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Accounting services are occasionally overwhelmed by production activity, particularly following a major IT change. Reconciliation is a critical activity that can quickly spiral out of control, leading to catastrophic impacts if not addressed promptly.
The longer a reconciliation issue persists, the more challenging it becomes to rectify, bringing us closer to a critical incident. Luxat has worked on numerous reconciliation issues, ranging from credit card reconciliations to rebuilding balance sheets.
Our team excels in restoring fundamental operations, ensuring that credits and debits balance to zero, foreign currency positions are accurate, inter-company transactions are reconciled, and internal accounts are under control.
Luxat can:
- Establish an external database for data verification purposes.
- Conduct a comprehensive analysis of your data, classifying various issue types for clarity and resolution.
- Develop procedures to fortify the bank reconciliation process, enhancing accuracy and efficiency.
- Identify weaknesses in existing processes through assessment.
- Provide tools that the bank can independently utilize for future use, which may involve licensing external software for high-volume requirements.
