Tack on common problems that can arise, and it can quickly become a time-consuming endeavor. However, in spite of the time commitment needed to perform them, bank reconciliations are one of the most important regular financial functions that a business can undertake.
Whether you are new to preparing a bank reconciliation or just need some guidance on how to oversee the process internally, this step-by-step guide will ensure an accurate outcome:
With all the steps required to reconcile bank statements properly, many businesses choose to hire a finance professional to handle their bookkeeping and accounting needs. Outsourcing this function provides more accurate financial reporting and minimizes fraud risk. Additionally, it frees up in-house staff to spend more time on their primary focus areas.
Find out how Accounting Solutions Partners can fulfill your company’s accounting needs. Our team will partner with your business onsite or in the cloud to provide top-tier financial support. Contact us here for more information.
Thank you for following our bank reconciliation series for business owners. If you missed any of our previous articles, you can find additional resources here:
> What is a Bank Reconciliation and Why is it Important?
> How Often Should You Do a Bank Reconciliation?
> What Do You Need to Reconcile a Bank Statement?
> Typical Bank Reconciliation Problems for Small Business
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