Bank Account Reconciliation

Protecting The Most Vulnerable Part Of Your Business

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:

  • Prevents excessive overdraft fees or returned checks
  • Reviews checks and deposits to ensure properly authorized for issuance
  • Helps maintain key vendor and supplier relationships
  • Protects companies experiencing tight cash flow
  • Provides cash management assistance

Forbush and Associates provides account reconciliation by itself or in conjunction with After-The-Fact Accounting or real-time accounting services.

Bank Account Reconciliation Services Include:

  • Remote monitoring of your accounts in our accounting software
  • Flexible monitoring schedule – daily, weekly, biweekly, semi-monthly, or monthly
  • Updating and recording deposits, debit card transactions, checks, and electronic transactions
  • Reconciling your accounts to the day, week or month
  • Creating sound processes to streamline your bank account reconciliation process – Includes templates and custom Excel workbooks

We also suggest you reconcile these important accounts every month:

  • Operating
  • Investments
  • Payroll
  • Savings
  • CD
  • Credit cards
 Ken Gearhart
Ken Gearhart
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“Forbush and Associates has been our contract CFO and Controller since 2002. Being a general contractor, Forbush and Associates assisted us in each step of the way from one subdivision and 2 houses being built at one time to 6 subdivisions and more than 30 houses being built at the same time. Additionally, Forbush and Associates worked diligently in diversifying our client base in efforts to reduce the fluctuations of a residential construction market to our revenue streams. Due to Forbush and Associates assistance, we built other revenue sources and streams that provided us more than $10,000 per month in free cash flow while other contractors went out of business. Forbush and Associates has worked with us in seeing new opportunities in farther reaching communities and has begun to assist in rebuilding our Company after a rough three years including international operations. I would recommend Forbush and Associates to anyone whether it be a tax return preparation or full service business consulting and administration.”
Nancy Durano
Nancy Durano
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“Working with Forbush and Associates has given me peace of mind. I trust your advice because you have a reputation of integrity and honesty and working with Forbush’s team has helped me dramatically to improve communication with my lawyer…your team had the knowledge, experience, wisdom and my best interest at heart. There is no way to repay you for what you have done for me, but I think your team is wonderful and wanted you to know.”
Gary Harmon
Gary Harmon
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“Minuteman Press has used Forbush & Associates for the past four years and we are extremely happy with their strategic planning and tax consultation services. During this time, we have received over $30,000 in refunds from Federal & State taxes that we were not able to recover while using our previous tax preparation company.In addition, we have improved our cash flow and bottom line performance by more than $125,000 as a direct result of Forbush’s strategic planning advice. Who would have anticipated that a simple review of past tax returns could lead to these kind of results?I strongly urge any small business owner to have Forbush & Associates review your last 2-3 year’s tax returns. You won’t be sorry!”
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