CASH is the blood that flows through your successful small business and keeps it alive! Few owners take the short time necessary to verify the cash balance with a bank reconciliation and review test transactions. Verify and review is a critical job, that you should do regularly …! You can’t afford to wait or have an employee do this task for you. You will see things that an employee is not even aware of. Years ago, I handwrote a check for eighty cents. The bank processed it for $80.00. If I had not reviewed the reconciliation myself, that would have slipped through. Curiously, the vendor never challenged the overpayment!
The Easy Way to Reconcile Cash
You check the data from the bank throughout the month.
It is easy for Utah Real Estate Accountants to do the final reconciliation. We will look for anything unusual and request information on unknow items. However, with your review, we both can be assured of accuracy with a “Trust but Verify” company policy.
We guarantee a turn-around of 1 week from receipt of your records.
You review the month’s cash and financial reports…then relax. One more monkey off your back!
Three Good Reasons To Reconcile Monthly
To make sure all transactions were properly recorded. We’re all human and subject to mistakes. Too often you forget to record a transaction, or transpose a number when entering the information. We make sure all transactions are recorded, reconciled and, with your review, accurate.
To confirm the bank recorded all transactions properly. Banks can make mistakes on checks and deposits, like my encoding error or posting to the wrong account.
To reduce the threat of embezzlement. If a discrepancy goes unnoticed, damage increases and resolution becomes more difficult. If employees know you are reviewing regularly, you create the environment for employee honesty. “Trust but Verify” policy.
As always, if you have any questions or doubts about this process, give us a call. We love to successfully resolve our client’s issues. Call us @ 801-278-2700.