Why do such a tedious and time-consuming task as a monthly bank reconciliation?
Banks are established financial institutions tasked with the care and management of your money. However, mistakes happen.
The purpose of a bank reconciliation is used to compare your records to those of your bank, to see if there are any differences between these two sets of records for your cash transactions.
Bank reconciliation is crucial for every business to maintain accurate financial records. If it seems unnecessary to reconcile your bank account, here are 3 reasons to convince you otherwise.
Why every business should reconcile their bank account every month
1. Catch errors
A monthly bank reconciliation catches errors in your books. It may be as seemingly insignificant as a misread bank receipt. However, it can snowball into a more significant problem if left unchecked.
2. Verify cash position
A bank reconciliation verifies the exact amount of cash in the bank. Know exactly how much you have to spend and produce accurate and complete financial records.
3. Detect fraud
A monthly bank reconciliation quickly catches fraudulent transactions. Compromised credit cards or accounts are found promptly as some of the transactions from the bank won’t be in your books.
While too essential to ignore, bank reconciliation is also a tedious task. There is good news: your TimeSmart can handle this tedious task for you. With our skill in picking apart financial statements to find any discrepancies, rest assured knowing your records are up to date.
Are you ready to get started? So am I! Click the button below to schedule your discovery call and prepare to unlock a new approach to business with TimeSmart.