Why You Need to Reconcile Your Bank & Credit Card Accounts

Let’s face it. No one REALLY likes to reconcile their checkbook, but here’s why you have to hunker down and get it done.

1. Spot mistakes. The bank makes ’em. You make ’em. Transpositional errors are the most common when recording deposits and writing checks, and can cause problems with your balance. Checking your transactions against the bank statement can help keep your bank account in the black.

2. Spot fraud. Fraud can start with a stranger stealing your credit/debit card and charging small amounts to “test” your account. Reconciling can help spot inaccurate and fraudulent charges to your account before a thief wipes you out completely.

3. Spot employee theft/misuse of company funds. We’ve all read the stories about a trusted employee who fell on hard times and then “borrows” the company checkbook or credit card to get themselves out of a hole. As the owner, reviewing the accuracy of your company’s expenditures can help catch internal theft before it gets out of control.

You can reconcile yourself, of course, or you can engage an outside, impartial bookkeeper to do it for you. A remote bookkeeper will reconcile monthly (or more often if you so choose) and report back to you. Having monthly reconciliations can help point out spending patterns that are out of the ordinary for your business as well.

For more information on monthly reconciliations, call or message Tammy Collins at 401-952-9919 or tcollins@paragonsbs.com.


Monthly Bank Reconciliation from $50/month

Hate reconciling your bank accounts every month? Haven’t reconciled in months? We can catch up your reconciliations in no time and keep them up to date. Besides keeping your checkbook current, reconciliations help spot bank errors, as well as debit card and employee theft. For a small monthly fee, you get peace of mind and time to run your business. Win-win! Call or text Tammy Collins today – 401-952-9919 or email ¬† tcollins@paragonsbs.com

If you have a company credit card, you should be reconciling that account monthly as well. It ensures all your expenses are properly tracked, and can help protect against fraud, identity theft and employee misuse of company cards.

Credit card & bank reconciliations are available as part of a full service bookkeeping package or stand-alone.  Every service is fully customized to your needs and budget.