Reconciliation is an accounting process that proves and documents that account balances are in complete agreement. It's a fundamental process that ensures that the actual money spent matches the money leaving an account at the end of a fiscal period. Compliance is extremely vital, as every transaction has important values, and when not matched or compliant, could create multiple headaches.
Reconciliation is especially important for businesses and individuals to inspect fraudulent activity and to prevent financial statement errors, thus the review of documentation and fact-checks are important aspects of the reconciliation process. However, reconciliation is not just for accountants; it is necessary in various degrees in our daily lives.
Many businesses contain numerous departments handling multiple functions that involve reconciliations of data or information. These are small and large reconciliations, depending on the nature of the process or items being reconciled. They could be as simple as reconciling the number of hours worked by an employee, or reconciling credit card statements.
That’s why Lotus makes providing end-to-end reconciliation services to businesses across all industries and verticals an important part of our services suite. We understand that some reconciliation processes require painstaking effort and an eye for detail; this is where we come in, because we do this for a living.
Because reconciliation processes and services could apply to so many different aspects of our daily personal and work lives, we offer the best-fitting and most efficient solutions that fulfill the growing needs of transaction matching in domestic and international locations.
Some of our reconciliation services include:
When Lotus takes over your reconciliation needs, we help you achieve: