{"id":4953,"date":"2022-04-07T17:22:54","date_gmt":"2022-04-07T17:22:54","guid":{"rendered":"https:\/\/www.peeriosity.com\/shared-services\/articles\/?p=4953"},"modified":"2022-08-23T10:33:43","modified_gmt":"2022-08-23T10:33:43","slug":"bank-account-reconciliation-preparation-and-review","status":"publish","type":"post","link":"https:\/\/www.peeriosity.com\/shared-services\/articles\/2022\/04\/bank-account-reconciliation-preparation-and-review\/","title":{"rendered":"Bank Account Reconciliation Preparation and Review"},"content":{"rendered":"

Introduction<\/strong><\/p>\n

With the increased sophistication of reconciliation tools from banks and third-party account reconciliation software solutions, the process for reconciliation and review of bank accounts has changed significantly over the past decade.\u00a0 Today, with no shortage of available tools, there is significant flexibility for who reconciles bank accounts, where reconciliations take place, and how reviews of reconciled bank accounts are performed. \u00a0With many primary bank accounts likely for large global companies, opportunities exist to standardize and streamline the process of bank account reconciliation.<\/p>\n

iPolling Results Review<\/strong><\/p>\n

A recent Peeriosity poll submitted by the R2R Global Process Manager at a Peeriosity member company ask members to provide details about where bank account reconciliations take place and how reviews of completed reconciliations are performed.\u00a0 Here are her comments, \u201cOur current process for primary reconciliation preparation and review is mixed, with some taking place in Shared Services, some taking place within Corporate Finance, and some taking place in local business Finance. We would like to standardize<\/a> on one approach as much as possible.\u201d<\/p>\n

The poll results indicate that for 74% of Peeriosity member companies, primary reconciliations are performed in Shared Services, with 42% performed globally, and 32% performed regionally.\u00a0 Of the remaining 26%, 5% are performed globally by Corporate Finance, 16% are performed regionally by Corporate Finance, and 5% are performed locally by local business Finance.<\/p>\n

\"iPolling:<\/p>\n

The next polling question asked about the bank account reconciliation review process. Interestingly, the results indicate a slight shift to regional and local reviews.\u00a0 The percentage reviewed in Shared Services drops slightly to 69%, with 32% performing the review globally and 37% performing the review regionally.\u00a0 Regional review in Corporate Finance jumps to 16% and locally by local business Finance increases to 11%.\u00a0 Here are the details:<\/p>\n

\"iPolling:<\/p>\n

A few of the comments from members include:<\/p>\n