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, and banks proves out to be one of the culprits for undesirable hitches. The reason is that Firmway has come up with a process which has made the Balance Confirmations process easy.
Challenges Faced During Financial Year Closure
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-increasing #audit pressure is capable of driving an individual insane.
The Daunting Task of Manual Balance Confirmations
If the individual survives the above-stated stages along with unrealistic excuses like person not being in place, attending meeting, on leave, having system issues, having a 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 them, and finally closing it.
The Pressure of Audit and Its Impact
The story doesn’t 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, fraud, etc.
And by the time the whole cycle is about to complete, confirmations for the next quarter already in awaiting actions.
Introducing Firmway: Your Solution to Balance Confirmations Challenges
Are you facing similar problems?
Not to worry anymore, a young team of chartered accountants, in support of senior professionals of the fraternity, has come up with unique software to streamline the entire process: “FIRMWAY”— Balance Confirmations were easy.
How Firmway Simplifies the Balance Confirmation Process
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 with verified parties, authorized responses, and IP tracking, at an affordable cost.
Co-founder | CEO
FIRMWAY
Visit www.firmway.in or email at [email protected] for a quick web demo or a physical demo.
