Payment and bank statement processing

Booking bank statements

A bank statement is a list of all financial transactions that have occurred on a bank account usually sorted chronologically, divided into individual days, months or quarters. Banks provide their clients with bank statements which show all the money paid into and taken out of their accounts. These transactions must be recognized and booked into special accounts. We provide professional accounting services to anyone who wants to remain competitive as well as develop and expand their business.

Why EFF?

Do you struggle with the daily booking of revenues and expenses? Do you want to keep all of them in order? Are you looking for specialists who can get the job done for you? We can adjust to your needs and handle everything including:

• Booking payments to suppliers, transfers to customers, salaries, deposits, interests, service charges, bank fees, penalties, direct debits or standing orders
• Appropriate booking of individual items to special accounts by debiting or crediting (depending on the type)
• Continuous control of all revenues and expenses
• Control of available balance on the account
• Archiving bank statements in paper form or online

Our accounts payable outsourcing services could help you avoid various unexpected situations and deviations – especially if you have large numbers of transactions on your bank statements. We will provide you with access to our accountants equipped with key competences and relevant experience who will hopefully exceed your expectations. Booking bank statements is something we deal with daily. We are very methodical, always ready to react quickly and efficiently.

Bank account reconciliation

Bank account reconciliation is matching the balance in the organization’s own accounting records to the corresponding information on the bank statements for a given period. The main goal of reconciliation is the confirmation that all transactions in the company are legitimate and in accordance to the managed accounts.

Which steps need to be taken to reconciliate a bank account? In a nutshell you need to:

• Check the beginning account balance on the accounts
• Investigate, match and book all transactions (payments to suppliers, withdrawals to customers, salaries, deposits, interests, service charges, bank fees, penalties, direct debits or standing orders) to the corresponding accounts
• Verify and compare the ending balances of the accounts

Why is account reconciliation so important? This crucial accounting procedure helps to:

• Find differences between the entity’s accounting and bank statements
• Appropriately book the changes to the accounting records
• Control, compare and confirm incoming transfers and expenses in the entity’s accounting with the bank statement
• Explain differences
• Adjust the balance on the bank statements to business records

Bank account reconciliation is an important part of the month closing and provides consistency, transparency and accuracy of the company’s accounting. Accounts payable outsourcing helps to keep everything in order. Using our services, you will prevent balance sheet errors, avoid fraud and miscalculations.

Preparing manual payments

Is the number of your suppliers and payments constantly increasing? Are you looking for specialists in manual payments? Would you like to outsource payments and not worry about the security of your financial transactions? You came to the right place, because we offer AP outsourcing as a support of accountants with key competences and experience in this area. We prepare manual payments based on individually created creditor accounts in our system and manually enter data for transfers using appropriate forms in the bank. Manual payments are different from payment files, they are made separately for individual invoices or payment orders and require manual data entry and manual verification.

The process of making manual payments consists of:

• checking the correctness of the issued invoice (tax rate, amount, currency, etc.)
• supplier verification (VAT number) – using a special internal verification procedure
• bank details verification – confirmation by an authorized employee
• payment terms control
• manually entering all payment details via a given bank or software
• internal authorization flow

We can create manual payments in different areas like payments to suppliers or customers, salaries, bonuses, taxes etc. We are characterized by high flexibility and the ability to work on many different systems and software types. We will adjust our offer to your needs.

Why are we the best choice?

Our accountants take care of the smallest details prioritizing the security of transactions. All details of preparing manual payments are always properly verified and double checked. We put emphasis on accurate and timely payments and using discounts to your full advantage. Finally, remaining in good relations with our trading partners is of highest importance to us.

Preparing tax payments

Are you struggling with preparing large numbers of tax payments? Do you spend hours doublechecking if your tax office’s bank account was correctly applied? Do you find remembering about tax payment deadlines tiresome? Are you looking for account payable outsourcing that will manage it all for you?

We are a group of highly experienced and qualified accountants who can help you deal with all your tax liabilities. With the highest accuracy and reliability, we ensure that your tax payments are transferred to the correct accounts and processed on time.

The typical process of preparing tax payments has six basic steps, which are needed to avoid unnecessary troubles with a tax office:

• Checking the accuracy of the tax declaration (identification number, period, calculated amount, tax form, etc.)
• Tax office verification – location, tax account – confirmed by an authorized, responsible person
• Checking tax payment deadline in accordance with current legal status
• Making sure that the payment will be processed before the bank cut-off time and checking if there is enough money available
• Manually entering all payment details into a bank
• Checking if each tax payment was authorized by at least two responsible people in a predetermined flow

The biggest advantages of having EFF on your side are:

• Assurance that all your company tax payments will be paid on time
• No longer struggling with checking if entered bank details are correct
• Saving money by not having to pay penalties and interest.

Preparing payment files

EFF is a modern company which focuses on automated accounting systems and batch bank payments. If the number of your transactions is constantly increasing, we can meet your expectations and use payment files instead of manual payments. Preparing payment files is a process in which multiple payments to different receivers are transferred automatically using one bank file. In practice it means that several invoices are transferred to the bank in one transaction.

Do you wonder how we process bulk payments?

• every creditor has their own account with properly verified bank details
• during the creation of payment files in our accounting software package, we enter appropriate parameters that allow you to consider the creditor’s booked items in accordance with due date
• the file must have a special format
• with one click a collective payment is automatically uploaded to the bank
• the payment file is transmitted to authorised persons for approval
• the transfer is processed to the creditor’s account

Of course, this is quite a simplification, so if it seems too complicated, allow us to take care of it for you as a purchase-to-pay outsourcing! Our specialists will prepare all payments with due diligence, as well as adjust the offer to your needs or propose their own, tested solutions (aiding in the choice of the bank or accounting software, etc.).

The biggest advantages of the solution we use are:

• the highest level of transaction security
• the risk of errors is practically eliminated
• guarantee of speed and timeliness of financial transactions