4 great tips for reconciliations

Desire is the key to motivation, but it’s determination and commitment to an unrelenting pursuit of your goal — a commitment to excellence — that will enable you to attain the success you seek.”–Mario Andretti

Performing monthly balance sheet account reconciliations are critical not just for management but also the accountants responsible.  It can be a tedious assignment and it requires critical thinking and well outlined explanations to ensure management can feel confident about the balances.  Here a 4 key tips for reconciliations:

1. ​Prioritize your balance - Identify which accounts have the greatest risk
2. Define a standard operation - A process for all groups in the company should be established
3. Use team metrics to drive improvement - Manage the overdue reconciliations, avoid significant errors
4. Monitor the monthly process - Delegate someone amongst the team to lead the process and ensure completion

​Fontenot & Associates Solutions can support small businesses and organizations with the performance of monthly reconciliations, especially for the balance sheet accounts identified to have the greatest risk.  Our knowledge and skills support in avoiding internal control failures and significant deficiencies.