So much activity flows through your bank account, it becomes the most vulnerable place for errors, fraud, or theft in your business. No accounting system can prevent this, which is why you should always review your bank statement each month.
In accounting terms, we call that reconciliation. That’s where we carefully compare your bank statement to your internal records. It’s the best way to find unexpected overcharges, bank fees and other errors. Then make necessary adjustments to correct the book ledger to match the bank statement.
Just as important, this careful and consistent monitoring of your bank statements lets us catch and investigate unauthorized checks or withdrawals from your account before they cause irreparable damage your business.
Bank account reconciliation is one of the most important components to maintaining sound financial records and strong internal controls:
Forbush and Associates provides account reconciliation by itself or in conjunction with After-The-Fact Accounting or real-time accounting services.
We also suggest you reconcile these important accounts every month: