Control Account Reconciliations

At BnC, we ensure that your financial statements are correct and fixed properly.

 

 Account reconciliation is the process of verifying an organization’s financial records and transactions in order to detect discrepancies if any to reconcile the same. Basically, there are five core types of account reconciliation consist of bank reconciliation, business reconciliation, and intercompany reconciliation. Customer reconciliation, and vendor reconciliation.

Efficient bank account reconciliation is vital for auditors to determine the correctness of a company’s financial statements and to ensure compliance with regulatory statements.It is better to outsource your account reconciliation as it requires a lot of work and accomplishment. And that’s why BnC is here to provide all the necessary services for your needs.

We have a team of professional experts for the process of account reconciliations that provides you with secured services. We help you with a reduction in administrative and account expenses. Moreover, we have the latest advanced technological software for reconciliation services.

There are main four parts of account reconciliation that need to be reconciled in order to avoid any kind of scam or fraud. These are:

 

 

 

BnC is a leading account reconciliation service provider with a team of experienced accountants who will help you with your account reconciliation requirements. Our accountants will then implement some effective solutions by addressing our services.

 

Our accounting reconciliation services include:

 

  • Reconciliation of your bank statements

  • Reconciliation of credit card statements with your bank records

  • Reconciliation of your debit card receipts

  • Check payments on the account

  • Reconcile general ledger software

  • Invoice matching with your ledger and journal entries

  • Partial reconciliation services

  • Full reconciliation services

 

Accounting reconciliation software used at BnC

 

At BnC, we use the latest technological software for your account reconciliation solutions. Some of them are:

  • IRIS

  • Lacerte

  • MYOB

  • Peachtree

  • Pro Tax

  • Quicken

  • Sage Line 50

 

We can help you with your account reconciliation requirements. Contact us today.

 

 

  1. Bank & Cards Reconciliations

 

We make your finances and cash flow process easier through our bank and credit card reconciliation services

 

Is bank card and reconciliation at the end of each month seem difficult for you? Are you finding to outsource bank and credit card reconciliation services to a well-grounded provider? Are you looking for a company that manages your bank card and reconciliation in less time and effective manner? If so, then you have visited a perfect platform.

 

BnC has been an expert bank and credit card reconciliation services provider and has assisted many companies with their bank and credit card reconciliation requirements. We play a vital role in maintaining your financial status. We have experts who can work as your team member for your bank and credit card reconciliation. Outsourcing bank and credit card reconciliation services from us provide you with cost-effective and accurate solutions. Our services will clear all the hurdles that you face in your bank and credit card reconciliation process by tracking receipts and issuance of cheques.

 

Our bank and credit card reconciliation outsourcing services are:

 

  • Cheque issuance

  • Partial reconciliation

  • Full reconciliation

  • Tracking receipts

  • Reconciliation of your bank statements

  • Reconciliation of credit card statements with your bank records

  • Reconciliation of vendor invoices with your general buyer ledger

  • Improve your cash flow

  • Recover overdue payments

  • Review of all deposited, cleared, and canceled cheques

 

Accounting Software We Use

The best accounting software that we use for your bank and credit card reconciliation are:

 

  • MYOB

  • Wave

  • Intacct

  • Yendo

  • NETSUITE

  • QuickBooks

  • SAP

  • Bill.com

  • Peachtree

 

 

Advantages that you get when you partner with BnC

 

BnC has great experience in dealing with bank card and reconciliation services and has helped numerous companies as we provide:

  1. Data safety and security

  2. Best financial software

  3. Full Compliance

  4. Professional team

  5. Better pricing flexibility

  6. Analyze and assess financial performance

 

 

 We can help you to get your bank and credit card reconciled in a well-informed manner. Contact us today at bncglobal.com

 

2. Customer and Vendor reconciliation

 

A compatible solution for your customer and vendor reconciliation matters

 

In any business, vendor payments are notable cash outflow and because of this vendor reconciliation is practiced for ease of function. Vendor reconciliation compares the balance owned on supplier-provided statements to transactions within the payable ledger and its overall balance while customer reconciliations are performed by businesses that offer to their customers. It helps to detect issues between the system and the vendor’s accounts.

