Case Study
Bank Reconciliation and Balance Sheet Clean-Up
- Mark Brown
Consumer Goods
INDUSTRY
200
EMPLOYEES
$200M
ANNUAL REVENUE
Background
Following the resignation of the Senior Accountant, the Controller requested a review of the bank account reconciliations and other balance sheet accounts. A significant variance was identified in one of the accounts, prompting a broader review to ensure accurate reporting and identify any discrepancies. The goal was to address issues, reconcile past transactions, and implement controls to prevent similar problems in the future.
Objective
- Address and resolve variances in several accounts
- Reconcile bank accounts with significant variances and identify root causes
- Reconcile and document key balance sheet accounts with historical activity dating back multiple years
- Resolve liability accounts carryforward of incorrect balances year over year along with ongoing issues
Solution
- Corrected reconciliations for bank accounts
- Reviewed historical data and coordinated with the acquisitions team to update open transactions, with a weekly follow-up process implemented to ensure ongoing accuracy
- Corrected liability account balances with reconciliation adjustments
- Optimized accounts payable processes to prevent future errors, with a monthly check to ensure correct balances
Successfully reconciled multiple accounts and implemented internal controls to prevent future errors.
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