Reconciliation Services

In accounting, reconciliation refers to a process that compares two sets of records (usually the balances of two accounts) to make sure they are in agreement. Reconciliation is used to ensure that the money leaving an account matches the actual money spent; this is done by making sure the balances match at the end of a particular accounting period.

To ensure the reliability of the financial records reconciliations must, therefore, be performed for all Balance Sheet accounts on a regular and ongoing basis. A robust reconciliation process improves the accuracy of the financial reporting function and allows the Finance Department to publish financial reports with confidence.

Performing reconciliation between two data sets can be a very time consuming and mundane task, be it bank reconciliation, HO Vs branch data reconciliation or any other reconciliation of internal and external financial data sets for certain period of time. Lotex’s experienced team staff uses internally developed software for this exercise for their clients, significantly reducing the time required to perform reconciliation

  • The source of the data sets can be from any systems and Lotex simply requires this in formats like, Excel, Text format, comma delimited format, any DB file format, etc.
  • Lotex Services will identify and communicate realistic outcomes from the reconciliation and develop a set of guidelines for the exercise
  • Following the reconciliation process, a report detailing the results of the reconciliation will be created, including statistics associated to reconciled and un-reconciled items and conclusions from the exercise
  • Lotex has developed robust reconciliation software which is used as a tool for doing the reconciliation that auto knocks the matched items, do suggestive knock offs and manual matching window facility

Key benefits

  • Simplification of Process
  • Realistic and accurate data provided to client
  • Usage of advance application reduces errors
  • Existing pool of resources enables client to scale up at any moment