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.

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QuickBooks Private Classes

Tammy Collins is holding private QuickBooks classes on Saturday mornings from 9 am – 11 am at our Cranston office. Please call or email today for your appointment. $50 per person per class.

Private training is a great way to jump into QuickBooks. Tammy customizes the class to your business’ needs, so you learn the parts of QuickBooks that you need to know.

Group classes are also available.

* Class fees are due and payable 72 hours in advance of the class. Fees are non-refundable, but with 24 hours notice, you may apply the credit to another class session.