What is Reconciliation? We can guide you.
The true definition is meant to be the “truing” up of an certain agreed upon fee compared to actual work delivered. A simple example is to determine the budget for the year divided by 12 months. The agency invoices you 1/12th each month. Periodically, you get together to “reconcile” to actuals.
The amount “over” or “under” is determined, and adjustments are made.
Without the right systems in place this reconciliation process can be very tedious, time consuming and costly. In fact, it is one of the main reason clients have gotten away from Fee/Reconciliation. With ARMS it is a click of a standard report away.