 

If accounts are not properly configured and reconciled at regular intervals then it always becomes difficult to establish control in any financial management. And keeping this thing in mind, we at BnC provides you with regular reconciliation of accounts and complete all the tasks with supporting financial reports and documents.

 

BnC is your faithful and devoted provider that helps in your every outsourcing process. Our team of experts undertake periodical reviews, manage your accounts and make sure that your business can avoid undue payments, unjust charges, and unexpected cash blockage.

When your accounts are consistent and reconciled, then the organization will get precise data and business analytics and as a result, it will help in risk management and internal financial controls. We make consistent and complete balance sheets that will ease your financial statements.

 

Our Customer and Vendor Reconciliation Services include:

 

Customer Reconciliation

 

  • Gather Invoices

  • Inspect line items

  • Check mark matched items

  • Highlight inconsistencies

  • Compare tools

  • Ensuring accuracy

 

Vendor Reconciliation

 

  • Checking the Opening Balance

  • Agree Periods Entries

  • Enables business to ensure no inaccuracy

  • Allocate credit notes and payments

  • Checking omissions and errors

 

Let’s have a glimpse of how you will be benefited from our services

 

  • We make sure that your accounts are consistent and reconciled

  • We help in cash flow, fund flow, fund forecasting, and budgeting.

  • We help your business to expand and grow

  • We identify frauds and scams

  • We increase the credibility of your bond with your vendors

  • We provide cost-effective services

 

Do contact us in case of any customer and vendor reconciliation challenges.

 

 

3. Payroll Reconciliation

 

Connect with BnC today for accurate reports

and payroll reconciliation process

 

In any organization paying your employees is mandatory and necessary so is payroll reconciliation. The process of payroll reconciliation is quite laborious but it helps you with everything from preparing for taxes to monitoring your business expenses.

 

Payroll reconciliation is the process when you compare your payroll register with the amount you are planning to pay out to your employees to confirm those matches. It is very important to follow the payroll reconciliation process as it pays employees correctly, avoids penalties, and keeps accurate records. It also involves multiple general ledger accounts data such as payable payroll, expenses, liabilities, etc.

 

BnC has great experience in dealing with all that payroll reconciliation needs and offers employee-friendly services. We help you by maintaining adequate records, avoiding fines and penalties, and paying your employee correctly.

Our payroll reconciliation services help businesses with better management in a very less time, with accuracy, security, and accountability.

 

Payroll Reconciliation Services at BnC

 

  • Check payroll register for accuracy

  • Confirm employee time cards

  • Double-check employee pay cards

  • Confirm payroll deductions

  • Salary expenses and gross pay reflections

  • Record in the general ledger

  • Submit payroll

  • Deposit taxes to the IRS (monthly or weekly)

  • Submit your tax return using form 941

 

Steps of the payroll reconciliation process

 

Payroll reconciliation seems nearly as big of a burden if you don’t efficiently reconcile your payroll. So here we are presenting some important steps of the payroll reconciliation process that we follow to manage this process.

 

Step 1:Check your payroll register (employee’s details like name, DOB, employee number)

 

Step 2:Confirm employee time cards (check to see if their hours are entered properly)

Step 3:Check pay rates (determine employee’s gross wages)

 

Step 4:Confirm paycheck deductions (includes social security, Medicare, local taxes, health insurance, etc.)

 

Step 5:Record in the general ledger or ledger entries (assets, liabilities, revenues, expenses)

 

Step 6:Submission (monthly or weekly submission of payroll taxes)

 

Contact bncglobal.in for your payroll reconciliation process. We will be glad to assist our clients.

Account outsourcing in financial area


Are you a business owner, entrepreneur, anxious to realize profit maximization or cost optimization? But still battling recurring: delayed monthly report, inaccurate and late tax filing, hiring, training and staff retention issues. Accounts,Finance and outsourcing could be a feasible and viable solution for several operational issues.

First let me tell you what does outsourcing means.

 

What is outsourcing?

It is the practice of getting a particular function done outside an organization through a third-party service provider rather than having an in-house department or employee. Adoption of technology and automation with speed has become successful formula for any business. Business owners consider their core functions which revolve around revenue earning for the business. Non-core functions are outside the first business function. Still they reflect a considerable a part of health of business. They account for significant slice of the business expenses and include: book keeping, accounting, payroll, financial management, financial plan.

Top of Form

 

Bottom of Form

 

What are the first reasons for finance and accounts outsourcing?
1. Cost efficiency: you may get hold of only work actively done. There is not any recruitment cost, infrastructure expenses, training expenses and other operation costs.
2. Avoiding tax penalties: tax returns are submitted in time.
3. No last-minute audit shocks: business owner is helped to produce finances to the bank, satisfy investor review, share information with regulatory authorities in time.

 

Solution for all of your outsourcing concerns:
Many businesses spend exhausting long hours to manage their accounting tasks manually. These businesses face problems after they don't have the workforce or the time to manage financial operations. This can be where outsourcing can be considerable help.

Technical tasks are most ordinarily outsourced by businesses, including their accounting 37%, IT services 37%, and Digital Marketing 34% responsibilities to reinforce expertise and efficiency.
According to WASP BARCODE, SMBS outsource the subsequent accounting tasks:
Tax preparation, payroll, auditing, personal finances, and bookkeeping.

Challenges that are faced by businesses in accounting:
1. Common bookkeeping mistakes cause 60% of the accounting errors like having wrong numbers and mixing business and private accounts.
2. Unable to provide monthly financial reports.
3. Business should abide by certain federal and state regulations and tax codes, otherwise they'll find yourself with IRS penalties and expensive fines.
4. Not knowing the way to utilize the software that you simply have for accounting efficiently.
5. Due payments from customers and improperly estimated bills.

How will outsourcing and financial accounting resolve your issues
• It helps businesses to manage resources as needed with no accountability to pay benefit costs or salaries.
• It saves time, improve efficiency in your work and concentrate on business.
• It helps to realize access to updated real-time financial information.
• It enables businesses to induce access to expertise .These experts can help with accounting software selection and implementation.
• It allows you to consider core business by reconciling, forecasting, trend and analysis, & budgeting.
• Allows access to financial and tax advisors, helping you with financial and tax planning, business succession, and risk management.

In this continuous technological advancement, outsourcing finance and accounting services is an answer for businesses to resolve their problem.
We provide a spread of accounting services for businesses from payroll management to tax accounting.

If you'd prefer to outsource your finance and accounts do contact us at:

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Controller services

Outsource your financial Controller services from BnC

 

Are you looking for a budget-friendly company that can help you with the financial controlling system? Are you on the urge to get your work completed with the latest financial controller tools and technologies? Then, the greatest service provider for all your requirements is surely us.

 

BnC is the top-most financial controller service providing organization that can fix your asset and other financial controller requirements. The ultimate goal of us is to deal with accounting, finance, marketing, production, and operations to ensure that the business is profitable by our services.

We own the latest accounting software and technology that will assist you in your financial controller needs. Our professional and skilled experts will be available to provide you with reliable and efficient work.

 

 

Services we offer for your financial controller areas

 

  • Managing accounting and bookkeeping processes

  • Cash flow projections and management

  • Job costing and inventory tracking

  • Key metrics benchmarking

 

  • Accounting documentation

  • Advisory services

  • Audit preparation

  • Accounting software selection

  • Reporting of month-end closing

 

  • Budgeting and forecasting

  • Fixed asset and inventory management

  • Cash flow analysis and planning

  • Plan and executive financial controls

 

  • General ledger management

  • Bank reconciliation

  • Credit card reconciliation

  • Create employee handbook

 

Financial Controller Hierarchy

 

The hierarchy that we follow for our financial controller services-

  1. Financial management

It is responsible for providing accurate and efficient company records by managing the accounting function. Our financial management team works more strategically and is responsible for the company’s records.

