NeoLotex is committed to offers professional account reconciliation services for Financial
Institutions. We check & confirm whether the actual account balance matches the
corresponding bank statement, which is crucial to the financial health of the organizations. By
verifying the accuracy of each account, our account reconciliation team identifies errors and
inconsistencies requiring correction, and reconciles the final balance accordingly. Each and
every transactions in the core system will be validated against the respective entry in statement,
and thereby prevent fraud, avoid legal issues and help you focus better on your main business
Even though NBFCs lend and make investments akin to that of banks, they do not form part of
the payment and settlement system which make them depend on Banks for their Disbursement
We follow the following guidelines to ensure the accuracy of the account reconciliation process:
- Establish a standard definition for 'account reconciliation'.
- Set up a quality control team to monitor the account reconciliation process.
- Perform a separate reconciliation for each balance sheet account.
- Facilitate faster identification of errors through timely reconciliations.
- Compulsorily require that supporting documentation be attached to account
- Establish action plans for all reconciling items.
- Send regular reports to management on account reconciliation status.
- Establish clear ownership and accountability for each account.
- Implement regular training programs, in line with the process changes
- Comprehensive reports in balance with your bank statement
- Flexible reconciliation periods
- Input data in client-specific formats
- Usage of advance application reduces errors
- Trained and experienced accounting professionals
- Advances data security measures
- Streamlined procedures to maintain accuracy; thereby realistic and accurate data
provided to client Existing pool of resources enables client to scale up at any moment
Service Feedback from clients
Dr. Ashok Nagpal
It has been a great experience of working so far with NeoLotex.
The good thing about working with your organisation is the flexibility and adaptability to customer’s requirements. The involvement of entire team including the highest level (you, Renjith, Praveen) from the requirement understanding level to implementation execution level has helped delivered the right requirement and adds greatly to our satisfaction.
To comment further on our file handling process, the tracking of not only the files but the specific documents inside the files as per our requirements is very diligent and gives us a confidence of no errors which has also lead us to move our critical document handling work to your organisation.
We definitely will look first to your services for our any future requirements in related areas and will be happy to recommend your services to others.
NeoLotex developed a bespoke solution for us in quick time and helped streamline our complex reconciliation activity. Along the way, Renjith and his team were ever-willing to make changes to continually improve the process, and impressed us with the intensity of their focus and professionalism. NeoLotex has been an extremely reliable partner in our growth journey.