Molly Abele, CPA’s Post

Reconciling bank accounts is critical to ensuring the accuracy of your company’s accounting records. Generally, bank accounts should be reconciled at least monthly. However, conducting weekly or daily reconciliations for accounts with a high volume of transactions can help uncover accounting errors and fraud quickly. Besides reconciling infrequently, other common mistakes include reviewing only large transactions, relying exclusively on bank records, routinely creating accounting entries to adjust for differences, and not accounting for outstanding checks and deposits. For any additional information go to: https://bit.ly/3SGdthS Contact an Axley & Rode advisor for guidance on how to reconcile your accounts and how QuickBooks can help make the process more efficient.

Reconciling bank accounts is critical to ensuring the accuracy of your company’s accounting records. Generally, bank accounts should be reconciled at least monthly. However, conducting weekly or daily reconciliations for accounts with a high volume of transactions can help uncover accounting errors and fraud quickly. Besides reconciling infrequently, other common mistakes include reviewing only large transactions, relying exclusively on bank records, routinely creating accounting entries to adjust for differences, and not accounting for outstanding checks and deposits. For any additional information go to: https://bit.ly/3SGdthS Contact an Axley & Rode advisor for guidance on how to reconcile your accounts and how QuickBooks can help make the process more efficient.

Reconciling bank accounts is critical to ensuring the accuracy of your company’s accounting records. Generally, bank accounts should be reconciled at least monthly. However, conducting weekly or daily reconciliations for accounts with a high volume of transactions can help uncover accounting errors and fraud quickly. Besides reconciling infrequently, other common mistakes include reviewing only large transactions, relying exclusively on bank records, routinely creating accounting entries to adjust for differences, and not accounting for outstanding checks and deposits. For any additional information go to: https://bit.ly/3SGdthS Contact an Axley & Rode advisor for guidance on how to reconcile your accounts and how QuickBooks can help make the process more efficient.

Top 4 Bookkeeping Mistakes You Should Avoid #2 Not Reconciling Bank Accounts Keeping your bank statements and bookkeeping records aligned is essential for accurate accounting. This process, known as reconciling your bank accounts, helps you identify errors and issues such as missing transactions, duplicate entries, unexpected charges, or even fraud. Regular reconciliation ensures your financial statements remain accurate and up-to-date. How to Prevent This Mistake: Commit to reconciling your bank accounts regularly—ideally every month. Utilise bookkeeping software that connects directly to your bank, automating transaction imports for seamless reconciliation. Be sure to also review your statements for any unusual or suspicious activity and contact your bank if something seems off. Keep your accounts in sync and maintain trust in your financial data. #bookkeeping #accounting #bankreconciliation #smallbusiness #financialaccuracy #businessgrowth #entrepreneurship

Here are the reasons why reconciling your banking and credit cards accounts is so important. Reconciling accounts in bookkeeping is crucial for several reasons: 1. Ensures Accuracy Reconciliation verifies that the transactions recorded in the books match the bank statements or other financial records, helping to identify and correct errors such as duplicate entries, omissions, or incorrect amounts. 2. Detects Fraud or Unauthorized Transactions Regular reconciliations help identify fraudulent activity or unauthorized transactions, allowing businesses to address them promptly. 3. Provides Financial Transparency It ensures that the financial records reflect the true state of the business, which is essential for decision-making, reporting, and compliance. 4. Facilitates Tax Preparation Accurate financial records make it easier to file taxes correctly and avoid penalties due to discrepancies or missed deductions. 5. Improves Cash Flow Management Reconciliation helps businesses keep track of their available cash and ensures that the balance in their records aligns with the actual funds available. 6. Builds Trust with Stakeholders Lenders, investors, and other stakeholders rely on accurate financial statements. Regular reconciliation increases their confidence in the business’s financial integrity. 7. Identifies Timing Issues It helps pinpoint timing differences between recorded transactions and when they clear the bank, such as outstanding checks or deposits in transit. By reconciling accounts regularly, businesses maintain accurate records, reduce financial risks, and foster operational efficiency. If you need help keeping up with your business reconciliations, Favorable Financials is here to help! Focus on growing your business. Trust the bookkeeping to us. #bookkeeperforhire #bookkeepingservices #bookkeepingtips #bookkeeping #favorablefinancials #onlinebookkeepingservices

On a monthly basis all bank, investment and credit card accounts need to be reconciled. A bank reconciliation is a process that compares a company's bank statements to it's accounting records to make sure everything matches. This is important to make sure that nothing is missing from your Quickbooks account. It also is a chance for you to review all transactions in the bank account, making sure they are all legitimate. Coding and reconciling the current month right away makes the task much smaller and simpler to tackle. Staying up to date means you can pull reports on a monthly basis rather and have more up to date information.

QuickBooks reconciliation is a crucial process for ensuring financial accuracy. It involves comparing transactions recorded in QuickBooks with bank statements to identify discrepancies, thereby ensuring that the company's financial records align with its actual bank account balances. Through reconciliation, businesses can detect errors, fraud, or missing transactions, helping maintain financial integrity and reliability. #quickbook #reconciliation #financialreporting #Bookkeeping #upwork #fiver

As bookkeepers, we see these three small mistakes come up regularly. They may seem small, but they can have a big impact on the accuracy of your accounts. 1. Bank reconciliations We often come across business owners who have never compared the bank balance in their accounting software with their bank statements. While it may seem insignificant, failing to do so can result in transactions getting missed or overlooked. 2. Purchases on personal bank accounts It is advisable to refrain from using your personal card for business transactions. This practice can lead to missing out on reclaimable VAT and hinder your ability to understand your expenses effectively. 3. Debtor Management We understand that following up with people who owe you money can be challenging. However, did you realise that many businesses have thousands of pounds in overdue invoices owed to them? Can you afford to overlook what you're owed? We help our clients to maintain accurate financial records so that they can gain an in-depth understanding of their business operations and ultimately, enhance their profitability. If you'd like support to understand your businesses finances, get in touch!

HOW CAN A BOOKKEEPER HELP WITH YOUR FINANCES? 2/5 BANK AND CREDIT CARD ACCOUNTS RECONCILIATION Reconciliation of bank and credit card accounts is an essential financial control process that ensures the accuracy of financial records. It involves comparing the statements of accounts with the corresponding entries in the company's accounting records. It also helps in identifying any errors, frauds and unauthorized transactions. Regular reconciliation is crucial for maintaining the integrity of financial statements and supporting effective financial management. Need help with your bookkeeping? I can help. Book a call now for a 30-minute FREE consultation: https://lnkd.in/gsUj4fih #virtualbookkeeper #virtualbookkeeping #bookkeepingservices #financialmanagement #businessowners #reconciliation

Is it the END of the world if you miss reconciling your accounts for a month? NOPE! 🚫 I'll let you in on a little secret - I've gotten more than a month behind on my own bookkeeping before. BUT, I always make sure to get caught up as quickly as I can when I realize I haven't reconciled my accounts. Here's why: The longer you go without reconciling your accounts, the harder it gets to fix errors that would've been caught when your accounts were reconciled... For example, you typically only have 60 days to dispute a fraudulent credit card charge. 📆 Having up-to-date data to run your business starts with great bookkeeping! PS: It’s almost the end of the month, make sure to reconcile your accounts. #bookkeepingtreats #virtualbookkeeper #bookkeeperforsmallbusiness #servicebasedbusiness #sme #onlinebookkeeper #smallbusinessowner #bookkeepingforsmallbusiness #smeservice #reconcileaccounts #bankreconciliation #monthend