What is Bank Reconciliation?

April 28, 2017

Every business has a record of transactions involving its checking account and the bank has a similar record. At the end of each month, your bank sends you their record in the form of a bank statement. A bank reconciliation is when you take the time to ensure the amounts you have on your books for your cash account and the bank’s record are the same.

Why Do I need to Do a Bank Reconciliation?

A bank reconciliation lets the business know that the amount of cash reported by the company in their books is matching up to what the bank’s records are showing. In performing this activity every month, you can stay ahead of any problems which may occur and address any issues before they become detrimental to the business.

My Records Don’t Match my Bank Statement

If after performing your bank reconciliation you notice that your records to not match the statement sent to you by your bank, then you need to figure out where the difference is occurring. Typically, this involves going line-by-line and seeing which items in the bank’s statement don’t match your own records. For help with figuring out discrepancies in your bank reconciliation, get in touch with a local Maryland bookkeeping service.

Why Should I Outsource Bank Reconciliation?

Bank reconciliation falls under the category of bookkeeping. It is a good idea to outsource this type of service whenever possible for a few reasons. First, by having an experienced Florida bookkeeping service handle the books for you, you will have less bank statement reconciliation issues on your end. Bank reconciliation is also best outsourced because it is time-consuming, especially if your business processes a hundred checks or more every month because you need to look at each check.

Why Choose Relate CPA for your Bank Reconciliation?

Here at Relate CPA we provide bank reconciliation and bookkeeping services to businesses in Maryland and Florida. We provide these services at the highest level while also establishing a trusting relationship. We know how important it is for a business to have their bookkeeping done quickly, so we don’t delay in getting you the numbers. We won’t just stop there though, we’ll also help you to understand what the numbers mean and how you can use them to make business related decisions.

Relate CPA is a new type of CPA who can help you with providing professional accounting and bookkeeping services in Florida or Maryland while also taking the time to learn about your individual business needs. For a free consultation, give Relate CPA a call, or fill out the contact form on our website today.