The accounting department of a leading supplier of semiconductor assembly equipments required assistance with reconciling over 150 accounts. The company’s accounting staff noted differences, exceptions and charge-offs to various accounts but they were not often followed up by reconciliation. This led to a large number of reconciliations being pending for a long time.

The company requested Relevante to assist with the reconciliation efforts and propose new formats for the reconciliations.

Relevante’s consultant began the assignment by creating templates for certain types of reconciliations such as Prepaid and Accruals in the appropriate formats for both corporate accounts and Test accounts. The consultant also proposed creating SOPs (Standard Operating Procedures) in template format to attach to each reconciliation describing each account, its purpose, data source, user, person approving, etc. for all corporate reconciliations.

Our consultant ensured that all reconciliations were up to date in quick time for the quarterly audit. The consultant also followed up with discussions with the Finance Director to set in place a process for a timely & orderly reconciliation process in future.