Auditing and reconciling your company’s accounts

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Auditing and reconciling your company’s accounts

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One of the most important tasks in accounting is auditing your company’s accounts. The goal of this work is to produce high-quality accounting to ultimately issue financial statements (balance sheet, income statement, and appendices) that are true and accurate, presenting a faithful representation of the company’s assets and net income.

In this auditing phase, account reconciliation is essential for producing reliable financial statements that comply with regulatory requirements for internal and external controls (statutory auditors and/or tax authorities).

Indeed, auditing and reconciliation will allow you to:

  • Detect any errors made in accounting entries (for example, a bill entered twice)
  • Find any missing entries
  • Reconcile recorded balances with non-recorded balances in order to make the necessary corrections, for example, by reconciling customer account balances with balances kept by the sales department
  • etc.

All of these tasks take up a lot of time and create tensions at account closing times when deadlines are short.

The solution is to process and identify these differences continuously using tools that enable account reconciliation based on management events used for categorising accounting entries.

ISIE, an accounting interpretation solution, comprehensively meets this need. ISIE allows you to define and generate rules for auditing, translation, and grouping between business-line transactions and accounting while maintaining very detailed tracking items in your finance data module

The Finance Data module offers advanced features:

  • Top-down and bottom-up audit trails
  • Reports on account reconciliation
  • Account balances and cross-referencing
  • Reconciliation between accounting and management records
  • Creation of on-demand reports according to business-line or accounting needs
  • etc.

With these tools, accounting and finance departments can significantly reduce account closing lead times and calmly get through the ends of reporting periods and financial years thanks to a continuous quality control process for accounting entries.

Do you want to learn more about the ISIE solution and our Finance Data module? Our experts are here for you: