Bank/Credit Card Reconciliation

Bank and credit card reconciliation is a critical service for any business that requires accurate financial records. This service helps organizations ensure that their financial transactions are accurately recorded, resulting in more accurate financial statements and greater clarity of the company’s overall financial health.

​

Reconciliation services provide a comprehensive view of an organization’s accounts and help them to detect discrepancies between bank and credit card statements and their own internal records. It ensures that all transactions are properly accounted for in both the short-term and long-term, giving businesses peace of mind regarding the accuracy of their financial records.

​

The goal of reconciliation services is to match two sets of records: the bookkeeping system used by a business (often referred to as its "books" or "bookkeeping system") and its external sources such as banks or credit card issuers (known as its “external sources”).

​

Depending on the organization's size, complexity, and industry type, reconciliation services may focus on one particular aspect, such as reviewing invoices or matching receipts with repayment schedules. They may also be used to audit balances from income statements or balance sheets against those from external sources--such as bank statements or credit cards. These reconciliations can be done manually by an accountant or automated through specialized software programs.

​

Reconciliations are typically conducted monthly, quarterly, annually, or even daily depending on the complexity of the organization's books and its external data sources. Reconciliations help companies improve accuracy in their accounting practices while also preventing fraud. Additionally, reconciling accounts helps identify errors early on so that corrective action can be taken quickly before any significant losses occur due to mismanagement of funds or unnoticed discrepancies in records.

​

Overall, bank/credit card reconciliation services provide valuable insights into an organization’s financial activities while ensuring consistency across different data sets. By verifying all transactions regularly through this process, businesses are able to better understand the current state of their finances and make informed decisions about future spending habits - resulting in improved budgeting practices that lead to increased profitability over time!