Confirmation is an essential but time consuming procedure owing to the tedious tasks and the paper work involved. Conventionally the process required one to print letters, validate & courier the documents, regularly follow up with the party and summarize the responses once it’s received.
Firmway digitises the entire confirmation process making it stress-free for the business entities, auditor and confirmers. It sends confirmations, tracks responses, automates reminders and provides advanced reporting. Our portal not only helps you to facilitate these confirmations but also provides a platform to reconcile them. It transforms the slow and manual process of confirmations into a secure, streamlined and transparent process.
Types of confirmations facilitated by us are
Balances
Trade receivables & payables, loans & advances, deposits, etc. form a major portion of the balance sheet. Not only do they influence the working capital of the entity but also are they decisive for determining the credibility of the enterprise.
Transactions
Certain materialistic transactions of sales, purchases, receipts and payments are required to be validated. Entities enter into various transactions with other business entities as well as related parties. Along with getting these transactions confirmed, ledgers can also be attached to strengthen the validity of such transactions.
Bank Balance
Bank balances in current, overdraft, loans, fixed deposit, investment, etc. can be confirmed through the portal. No more of paying multiple visits to the bank for obtaining the confirmation letter, it can now be acquired through a mouse click.
MSME Status
Statutory compliance of disclosure norms of transaction with Micro, small and medium enterprises is essential for every entity. In order to comply with MSME disclosure norms, Firmway provides you the platform for getting their status from the enterprises.
Third Party Stocks
Stock lying with job workers, consignment agents, warehouses, etc. need to be confirmed and reconciled as there are high chances that discrepancies would be noted. Also, the entity may not be totally aware of the qualitative characteristics of the stock at third party location. Periodic confirmations notifies the entity regarding the state of inventory at third party locations
Contingent Liabilities
Firmway helps in confirming the status of various guarantees to Banks, Financial Institutions, third parties etc. which are essential for financial disclosure and also assists in identifying certainties over their materialization.
Investments in Mutual Funds
Number of units held, their NAVs and type of scheme can be confirmed through our portal. Firmway speeds up the process of obtaining such confirmations.
Demat holdings
Investment in securities being an intangible item needs to be crossed verified. Firmway assists in reinforcing the value of such investments in a drastically unsophisticated manner as compared to the traditional techniques.