Bank Account Reconciliation Services
Bank account reconciliation is a process that helps you to ensure that your bank statements match up with your records. Reconciling bank accounts is important because it can help you avoid any issues with overdrafts, late fees, and other potential problems.
We can handle Xero, QuickBooks, and MYOB bank reconciliations, and bank reconciliations, so don’t hesitate to get in touch if you need help with your accounting!
The first step in our Xero bank reconciliation process involves downloading all of the information from your bank into our system so that we can begin working on it immediately and without delay.
The second step involves reviewing all of the information in order to identify any discrepancies between what has been recorded by your bank and what should have been recorded by them (based on what's been entered into our system). This ensures that there aren't any mistakes being made by either party when it comes time for us to reconcile everything together again at the end!
It's a good idea to do this process regularly, especially if your business is growing and changing at a rapid pace. The more transactions you have, the more often you should reconcile your accounts.
You need to do this because, in most cases, you can't rely on your bank's records alone. There are many reasons for this:
- Some banks don't provide full transaction history.
- Some bank transactions aren't recorded in the way you'd expect them to be (for example, online banking doesn't always show debits before credits).
- The bank might have made an error in its record-keeping (which is rare) or an error in recording your transactions (which is more common).
- Bank feeds can drop their link with the accounting package, resulting in missing transactions, and impossible to reconcile without specialist help. Katebooks can fix up your accounts and reconcile in no-time.
Why Katebooks?
- Linking your bank account to your accounting software
- Import transactions into your accounting program
If you haven’t reconciled your accounts yet, it’s important that you do so as soon as possible. Not only will it help you keep track of your business’ finances, but it will also make sure that there aren’t any errors or discrepancies between what you think happened with your money and what actually happened with your money.
