Timely financial reporting through daily cash reconciliation

• Main Author: Go, Janice T.
• Format: text
• Language: English
• Published: Animo Repository 2017
• Subjects: Cash management; Business enterprises > Finance; Corporations > Finance
• Online Access: https://animorepository.dlsu.edu.ph/etd_masteral/5773
• Institution: De La Salle University

This action research aims to address the lack of an effective tool in reconciling cash accounts which causes delay in the financial reporting closing process within our company, an online shopping website facility. The collaborative method used in this action research involves the cyclical stages of constructing, planning action, taking action and evaluating action. I applied the Scheins ORJI model, the Ladder of Inference, the 5 Whys, and the three types of inquiry for a better understanding of the issue and the intervention needed. For the conceptual framework, I used the Hierarchy of Qualitative Characteristics of Financial information as a guide in coming up with a tool in reconciling cash accounts. I also applied Lewins force field analysis for managing change. I and my team implemented a Daily Cash Reconciliation Worksheet as the intervention made in Cycle I of this action research for making timely and accurate financial statements. The formal training of financial personnel in reconciling accounts was the intervention made in Cycle II. Overall, these interventions were able to speed up the reconciliation of cash accounts which resulted in faster submission of financial reports in our company.