controlled activities and controlled objectives such as reconciliation activities and data storage for information technology.
The other key term used is the Sarbanes Oxley compliance. The purpose for this is to set extensive recordkeeping and reporting requirements especially on all publicly traded companies. Security and extensive reporting is necessary for this system to be 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.
This program works best for small businesses with stock solid clientele base and loyal employees. Industrial specific systems are those that are customized to fit the needs of a certain business. The good news is, even the most specific of businesses get catered for by this kind of system and it upgrades business 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.
There are key terms that are used here. One of these terms is the SAS number 70 which in full stands for statement on auditing standards. Developed by the American institute of CPA, it establishes controlled activities and controlled objectives such as reconciliation activities and data storage for information technology.
The other key term used is the Sarbanes Oxley compliance. The purpose for this is to set extensive recordkeeping and reporting requirements especially on all publicly traded companies. Security and extensive reporting is necessary for this system to be 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.
This program works best for small businesses with stock solid clientele base and loyal employees. Industrial specific systems are those that are customized to fit the needs of a certain business. The good news is, even the most specific of businesses get catered for by this kind of system and it upgrades business 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:
Any person who 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 proceduresthen check out bank reconciliation programs from Adra Match today! Their products are user-friendly and easy to install, and they will speed up the various accounting practices of your business.
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