Bank Reconciliation
Without reconciling your business bank accounts on a regular basis, it can be difficult to have a clear picture of the financial health of your company. You won’t have the right information to know if you need to cut expenses or can begin to invest in growth. Bank reconciliation will give you a clear picture of your cash flow, which allows you to make more informed decisions for your business. Bank reconciliation is included in our bookkeeping services for businesses.
What is Included in Bank Reconciliation Services?
Bank reconciliation services can be customized to meet your business needs, and are often included as part of a package to manage your overall financial health. Most bank reconciliation services include:
- Data entry from your bank accounts to your accounting software on a daily, weekly, or monthly basis.
- Reconciliation of all cleared transactions, open deposits, and open checks.
- Matching bank reconciliation balances to reports for a full financial statement review.
- Cash flow reporting.
- “Ask My Accountant” to go over transactions that are uncategorized and specific to your business so all of your business expenses are accounted for each month and nothing is overlooked.
Why Look to a Bookkeeping Service for Bank Reconciliation?
Bank reconciliation is a time-consuming process. Looking through each transaction to match with the invoices, outstanding payments, deposits, and checks can be tedious, and often, your employees time is far better spent generating income for your business. The indirect and hidden costs of using one of your employees to handle bank reconciliation are often far higher than the cost of outsourcing this service, especially as part of a customized group of financial solutions designed to monitor, streamline, and optimize the overall financial health of your business.
