Account Reconciliation Services in India

Yes. Well-documented reconciliations provide supporting evidence for account balances and help businesses demonstrate the accuracy and completeness of financial records during audits and compliance reviews.

Businesses commonly reconcile bank accounts, accounts payable, accounts receivable, general ledger accounts, balance sheet accounts, and intercompany balances to ensure financial records remain accurate and complete.

The frequency depends on the nature and volume of transactions. Many businesses perform bank reconciliations monthly, while certain accounts may require more frequent reviews to maintain accuracy.

Reconciliation helps ensure the accuracy of financial statements, supports compliance requirements, strengthens internal controls, and reduces the risk of errors, omissions, or fraudulent transactions.

In India, account reconciliation is incomplete without checking a company's internal books with GST filings. (For example, for sales - GSTR-1, for input tax credit claims- GSTR-2B, etc).