Income Reconciliation

Sue Nuttall

At Jacana, we are able to provide a full income reconciliation service for clients, using the benefits of Cloud software technology and remote access.

Our service

  • Reconciliation of the bank statements against the paper/electronic/on-line statements
  • Identification of missing statements and/or missing monies and notification of such to you (these can be chased directly if authorised to do so)
  • Addition of the entries on to Business Management
  • Reconciliation of all entries as agreed
  • Completion of the period end. Our normal time frame is within 5 working days of the last working day of the month, but a tighter time frame can be agreed if required
  • Creation of our ‘standard’ period end reports, and any other management reports as required, saved on a server drive or in Dropbox for immediate access
  • Creation of the next period’s retainers and trail commission and ongoing adviser charge expectation
  • Quarterly management of trail/ongoing AC and renewal commission aged debt
  • Monthly management of the initial fee aged debt can be provided if required (though we would not expect to call clients, only providers. However outstanding clients fees would be flagged where appropriate for action to be taken  by you)
  • Notification of any data issues identified during the period
  • Liaison with you and Iress to bring on new e-Revenue providers as appropriate (assuming this is installed)
  • Liaison with you and the product provider to reduce any inefficiencies identified in the payment of income

Further advice

  • We normally work on a cash receipt basis, where a statement is not added and matched until the monies have been received in the bank (or have left in the case of payments)
  • We produce month end reports based on dates rather than periods as these are accurate to the penny
  • We request that bank statements (normally obtained online) are emailed or put in Dropbox weekly during the period, then as late as possible on the last working day of the month, and as early as possible on the following working day (view only access to the bank account is provided to us by some clients)

Added benefits

  • No need to worry about staff illness, holidays, or staff leaving in respect of getting your period end figures
  • External, expert oversight of your system on a regular basis
  • Priority access to experienced staff to resolve any other system issues

As part of our oversight and compliance procedures, two members of staff are assigned to each client and the work is assigned as follows:

  • One person reconciles the bank account and completes the period end
  • The other person matches the entries on the system

The work is done remotely and access is as advised by your IT personnel. We use a number of methods from straight Remote Desktop Connection, to VPN/RDC to web access to the server and programs such as LogMeIn and your normal remote access route where you are already using cloud based computing.

The cost of the service is set at a fixed rate per month, payable by standing order. The amount is calculated based on a number of factors, as follows:

  • The frequency and means by  which the bank statement is received
  • The frequency and means by which the income statements are received by us
  • How the system is accessed by ourselves (including whether there are any time restrictions)
  • Whether the e-Revenue option is being used
  • Whether the standard turnaround time is acceptable
  • The number of statements received and the split between EDI and manual (if applicable) and the overall level of average income received per month

A quotation can be provided based on the completion of a questionnaire and this can be supplied if required.