4 Tips for Bank Reconciliation from Melbourne Bookkeepers - PowerPoint PPT Presentation

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4 Tips for Bank Reconciliation from Melbourne Bookkeepers


Banks are known to make mistakes, meaning you should carefully check your bank statements every month to ensure they match up with your books. The practice of reconciling your bank statement is called bank reconciliation, and it’s an essential practice for any small business owner who handles financial tasks. – PowerPoint PPT presentation

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Title: 4 Tips for Bank Reconciliation from Melbourne Bookkeepers

4 Tips for Bank Reconciliation from Melbourne
4 Tips for Bank Reconciliation from Melbourne
1. Bank reconciliation can be one of the most
tedious parts of accounting and bookkeeping, but
it doesnt have to be. Here are five tips from
Melbourne bookkeepers on how to make bank
reconciliation go smoothly.
Tip 1 Establish a Good Relationship with Your
1. If youre like most small business owners, you
operate your company on a shoestring budget.
2. Before entering into an agreement with your
bookkeeper, understand what you will receive in
return for your investment.
3. First and foremost, a good bookkeeper will
save you time by handling your accounting
functions so that you can focus on running your
4. Second, having a healthy working relationship
with an independent bookkeeper will give you
piece of mind knowing that they are available if
questions or issues arise.
5. In addition to handling bank reconciliations
and other accounting functions, we offer valuable
business insights and advice based on our
experience as both consultants and accountants.
Tip 2 Create and Maintain Organized Files
1. Do you know where your bank statements are?
Are they all in one place, filed and labeled
neatly? What about business receipts what
system do you have for tracking them down if you
need to refer to them in future?
2. If you dont have a good filing system in
place right now, consider creating one.
3. It might sound like a pain but it will help
avoid expensive mistakes as well as give you
peace of mind.
4. Once your files are set up, keep using them
and make sure they stay that way.
5. There is nothing worse than realizing an
important receipt was lost because it slipped
between two other papers without being marked or
put into a separate folder.
6. Put systems in place to prevent that kind of
thing happening!
Tip 3 Keep Track of Important Details
1. Once you have your bank reconciliation, its
time to do some bookkeeping. What is bookkeeping?
A lot of people see it as a basic side business
to take on or something that can be done quickly
with little effort.
2. The reality is that if you are serious about
your accounting business and want to succeed, it
requires working hard and having a strategic plan
in place.
3. To make money and grow your accountancy
business long-term, you need a good team behind
you and they will only work hard if they know
whats expected of them.
Tip 4 Check Balances Regularly
1. You cant reconcile what you dont know. Banks
and other financial institutions arent supposed
to do balances, so it is crucial that you keep an
eye on yours.
2. We advise our clients to check their account
every week to make sure everything is where it
should be.
3. Your bank will provide you with a statement
each month, but your bookkeeper should have
instructions on how often you should check in
between those times. If something doesnt look
right, contact our bookkeepers in Melbourne
Contact us
Call us1300 049 534
Website https//reliablebookkeepingservices.com.a
Email enquiry_at_reliablebookkeepingservices.com.au
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