 

  1. Financial transactions

This process involves an activity that changes the value of financial assets, liabilities, or owner’s equity in a business. We at BnC, make sure that all your financial transactions will be done accurately. It involves cash receipts, deposit corrections, purchase orders, invoices, and journal entries.

 

  1. Financial reporting

Our financial reporting services help you to analyze cash inflows, measure profitability, evaluating assets and outflows to identify your current and future cash flow risks.

 

  1. Financial compliance

At BnC, we help you address a range of compliance requirements that includes documentation check, compliance check, records check, and license conditions check. Moreover, our team will fix all the procedures and provide solutions when discrepancies are found. We make sure that your company is complying with all the applicable rules and regulations according to your business.

 

 

If you are looking for accurate, professional, and reliable financial controller services. Then you have come to the right place. Contact us today.

 

 

  1. Management reporting

 

       We deliver the finest Management Accounting Consulting Services

 

Bnc is known as the leading management accounting company providing management accounting outsourcing services. We have core analytics team members that manage several important pieces of information such as margin statistics, turnover, cash flow, etc.

As managerial reporting is the collection of data that informs managers on how to efficiently run their department and guides managers toward making data-driven decisions. Keeping this in mind, we are proven to deliver the best outcome by providing you with the following managerial reporting services.

 

Our management accounting outsourcing services cover the following areas in our analytics reporting services.

 

  • Prescriptive analytics

  • Predictive analytics

  • Data auditing

  • Cash flow statement

  • Preparing periodical management reports

  • Preparing customized reports for bankers or other stakeholders

  • Calculation of various ratios and performance measures to analyze the performance

  • Deviations identification and suggestions for controls requirements

  • Recommendation for better cash flows and finance management

  • Professionally controlling finance

  • Accurate and timely financial reports to gain stakeholder's confidence

  • Recommendations based on the actual performance

  • Stock consumption analysis

  • Input-output recovery analysis

  • Entity-wise and consolidated financial statements

  • Reconcile control accounts

  • Budgeting and forecasting

  • Fixed assets register and depreciation

  • Specific purpose ratio analysis

 

 Reasons why you should contact BnC for your management accounting consulting services.

 

  1. Understanding:We go through your overall requirements and understand what needs to implement in your project.

 

  1. Tools and Technology:BnC has the best tools and technology according to your project needs that will surely assist you in your management reporting process.

  2. Comprehensive reports: At BnC, we integrate your data with all safety and security and then present it in comprehensive reports.

 

  1. Software:With BnC you will get accurate, reliable, and efficient data as we have the best tools like Omniture, web trends, net insight, etc.

 

 

Partner with BnC for all your management reporting requirements

 

                                               2. Review and supervision

 

Reliable and experienced provider of

Periodical accounting supervision services

 

 

We review supervising the accounts based on the requirements of the clients and businesses. BnC is a pioneer accounting service provider and has helped clients with their general accounting requirements. BnC delivers cost-effective, resourceful, and reliable accounting supervision services. Our best-class quality work serves you product-wise and category-wise contribution. Our team is highly dedicated to ensuring that our clients receive top services.

 

We have a team of professionals that review your reports comprising of financial statements analysis, financial accounting review, working capital movement, and ratio analysis and send them to the management.

 

Periodical accounting supervision services we offer

 

Our accounting review and supervision services are made-up of:

 

  • Review of accounting and finance with necessary documents 

  • Checking of revenue recognition with accounting principles as per the contracts

  • Product-wise, Category-wise, Area-wise, Sales-man wise sales, and contribution analysis

  • Inspecting proper authorization and assisting documents for the payments

  • Inspection whether the right procedures are applied for accrual of expenses and revenue

  • Inspect whether a timely and accurate reconciliation of customers’ accounts, bank accounts, vendors’ accounts, and other major accounts is prepared or not.

