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Outsourcing Your Income Reconciliation – It couldn’t be easier.

If you like the idea of outsourcing your income reconciliation but think you haven’t got the time to make the change, then let’s explain how simple it is and how soon you’ll have freed up your time to concentrate on other revenue-generating tasks.


First, you’ll want to understand the nuts-n-bolts of how outsourcing your income reconciliation works. Specifically, who does what. It’s all very straightforward forward but, essentially there are four steps to the process :

Step 1 - Quotation

Once you expressed your interest, and we’ve both signed a mutual NDA, we’ll simply need you to provide the data from your last three months' bank and provider payment statements ideally in Excel format. You can submit these via Jigsaw Tree’s own secure portal to make things even easier and quicker.   

As part of the quotation process, many prospective user firms ask us to carry out a full database assessment of their practice management system. As we all know, having excellent data quality is the foundation of any successful income reconciliation operation, so it makes sense to confirm the quality of your data and address any issues, just to make sure the new service is working on a solid foundation.      

You’ll need to confirm what practice management system you are using and the scope of services you want Jigsaw Tree to provide. For example, you may wish to start with just the basic income reconciliation service, but you might also want us to produce your management reports such as Aged Debt or New Business per adviser. We can produce your RMAR reports for you too.

You can ask us to back-date the starting point of your income reconciliation process. Many adviser firms are surprised to realise that we can back-date the starting point to the beginning of the last tax year and beyond!

Using all this information we’ll prepare a detailed proposal, including costs, for you to consider. We’ll arrange a session with you and your staff to walk you through the processes involved. This is largely for your reassurance as we’ll be doing the majority of the work, but you’ll want to be 100% comfortable with what we’ll be doing on your behalf. We are, of course, open to negotiation as our aim is to reach an agreement that we are both happy with. And, once both parties are happy with the proposal, and the commercial terms have been agreed, and the contract signed, we’ll initiate the on-boarding process.

Step 2 - On-Boarding

Our on-boarding starts with a Kick-Off meeting where we go through every detail of the process with your nominated staff. We’ll also show them how to submit bank, commission, and payment statements and give them a named contact point within Jigsaw Tree should any issues arise.

Finally, we’ll ask you to set-up the Jigsaw Tree Income Reconciliation Team member as a user on your practice management system. This means that we can perform all the income reconciliation work on your own system, i.e. as if your own staff were doing the work. This means that your data always stays with your system!

Step 3 - Live Operation

And that’s about it! As you might expect during the first month’s processing there are usually one or two things to sort out to get the process running smoothly but, they’re generally quite minor and the service very quickly settles into a slick pattern where we do the work, and you save loads of time as well as getting some excellent management reporting!

Step 4 - Ensuring You're Happy

Finally, we’ll carry out a review after three months just to make sure both parties are happy with how things are working and, of course, make changes if needed.

If outsourcing appeals to you and you would like more information, why not book a FREE 30-minute consultation?

You may also be interested in reading our blog 'Why Outsource your Income Reconciliation?', where we highlight several compelling reasons why outsourcing income reconciliation might be the game-changer your firm needs


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