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Business Process Outsourcing (BPO)

Balance Sheet Reconciliation

A balance sheet is often referred to as a snapshot of a company's financial status at any moment in time. The balance sheet lists assets, liabilities, owner's equity and net profit in a summary format. These summary numbers must come from somewhere, however and they must balance.

For businesses, it is vital for balance sheets to be reconciled at the end of a period, usually either a month, quarter or year. This balance sheet reconciliation is part of the closing process. It is important because it helps to identify any errors before closing. Balance sheet reconciliation is one of the methods of making sure that the account information is accurate and thorough. It will ensure there are no mistakes in information for the purpose of records.

The process of balance sheet reconciliation involves a number of steps. The steps include: balancing the account according to the bank, balancing the account according to the books, comparing the bank balance and the book balance, and creating journal entries to make necessary adjustments. These steps are normally performed by accounts and/or business professionals.

Sligate Solutions Ltd, is promoted by a group of experienced finance professionals. The company is also equipped with a team of professionals from the finance and banking industry capable of delivering the best of balance sheet reconciliation services across a wide range of industry verticals.

Efficient and competent handling of balance sheet reconciliation activities enables us to proactively identify and fix issues that could potentially result in irregularities in financial accounting and reporting records. Silgate Solutions deploys efficient processes and experts to manage balance sheet reconciliations, leading to timely, error-free results.