The financial reconciliation process in the closeout of nGAP's OAS project involves several key activities that ensure all financial matters are resolved.
Final Cost Review and Verification
One of the first steps in financial reconciliation is reviewing the final costs of the project. This involves comparing actual expenditures to the original project budget. Key areas to focus on include:
Labor Costs
Review the wages or salaries for all activities involved in the project.
Hardware and Infrastructure Costs
If the project involved integration with physical systems, hardware, or infrastructure, costs for these components should be verified.
Subcontractors and External Services
If third-party vendors were engaged (for example, for regulatory compliance or specialized testing), ensure their fees are properly documented and reconciled.
This cost review ensures that every expenditure has been accounted for, is valid, and is aligned with the budget.