Bank Reconciliation

What is Bank Reconciliation?

Bank reconciliation involves comparing your record of transactions to those of the bank’s record of your transactions. This process is done by checking every record of yours to the records that the bank has.

Especially within the business world, it is difficult to keep all things accounted for. On some occasion outstanding checks will occur and those statements won’t show up on the bank statement because the bank isn’t aware of the issue yet. Also there may be electronic transfers that haven’t been obtained yet by your bank. Bringing all of these things into the open is what bank reconciliation is all about.

Why is Bank Reconciliation important?

Without bank reconciliation, you may not have a clear idea of how much cash is available in your account. You might have overdraft charges and without a clear understanding of what is in your bank account, bounce checks. With electronic check clearing, you don’t have much time to get funds into your account when you write checks.

How can ProBusiness help?

Our Accounting Services will keep you from having to deal with the bank one-on-one reconciling all of your previous transactions. We can provide the service of checking all the records of your transactions for you. We have been doing bank reconciliations for many years and understand how to work best with the banks on all financial fronts. Maintaining an accurate depiction of how much cash flow is in your account is something that should be checked by a business often, and with checks and balances done with your bank you will know exactly how much you have to work with.

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