Reconciling and Maintaining Accounts
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 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.
Maintaining accurate and ordered records facilitates an easy reconciliation process making both these tasks two sides of the same coin.
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, completed at regular intervals makes the job more manageable. Timely reports identify inefficiencies, as well as providing valuable insight into spending and recouping patterns (to enhance cash flow), and crucially keeps eyes across 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.
What Exact BAS and Bookkeeping Can Do for You
For small businesses, 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
Our Business Is Your Business
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:
● 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 small businesses, startups, and tradies
● Certified Experts - we are registered BAS Agents with the Tax Practitioners Board
● Cloud-Based Bookkeeping - Xero Advisor 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
