Reconciliation Services

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
goals.

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
& Collection.

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
    reconciliation forms.
  • 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


Advantages

  • 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


Satisfied Clients