Blog

4 Aug

Balance Confirmations – A Never ending Nightmare for Finance department

Financial year closure ensures that the accounts team is occupied with winding up their chef-d’oeuvre “Financials”, but the idea itself of obtaining manual #confirmations from debtors, creditors, banks proves out to be one of the culprits for undesirable hitches.

Finance team can relate their acquaintance with the daunting task of confirmations in regards to sending hundreds of confirmations, thousands of follow ups, lakhs of minutes spent over calls. The ever amounting #audit pressure is capable enough of driving an individual insane.

And if the individual survives the above-stated stages along with the unrealistic excuses like person is not on place, attending meeting, on leave, system issues, tight schedule etc., he is then exposed to the challenges of pursuing and closing the unreconciled differences by re-contacting those parties, asking ledgers, tallying line items, finding differences, communicating it, discussing it, negotiating it and finally closing it.

The story does not conclude at closure unless one has completed that one thing the whole world approves of – #‘Documentation’.

In spite of hundreds of days of hard work, the manual process leaves rooms for errors, #frauds, etc.

And by the time the whole cycle is about to complete; confirmations for the next quarter are at your doorstep awaiting actions

 

Are you facing similar problems?

No need to be worried anymore, a young team of Chartered Accountants in support with senior professionals of the fraternity have come up with a unique software to streamline the entire process – “FIRMWAY” – Confirmations. Simplified.

Firmway aligns with your existing accounting software, sends confirmations, does timely follow ups, assist in reconciling balances, summarizes the responses and gives you a real time dashboard for monitoring.

With the help of technology, it takes the legal validity of confirmations to a higher level, verified parties, authorized responses, IP address tracking and much more, at absolutely reasonable cost.

Prashant Gupta

Co founder | CEO

FIRMWAY

Visit www.firmway.in or email at [email protected] for a quick web demo or a physical demo.

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