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. The reason being Firmway has come up with a process which has made the Confirmations process easy.
The finance team often finds confirmation tasks daunting, involving hundreds of confirmations, thousands of follow-ups, and countless minutes spent on calls. Although, 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 doesn’t conclude at closure unless one has completed that one thing the whole world approves of – #‘Documentation’.
In spite of thosse 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 already in awaiting actions.
Are you facing similar problems?
Not to worry 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 made easy.
Firmway seamlessly integrates with your accounting software, handling confirmations, timely follow-ups, balance reconciliation assistance, and providing real-time dashboard monitoring.
Technology enhances confirmation legality: verified parties, authorized responses, IP tracking, at an affordable cost.
– Prashant Gupta
Co founder | CEO