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Glocal Outsource Corp Private Limited
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Banking Reconciliation Solutions

At Glocal, we offer bank reconciliation outsourcing services that provide significant advantages for businesses aiming to enhance financial accuracy and operational efficiency. By outsourcing to Glocal, businesses can ensure that all bank transactions are meticulously aligned with internal records, with any discrepancies swiftly identified and resolved, thereby reducing the risk of errors and fraud. This service allows companies to maintain a clear and reliable financial picture, which is crucial for informed decision-making. Our expert team leverages advanced technology and tools to improve the speed and accuracy of the reconciliation process, freeing up valuable time for your internal finance team to concentrate on strategic initiatives rather than routine administrative tasks.

Banking Reconciliation Solutions

Here's a Basic Overview of How it Works:

By partnering with Glocal, businesses can ensure compliance with regulatory requirements while enjoying the scalability needed to adapt to changes in transaction volume without hiring additional in-house staff. Our tailored solutions provide the flexibility to meet your specific needs, offering greater efficiency, accuracy, and cost savings. Ultimately, Glocal’s bank reconciliation outsourcing services empower businesses to achieve better financial management and support sustainable growth.

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Collect the company’s bank statement and the corresponding cash book or ledger entries.

Check each transaction on the bank statement against the transactions recorded in the company’s records. Mark off any matches.

Note any differences between the bank statement and the company’s records. These discrepancies can be due to various reasons such as:

    • Outstanding Checks: Checks that have been written but not yet cleared by the bank.
    • Deposits in Transit: Deposits that have been recorded in the company’s books but are not yet reflected in the bank statement.
    • Bank Errors: Mistakes made by the bank in recording transactions.
    • Company Errors: Mistakes in the company’s records, such as incorrect amounts or omitted transactions.
    • Bank Fees and Interest: Fees or interest payments that are recorded on the bank statement but not yet reflected in the company’s records.

Make necessary adjustments in the company’s cash book to reflect items like bank fees, interest earned, or errors discovered.

After making adjustments, the adjusted cash book balance should match the adjusted bank statement balance.

Keep detailed records of the reconciliation process, including any adjustments made and reasons for discrepancies. This documentation is useful for future reference and audits.