Outsourcing your reconciliations frees up your time and internal resources, allowing you to focus on your business and your customers, giving you piece of mind knowing that you are protecting your company and customer's funds. Our service also provides a separation of duties. Auditors want to make sure that authorized signors are not reconciling their own escrow accounts. Outsourcing your reconciliations to PRS adds a control to protect from internal fraud by having a third party review.
We execute our reconciliation services through secure remote access to your escrow accounting software where we reconcile your book transactions to your bank statements and produce monthly three way reconciliation reports directly to you as PDF documents, which meet your underwriter(s) and state board(s) of insurance requirements. In addition to the reports we also provide red flag summary report identifying items that require immediate attention. Our staff is always available to assist with research and correcting items to help make sure that your reconciliations remain clean and current.
Do you have an audit coming up? Are you concerned about having sufficient internal controls in place to protect your customer's money? In all cases, a full review of your escrow account reconciliations is necessary to make sure that you have properly formatted reports and maintain current clean and compliant three way escrow account reconciliations. If you are behind on your reconciliations, if your accounts are out of balance, or you would like an independent review, then simply contact Precision Reconciliation Services and we will help bring your escrow accounts into compliance.