Outsourced Accounting For Your Bank Reconciliation
As a business owner, few things are more important to you than your bottom line. But what if you were missing out on a large chunk of change simply because of a clerical error?
Performing a bank reconciliation ensures that all balances in your accounting records match your bank accounts. Don’t make a costly mistake and skip monthly bank reconciliation — with this regular check of your accounts, you can fix errors, find missing cash, uncover inefficiencies, and identify fraudulent activity before it impacts the health of your business.
We’ve put together a guide to help you understand why a bank reconciliation is important and the best way to navigate the process.
What Is a Bank Reconciliation?
The purpose of a bank reconciliation is to ensure that all of your financial records align with your bank records.
Comparing this financial information monthly, you’re able to identify any unusual activity that might need to be investigated or find accounting errors that need to be resolved. Ultimately, the goal is to make sure that your business has the cash you think it does. If something doesn’t add up, you can account for it and align them moving forward.
How to Perform a Bank Reconciliation
Your bank reconciliations should be performed consistently to ensure all your finances are always in order. Here’s how to get started:
The process doesn’t have to be overwhelming — but if you want to make sure all records are accurate and accounted for, you can work with a small business accountant.
Outsource Your Bank Reconciliations to Ensure Accuracy
As a business owner, you need to have an understanding of the cash in your account. Completing a bank reconciliation each month is the best way to keep an eye on all business expenses. But you already have many things on your plate, and that’s where a small business account can help. Outsourcing your bank reconciliation ensures your accounts are reviewed by a professional, allowing you to spend your time focusing on the business.
If you’re interested in outsourcing the bank reconciliation process, the CPAs at Hafen Buckner are ready to assist with all your bookkeeping and accounting needs. Contact us to schedule a consultation.