Accounts Reconciliations

Ensuring financial integrity

CFO’s organizations often wrestle with accounting reconciliation challenges emanating from rising transaction volumes, increased business complexities, multiple systems, and the need for timely transaction processing.

Effective management of account reconciliation activities greatly enhances the CFO’s ability to proactively identify and resolve issues that could result in misstatements in financial accounting and reporting that lead to substantial losses and/or regulatory lapses.

Solutions from StraitsBridge

financial control risk managementStraitsBridge can help CFOs and their organizations achieve increased assurance over their general ledger balances.

To achieve this, we create and put in place appropriate reconciliation and information management processes and policies, and improve organization, training, and automation.

Key areas of delivery

Identify and quantify primary account discrepancies and determine sources of significant discrepancies

Establish comprehensive enterprise-wide general ledger frameworks, a detailed Chart of Accounts, and formal account ownership processes
Recommend and establish process and control enhancements to achieve appropriate account reconciliation frameworks based on risk. This includes development of account ageing processes and defined write-off guidelines

Document reconciliation processes, critical roles and responsibilities commensurate with your organization’s management framework & risk guidelines

Define monitoring process and reporting templates

Contact us for more information
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Call us on: +65 6408 0501

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Risks of inadequate controls

Robust financial and accounting controls are critical in fairly presenting an institution’s operating results and risk profile.

Weaknesses in these controls can contribute to inaccurate or incomplete financial reporting and potentially result in legal fees/fines, significant reputational damage and a loss of business.

Some of the most notable accounting missteps by corporations have resulted in legal penalties, fines, prison terms, and the downsizing and/or dissolution of the entity.

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