Why perform Balance Sheet Reconciliations?
Since the enactment of Sarbanes Oxley (SOX) in 2002, amongst many other regulations, ensuring the accuracy of your account balance sheet reconciliations has become paramount. Regular and efficient reconciliation of your GL accounts has numerous benefits, namely:
- Either to prevent fraud, or to identify it early
- Identify and correct errors such as duplicate or incorrect postings
- Identify potential write offs manifesting in your accounts
- Monitor your organisations activities and identify inefficiencies or wastages
- Track regulatory compliance items (i.e. required reserves)
- Provide a control framework to ensure that account balances are complete and accurate
- Provide assurance to both internal and external parties
Automate your GL reconciliations using balance sheet reconciliation software and do them directly in SAP. And because BEST is built and certified for SAP, you can rely on its trusted and proven performance.
Regular and efficient balance sheet reconciliations have numerous benefits and will reduce time spent on your month end close.