Daily Sales Reconciliation
Daily sales reconciliation service is an underappreciated yet critical control to help ensure a business’s financial integrity. Inefficiencies and weaknesses in the reconciliation process often lead to mistakes on the balance sheet and overall inaccuracies in the financial close.
Sometimes it is important to dot the “i” and cross the “t”. At Abacus First Solutions, our CPAs have the experience and expertise to complete your daily sales reconciliation. Small to large business owners trust our CPAs to handle their daily sales reconciliations because they know their accounts are balanced and closed efficiently, accurately, and timely on daily basis.
Businesses can Lose the Following on a Fraud per Year Average
As per the 2018 report of ACFE to the Nations Global Study on Fraud and Abuse, 5% of the gross revenue will be lost because of fraud.
Another report by ACFE in 2018 to The Nations, small businesses and private companies are at the top when it comes to occupational fraud frequency, which is 42% as compared to non-profits, government bodies, and corporations.
Benefits of Daily Sales Reconciliation
Enhanced Control
Money is a high-risk asset that can be easily stolen or lost. Far from other assets like land, equipment, and buildings which cannot be easily lost or liquidated, something as simple as accidents and human errors can cost thousands in losses for a business if their sales in not properly reconciled. It’s an important procedure to ensure all cash collections from sales are accounted for, accurate, and safely deposited into the company’s bank account.
Catch Fraudulent Activities
A significant purpose of daily sales reconciliation is to catch fraudulent activities and ensure accuracy. There can be incidents of money theft and the people responsible for the same can be thieves, robbers, or anyone from your staff. To help victims of fraud this serves as a method by providing the lawyer with detailed records despite than depending on the memory of dealings and transactions.