This must be done as the first step to preparing your company’s annual financial reporting.
What is it?: Going through to check all the transactions recorded in the company’s general ledger are consistent with those reported on the company’s bank statements and the credit card statements.
Why do it?: to verify that the amount of cash reported by the company is consistent with the amount of cash shown in the company’s bank records. Also that the amount of credit on the company’s books matches up with all credit the company is using.
This must be done to ensure the company’s books will reflect the real cash situation. Any inaccuracies or discrepancies make your other reports useless and, even worse, mean your company breaks the law by filing inaccurate reports.
If your company has 100’s or 1,000’s of transactions per month then checking each individual entry is a time consuming business and this is where a bookkeeper can provide value.
Why pay for a bookkeeper’s time to create your bank account reconciliation?
We’re trained to do it. That means we can save you the stress of worrying you’ll make a mistake. It also means we’ll almost certainly do it faster than you can, saving you the worry of missing your deadlines.
Save your time for running your business. Every hour you spend poring over the detail of financial admin is an hour you aren’t looking after your customers, developing your products & services or looking after your staff. Can you afford to take this time out of your business?
If you are already outsourcing these tasks, how does that work for you? If you think you may need a different approach we’d be happy to have an informal chat about it. Use our contact details below and ask to speak to Diane.