Account Reconciliation and Maintenance Services
Why Reconcile and Maintain Accounts?
The main function of account reconciliation is to verify that the financial transactions made by a business are consistent with banking records, vendors, and/or customers. Reconciling accounts means comparing internal financial records with the records of those third parties to ensure they align, as differences typically signal theft, financial misappropriation, or error.
In order to operate successfully, receipts of money spent must match the balances leaving the bank account at the end of each fiscal period, whether monthly, quarterly or annually. Each business decides when to perform reconciliation, however, completing it at regular intervals makes the job more manageable. Timely reports identify inefficiencies, as well as provide valuable insight into spending and recouping patterns (to enhance cash flow). Most importantly, it keeps an eye on any accounting oversights or unusual transactions if there is fraudulent activity.
Account reconciliation is also necessary for business assets, liabilities, or equity accounts as their balances are brought forward into the new financial year. Maintaining accurate records facilitates an easy reconciliation process, making both these tasks two sides of the same coin. Maintain and reconcile accounting records with Exact BAS & Bookkeeping.
What Exact BAS and Bookkeeping Can Do for You
Maintaining and reconciling accounts ensures that the recorded balance of your business and the recorded balance of the bank coincide. Our services include:
Reconciliation of Credit Card and Bank Statements
Reconciliation of Accounts Receivable and Accounts Payable
Balance investigation
Adjustment and Reversal reviews
Maintaining data feeds across all accounts
Providing a Monthly Report on transaction trends and suggested improvements
Apart from account reconciliation, we can provide other bookkeeping services like accounts payable, accounts receivable, BAS preparation and lodgement, payroll services, and more cloud bookkeeping services.
Why Choose Exact BAS and Bookkeeping
Whether you choose to maintain and reconcile your accounts monthly, quarterly, or annually, Exact BAS and Bookkeeping’s Number One goal is to capitalise on your business productivity as efficiently and effectively as possible.
We are committed to maximising your professional growth, allowing you to focus on the things you’re passionate about, while we focus on the things we’re passionate about:
Our account reconciliation and bookkeeping team commits to:
The Personal Touch - we respect each client’s individual needs and cater to specifics
Perfectionism is our Goal - identifying oversights or gaps in documentation
Cost Effective - we provide options for startups, tradies, and small businesses bookkeeping
Certified Experts - we are registered BAS Agents with the Tax Practitioners Board
Cloud-Based Bookkeeping - Xero bookkeeping and Payroll Certified, plus MYOB Essentials
Progressive - we stay informed on the latest processes, requirements, and laws
Time Management - we never miss a deadline
Customer Driven - happy to answer all questions, concerns and queries
Hassle Free - we think of everything so you don’t have to think of anything
Dedicated - growing your business is our business
