Accounting review: how to choose the the right tool
Using software facilitates accounting and financial management. To do so, companies of any size can opt for a solution that meets the needs of the finance department. This tool not only simplifies accounting reviews, but also financial performance management and risk control.
Why purchase accounting review software from a software provider ?
A software solutions provider specializing in the design and integration of accounting review software is the simplest and most cost effective solution if you are looking for a tool that precisely meets your requirements and the needs of the accounting managers at your company. Although there are many vendors from which you can obtain various solutions, if you require specific features then it’s best to directly contact a manufacturer who can develop the software you need. This is also the best option if you want a powerful and reliable tool. Given the importance of the data and information produced by this type of tool, it is vital that it functions effectively. Depending on the case, you may be offered software as SaaS (Software as a Service) or a license model. Your choice will depend on the needs of your business.
What is an accounting review?
An accounting review is an operation consisting of carefully verifying all the company’s accounting balances before preparing the balance sheet, or whenever urgently requested. It is conducted in two stages.
The first stage reconciles all balances from accounts 1 to 5 of the balance sheet e.g. the suspense accounts, cash accounts, customers, suppliers, and others (tax, corporate etc.). However, each account requires a specific methodology, in particular concerning how accounts are established. Loan and fixed asset accounts are reconciled based on the amortization and fixed asset tables.
The second stage concerns accounts 6 and 7 of the profit and loss account. This can be broken down into 3 steps: checking the accounting charges for expenses and income, comparing the balances for the year ended with those of the previous year, and a consistency analysis using professional statistics. This task is as tedious as it is time-consuming to carry out at the end of each fiscal year, and at the same time it is necessary to avoid errors that could necessitate a full correction of the balance sheet. Accounting review software helps streamline certain operations by automating them.
Talentia Software: your accounting and financial management software provider
Talentia is a well-known European provider of business management solutions. Having developed a suite of solutions to optimize company finance monitoring, we offer an effective response to the issues faced by companies of all sizes. And to better meet the expectations of our customers, we have developed products that can evolve in response to continuously changing regulations.
The accounting review software included in Talentia Software’s accounting and financial management solution will save you time, and therefore money, when reconciling account balances for the accounting review.
The tool we propose features a complete management solution that takes charge of each step in the operation and provides an objective, real-time view of tasks already completed. Risk of error or omission is virtually nil, but you can still identify unauthorized transactions that were carried out without your knowledge and are having negative effects on your cashflow and budget.
Finally, our accounting and financial management software features a tracking tool for all actions undertaken, enabling you to trace the source of any concerns.
