Record to report / R2R – Reconciliations
Last post was just a sample of a value add.
Based on the client’s business, you can come up with multiple ways of adding value.
Some of these mechanisms could be:
- Trends of disconnects in penalties – the client’s accounting could be charging amounts not communicated by sales
- Transportation charges – quite often these are a common occurrence, the customers of your client would be expecting your client to do a free delivery, whereas the sale contract could specify otherwise
- Foreign exchange differences in inter country transactions could open a set of undefined terms, where your client could be losing money
- Non-credit of early payment charges could cost your client loss of the customer, customers are important
- Similarly, your client might be losing money on account of write-off of penalties & interest written off, which could be triggered by the reconciliation process
There is so much in this simple process and it’s just your imagination that could restrict you.
Have you been following our accounting blog?
Subscription and Guest Post:
You may subscribe to the blog from the subscription box on the opening page of the blog. We have enabled a button on the top of the first page, which will enable you share your posts. If you wish to write about any of the current streams, you can do it at http://faoblog.com/guest-post/. We will review your post and release it within 48 hours of your posting. Please note, any irrelevant posts shall be deleted without information.