  • Applying risk-based supervision methodologies

  • Provide tax services on sales tax

  • Review accounting and finance with the help of professional experts in accounting 

 

 

Why outsource Periodical accounting supervision services to BnC?

 

BnC has great experience in dealing with accounts periodically and supervising services and has helped numerous companies as we provide:

 

 

  1. Data safety and security

  2. Best financial software

  3. Full Compliance

  4. Professional team

  5. Better pricing flexibility

  6. Analyze and assess financial performance

 

For periodical accounting supervision services get in touch with BnC

Business Analysis

For Customized Business Analytics Solutions.

Connect with us

 

Do you need your business to get streamlined but don’t know how? Do you want your business to be well-structured? Then here is the perfect solution for you. BnC business analytics services provide you the insightful ways how to streamline your business. As business analytics comprises different elements like budgeting, forecasting, and proper analysis so we create extensive and strong financial plans for your business.

 

By outsourcing business analytics, companies can be assured that the team of professionals will manage data across all platforms. This simply means that your business will meet all regulatory and compliance requirements.

Bnc is known as the leading business analytics service provider that helps you to analyze your structured and unstructured data in real time. We have core analytics team members that will assist you to realize the big data-led digital transformation of your business. We interact with our clients to help them meet their business requirements and offer the most customized solutions.

 

BnC is a well-known service provider when it comes to the latest technology, as we help you connect products, systems, customers, and employees to drive affiliated experiences. Our team of professionals examines the financial issues, income, taxes, revenue, and financial statements of your business.

 

 We offer the following business analytics solutions to our customers:

 

  • Financial analysis

  • Retail analysis

  • Text analysis

  • Contact center analysis

  • Cost analysis

  • Variance analysis

  • Profit center analysis

  • Supply chain analysis

  • Statical analysis

  • Cost center analysis

  • Contribution analysis

  • Overhead analysis

  • Business operation analysis

  • Scenario analysis

  • Trend analysis

  • Risk analysis

 

Benefits of business analytics services

 

Our business analytics consulting services that help organizations are as follows:

 

  • Improve business sales and service across markets

  • Optimize and synchronize financial strategies

  • Optimize and synchronize operational strategies

  • Enhance security

  • Diversity of data

  • Use of agility in analytics

  • Visualization of data

  • Faster decision-making

  • Better customer service

  • Quick fixes of operational issues

  • Rapid response to market trends

 

The process we follow for business analytics solutions

 

BnC is providing the latest and most advanced solutions to various big and small organizations for continuous growth and profitability. Our business analytics process consists of the following steps:

 

 

 

 

Effective Tools we use for Business Analytics

 

At BnC, we use different analysis tools and techniques for collaboration, project management, workflow management, and ideal creation. These are as follows:

 

  • Trello

  • Jira

  • StarUML

  • Edraw

  • Ratio requisite pro

  • Balsamiq

  • Pencil

 

 

 Our business analytics services will maximize your business’s growth and productivity. Do connect with us for efficient services.

 

  1. Cost analysis/cost analysis accounting services

 

We are a perfect solution to maximize your profitability with high-quality services

 

Are you looking for the best outsourcing company that can obtain accurate and relevant costs for your product or brand? Are you struggling to enhance the profitability and performance of your business processes? If so, then we are the top cost accounting service provider that will help you with our professional cost accounting services.

 

Cost analysis also known as benefit-cost analysis, is a systematic approach that is used to determine options that provide the best approach to achieving benefits while preserving saving for transactions, activities, and functional business requirements. It is commonly used to evaluate business or policy decisions.

