Saves 400+ Man Days
Time involved in manual confirmation process for preparing letters, follow-ups and reconciliations can be saved by switching over to the online process.
Tracks Real Time Status
Tracking status of confirmations involves sending letter, recording the proof of delivery, and summarizing the replies. These can be automated through our portal wherein, real time status of confirmation is available along with summary
Confirmations obtained possess legal validity in the court of law in case of any disputes with the parties. Firmway ensures that response is received from authorised person.
Firmway relieves the entity of the most exasperating process of following up. Timely reminders are sent to the confirmers ensuring that the interests of time are in place.
Firmway’s mechanism of obtaining confirmations ensures that the management personnel are kept informed throughout the confirmation process. Continuous passive involvement of the management acts as a safeguard against employee frauds and potential collusions.
Increases financial credibility
Credibility of the financial statement increases when its balances are confirmed and substantiated by an external source.
Enhances Compliance to Auditing Standards
Currently compliance to the standard remains low due to existing constraints such as Non – Validation of address/Mail ID, infeasibility over verification of address & physical signatures, and unreliable channel of communication. Firmway helps to overcome these challenges through its unique verification process.
Saves 3000 + Man-Days
Confirmations for different clients can be managed and monitored with the assistance of our portal which can be largely instrumental in gaining efficiency. Enormous amount of time can be saved by digitising the process of sending, receiving and tracking the status of confirmations which can be employed in
Increases Response Rate
Risk of incorrect address, misplacement will now be eliminated due to digitization. Easy and stress free process will also encourage confirmer to reply promptly increasing the response rate.
Tracks Real Time Status
Tracking status of confirmations involves sending letter, recording the proof of delivery, and summarizing the replies. These can be automated through our portal wherein, real time status of confirmation is available along with summary reports.
Powerful Audit Tools
Not only balances but also transactions, third party stocks, contingent liabilities, MSME Status, can be directly confirmed from third parties. These confirmations are relevant while addressing the assertions associated with these accounts and their elements.
Confirmation records can be assessed as per the convenience of the auditor & also these records are viable during peer review thus instinctively complying with the statutory requirements of audit documentation.
With digitisation, entity can keep a track of all the responses provided and can identify discrepancies and provide clarifications if any
Get all the confirmation requests received on one dashboard which is not possible in the current manual process. Further, these requests can be responded very promptly and easily without any complications.
Easy management of confirmation process at absolutely no cost.
Combat Fraud Through Central Management
Employee frauds can be detected through centralized monitoring by top management.
Platform to Communicate
Process does not end on confirmation. Firmway provides a platform for the parties to communicate further regarding the arising differences and their justifications.
Periodic Confirmation of Balances
Quick confirmation process promotes periodic confirmation of balances assisting business entities in having clean books of accounts.
3 ways to respond to confirmation
Verified Digitised Confirmations
2.Login & respond
2.Download the form
3.Sign, stamp and upload the form.