Bartley Partners handles reconciliations for Adelaide businesses, or can provide assistance and coaching for your bookkeeping and accounting staff.
Timely reconciliations are of paramount importance to a business’ cash flow and profitability reporting. On time and thorough reconciliations identify situations where deposits may not have reached your bank accounts as expected, or if any payments have failed to process correctly.
Bank reconciliations also pick up transaction errors. Perhaps there was an incorrect posting from your financial institution or perhaps a data entry transposition of figures when making a payment by one of your staff.
Reconciling frequently and thoroughly helps ensure you can swiftly deal with any issues that might arise while the period’s transactions are fresh in your mind. Adjustments and corrections are much simpler then.
Timely ongoing reconciliations also ensure that BAS preparation is completed in a timely manner, plus you are better able to budget for necessary payments.
At the end of the year, it’s also quick and easy to close off your accounts for presentation to your accountant if all reconciliations are up-to-date.