Reconciliations

This is one of those things that is almost always the first candidate that our clients say ‘we will handle that ourselves’. Which invariably will lead to us assisting with the accuracy of reconciliations. It’s deceptively simple, one bank line and one book line equals one reconciliation… right… please? No. 

It’s not enough to make it line up, that’s not the actual exercise here. The goal is to line it up whilst also classifying it correctly. That’s right, bringing it back to the chart of accounts, making sure the contact actually exists, and then also allocating the correct tax status. 

If you are determined to keep this inhouse, then we are determined to make sure that your house is doing it properly. Whilst also being ready to step in and start righting wrongs when we see them.

If you can’t make your transactions line up, then how do you even know if the business is operating at a profit? Reconciliation is the absolute bare minimum to making sure that the books are not completely living within a permanent state of anarchy.

Track Cash Flow

Knowing when cash came in or cash went out is vitally important. Reconciliations are the frontline in the balancing of funds. If we are managing your reconciliations for you, then we are the first to alert you when something doesn’t look right.

Detect Fraudulent Transactions

Have you ever tried to get your money back after your card has been skimmed? Let me tell you right now that this is incrementally easier depending on the speed with which it was spotted. Having your reconciliations overseen by someone who is self admittedly anally retentive, has some significant benefits in the speed with which fraud can be spotted. 

Determine Any Bank Errors

If the bank messes up and owes you money, then it will be a cold day in hell when they spot it and come to you for restitution. Having your reconciliations managed by someone who cares deeply will result in more wins for you and less for the big 4.

Maintain Integrity of All Reports

The age-old adage is ‘shit in and shit out’. Your reconciliations are front and center for your entire accounting file. If they are mishandled, then the rest of the accounting file may as well have been written in crayons by your friend’s nephew. Enough said? We hope so.

We Can Handle All Reconciliations In Your Books

We only care about clean books. How we get there is up for debate. Maybe a mix of you and us, maybe just us. It doesn’t matter as long as it is right. And believe me, it will be right. 

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