Is Bank Reconciliation Right For Your Business?
For many firms, preparing a bank reconciliation statement is a time-consuming process that is prone to numerous errors, which may result in both time and money loss.
How Does Bank Reconciliation Work?
When we do a bank reconciliation, we make sure all company expenditures authorized out of the treasury are recorded. We will be a member of the accounting department and will be in charge of the firm’s records, as well as verifying bank statements to ensure that they accurately record withdrawals, deposits, bank fees, paper checks. Intuit’s QuickBooks is a popular accounting software for small and medium-sized businesses, and it’s what we use!
What Are We Checking For When Doing Bank Reconciliation
Payments that are out of order
Unauthorized debit or credit charges
An expenditure that may be reduced or eliminated
Expenses that you weren’t expecting or that are greater than normal