Accounting review: Simplify and secure your internal accounting control processes

Regardless of the size of the company or its sector of activity, accounting review is often a complicated and tedious process. Using a dedicated solution helps to simplify this process, make the information more reliable and speed up the closing of accounts. Accounting review: Simplify and secure your internal accounting control processes

The Accounting Review ?

The accounting review consists of control processes and clearance of the balance sheet accounts before the closing of a financial year or period. It enables the financial statements of a company to be analyzed with a view to verifying their sincerity, regularity and conformity. It implements a highly structured audit methodology that should provide the recipients with the information they need to exercise their judgment and make their decisions.
This involves a thorough check of all the company’s accounting balances before drawing up the balance sheet, but also on request in an emergency. It is carried out in two stages.

The first will be the reconciliation of all the balances in accounts 1 to 5 of the balance sheet, i.e. suspense accounts, cash accounts, customers, suppliers and others (tax, social security, etc.). However, each account requires a specific methodology, particularly with regard to the closing of accounts. As regards the loan and fixed asset accounts, reconciliation will be carried out in accordance with the depreciation and fixed asset tables.

The second concerns accounts 6 and 7 of the income statement. Here, it will be necessary to proceed in three steps: verification of the accounting allocations of expenses and income, comparison of the balances for the year ended with those of the previous year and an analysis of consistency with professional statistics. This is therefore a tedious and time-consuming task to be carried out at the end of each financial year, but is nevertheless necessary to avoid errors that could lead to a complete correction of the balance sheet.

The Accounting review consists of:

• Checking the consistency of accounting and financial data
• Justify the situation of the accounts by the addition of extra-accounting information
• Detecting errors that could lead to anomalies in the accounts
• Avoiding fraud and misappropriation
• Assessing and improving the performance of the company’s accounting organisation
• Facilitate, or even reduce, the mission of the auditor or chartered accountant.
• The methodology and organisation of the audit are based on principles created and implemented by statutory auditors (CAC) and chartered accountants.

Why use an accounting review software solution?

The process is often manual, tedious and time-consuming, based on paper documents scattered throughout the organisation, using different local systems and charts of accounts and relying on spreadsheets that are difficult to maintain.

A software solution specializing in Bookkeeping review simplifies, automates and secures internal accounting control processes. It provides a formalized, standardized and secure framework.

With a dedicated accounting review software connected to the accounting department, you can simplify the complexity of accounting controls and audits. You can:

About Talentia Accounting review Software:

Talentia Software’s Accounting Review Software enables you to build and manage accounting review files. Integrated with our entire range of accounting software, it also allows you to use other accounting solutions on the market by importing an FEC file or a balance sheet.

Designed according to the concepts and terminology of auditing professionals, the user of the solution will find a structure and organisation faithful to this auditing activity. It offers him a formalized, standardized and secure working framework.
Moreover, the traceability of progress reports at different levels of the accounting audit provides precise monitoring and allows interactivity at all levels.

Its use is particularly suited to pre-closing situations, notably because of the existence of an alert function on the evolution of the accounts in relation to the progress of the audit.

The structure is based on the main concepts of accounting auditing. They are organized hierarchically to facilitate access to information and management of the audit process.

• Permanent file
• Periodic file
• Cycle
• Work programme
• Master sheet
• Diligence
• Worksheet
• Summary and review note