 

BnC plays a major role in providing cost accounting outsourcing services and can help you with a variety of cost accounting requirements. We offer insights related to increased cost transparency that helps to identify inefficiencies. When you outsource your services to BnC, you can be sure of increasing your revenue while reducing operating costs. We offer a range of software services from highly qualified experts. Our pricing varies depending on the scope and complexity of the projects.

 

BnC comprises a knowledgeable team that will assist you in evaluating the total costs and will increase your cost-effective strategies. Our team of experts has worked with manufacturing organizations and has extensive experience in cost analysis accounting services.

 

Our cost accounting services include-

 

  1. Contribution analysis

Our contribution analysis identifies the contribution of a product and measures the impact of external and internal factors on the contribution. It also explains the effect of contribution on the sales of each unit and fixed costs.

 

  1. Variance analysis

Here, we detect and correct variances from the expected level. We analyze the causes for the variance between an actual and expected cost and advice corrective actions to be taken to minimize variances. Under variance analysis, we investigate the causes of the variance and take corrective actions accordingly.

 

  1. Break-even analysis

With this analysis, we identify the survival point for businesses. We measure the profit and losses at different levels of production and sales and determine the level of sales volume or value. Under this analysis, we predict the effect of changes in sales and prices and provide effective solutions accordingly.

 

  1. Overhead analysis

Overhead cost analysis is used to calculate the cost of any work-in-progress. All costs of production excluding material and labor costs come under overhead analysis. At BnC, we determine the fixed and variable overhead costs and emphasize minimizing the variable costs to maximize profits. We also help clients monitor their variables on regular basis.

 

  1. Other services

  • Pricing goods and servicing

  • Identifying profit centers

  • Managing information systems

  • Management consultancy services

  • Cost accounting records analysis

  • Cost audit services

  • Cost compliance reports services

  • Project management services

  • Valuation of businesses

  • Rehabilitation services

  • System audit services

  • Physical verification services

  • Central excise services

  • Service tax services

 

For the cost-effective and decent quality of work. Do contact us at bncglobal.in

 

          Cost, Variance, Break-even, Contribution, and Overhead Analysis

  • Cost analysis

also known as benefit-cost analysis, is a systematic approach that is used to determine options that provide the best approach to achieving benefits while preserving saving for transactions, activities, and functional business requirements. It is commonly used to evaluate business or policy decisions.

 

Steps to the process of cost analysis

  1. Set goals and objectives

  2. Identify and classify costs and benefits

  3. Design a timeline for expected cost and revenue

  4. Monetize cost and benefit

  5. Discount costs to obtain the present value

  6. Calculate the net present value

 

  • Contribution analysis

Our contribution analysis identifies the contribution of a product and measures the impact of external and internal factors on the contribution. It also explains the effect of contribution on the sales of each unit and fixed costs.

 

Steps for contribution analysis

  1. Keep revising the data from time to time

  2. Analyze the performance

  3. Gather data

  4. Develop the process

  5. Set out the problem

 

  • Variance analysis

Here, we detect and correct variances from the expected level. We analyze the causes for the variance between an actual and expected cost and advice corrective actions to be taken to minimize variances. Under variance analysis, we investigate the causes of the variance and take corrective actions accordingly.

 

Steps under variance analysis

  1. Determine the variance between the expected cost and actual cost

  2. Identify the causes for the variance

  3. Reporting to the management

  4. Implement corrective actions

 

  • Break-even analysis

With this analysis, we identify the survival point for businesses. We measure the profit and losses at different levels of production and sales and determine the level of sales volume or value.

 

Break-even analysis authorizes a business organization to

  1. Determine the level of sales volume or value

  2. Measure the profit and losses at different levels of production and sales

  3. Predict the effect of changes in sales and prices

 

  • Overhead analysis

Overhead cost analysis is used to calculate the cost of any work-in-progress. All costs of production excluding material and labor costs come under overhead analysis.

 

Overhead analysis enables a business organization to

  1. Estimate the cost of each product

  2. Calculate the cost of any work-in-progress

  3. Attempt to control costs by comparing actual cost and expected cost