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<br>Banks are known to make mistakes, meaning you should carefully check your bank statements every month to ensure they match up with your books. The practice of reconciling your bank statement is called bank reconciliation, and itu2019s an essential practice for any small business owner who handles financial tasks.
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1. Bank reconciliation can be one of the most tedious parts of accounting and bookkeeping, but it doesn’t have to be. Here are five tips from Melbourne bookkeepers on how to make bank reconciliation go smoothly. 4 Tips for Bank Reconciliation from Melbourne Bookkeepers
Tip 1: Establish a Good Relationship with Your Bookkeeper 1. If you’re like most small business owners, you operate your company on a shoestring budget. 2. Before entering into an agreement with your bookkeeper, understand what you will receive in return for your investment.
3. First and foremost, a good bookkeeper will save you time by handling your accounting functions so that you can focus on running your business. 4. Second, having a healthy working relationship with an independent bookkeeper will give you piece of mind knowing that they are available if questions or issues arise.
5. In addition to handling bank reconciliations and other accounting functions, we offer valuable business insights and advice based on our experience as both consultants and accountants.
Tip 2: Create and Maintain Organized Files 1. Do you know where your bank statements are? Are they all in one place, filed and labeled neatly? What about business receipts – what system do you have for tracking them down if you need to refer to them in future?
2. If you don’t have a good filing system in place right now, consider creating one. 3. It might sound like a pain but it will help avoid expensive mistakes as well as give you peace of mind. 4. Once your files are set up, keep using them and make sure they stay that way.
5. There is nothing worse than realizing an important receipt was lost because it slipped between two other papers without being marked or put into a separate folder. 6. Put systems in place to prevent that kind of thing happening!
Tip 3: Keep Track of Important Details 1. Once you have your bank reconciliation, it’s time to do some bookkeeping. What is bookkeeping? A lot of people see it as a basic side business to take on or something that can be done quickly with little effort.
2. The reality is that if you are serious about your accounting business and want to succeed, it requires working hard and having a strategic plan in place. 3. To make money and grow your accountancy business long-term, you need a good team behind you and they will only work hard if they know what’s expected of them.
Tip 4: Check Balances Regularly 1. You can’t reconcile what you don’t know. Banks and other financial institutions aren’t supposed to do balances, so it is crucial that you keep an eye on yours. 2. We advise our clients to check their account every week to make sure everything is where it should be.
3. Your bank will provide you with a statement each month, but your bookkeeper should have instructions on how often you should check in between those times. If something doesn’t look right, contact our bookkeepers in Melbourne
Contact us Call us:1300 049 534 Website: https://reliablebookkeepingservices.com.au/ Email: enquiry@reliablebookkeepingservices.com.au
