Imagine setting out for a vacation without first double-checking that all of your plans are in order. Without the verification that all of your reservations, accommodations, or directions are correct, you'd spend your trip in a constant state of stress and panic. In the same way, not taking the time to reconcile your small business's accounts is a recipe for disaster. Accounting reconciliation is the key to financial success and confidence within your company.
Accounting Reconciliation for Accuracy
Whether yourself, an office manager, or someone else handles the day-to-day business bookkeeping, it’s crucial that your accounts be reconciled on a regular basis.
If you handle the bookkeeping, it may be tempting to tell yourself that you know what you are doing and do not need to double check. None of us are perfect; mistakes happen, and sometimes things fall through the cracks. Human imperfections also apply to financial institutions. Regardless of how accurate you are with your bookkeeping, there is always a chance that the bank may incorrectly enter or omit a deposit, or you may discover unauthorized withdrawals.
Accounting Reconciliation is absolutely essential whenever you allow someone else (a
bookkeeper, office manager, etc.) to put their hands in the honey pot that is your company's finances. No matter how much trust you may place in that individual, mistakes do happen. It is also an unfortunate truth that people can become greedy. Without being a participation in your accounting reconciliation, you are giving your bookkeeper the green light to take money from you. Protect yourself, your business, and your assets by setting a standard for financial accuracy within your company.
Accounting Reconciliation for Peace of Mind
As a small business owner, your mind should be free to think about all aspects of your company - not just the financial side. When you do not have the assurance that your accounts are accurate through regular banking reconciliations, you will find yourself worrying about how much money you really have in the bank. Will your latest checks clear? Will you make payroll? When you enlist professional help from our team of experts to handle accounting reconciliations, you will have the peace of mind that your finances are always up-to-date and precise. We will always keep you as involved with your bookkeeping and accounts as you wish to be so that you are never in the dark.
What will you find when you reconcile your company accounts?
