Balance Confirmations - Why is it important?

Obtaining periodic confirmation of balances:

• Helps in reconciliations of the vendor and customer balances
• Boosts the overall quality of the finance process
• Helps in avoiding the accumulation of mismatches of the transactions
• Saves 80% of the time spent of reconciliation by F&PA teams
• Helps to get through the Statutory and Internal Audits smoothly
• Acts as key evidence in the case of any litigation against the vendor or customer