Timely reconciliations are of paramount importance to a business’
cash flow and profitability reporting.
On time and thorough reconciliations identify situations where deposits
may not have reached your bank accounts as expected, or if any payments
have failed to process correctly.
Bank reconciliations also pick up transaction errors. Perhaps an incorrect posting
from your financial institution or perhaps a data entry transposition of figures
when making a payment by one of your staff.
Reconciling frequently and thoroughly helps ensure you can swiftly deal with
any issues that might arise while the periods transactions are fresh in your mind.
Adjustments and corrections are much simpler then.
Timely ongoing reconciliations also ensure that BAS preparation is completed
in a timely manner, plus you are better able to budget for necessary payments.
At the end of the year, it’s also quick and easy to close off your accounts
for presentation to your accountant if all reconciliations are up-to-date.
Whether you need someone to 100% handle your business’
reconciliations or just assistance with coaching your internal
staff you’re welcome to give us a call for support on 8338 1033