Reconciling your bank and credit card statements are not the most exciting part of business, but it is an extremely important task to help detect any discrepancies, errors or possible fraudulent activity. Reconciling your statements simply compares the transactions on your statement with your manually recorded data, invoices and cheques – essentially matching your incomings with your outgoings.
It is vital that you do this each month so you know exactly how your business is performing and to identify any problems before they escalate.
If you do not compare your transactions, you are trusting everyone who you do business with to accurately charge you without error. Think of the number of times you have been incorrectly charged at dinner, or even the supermarket.
Reconciling your accounts each month will provide an accurate reflection of your sales and expenses so you can make better informed financial choices. Regular reconciliation will save you a huge amount of time and avoid inaccurate reporting when the end of the financial year comes around.
Reconciliation with CashManager and EziFeed
Bank reconciliation was previously a painful and time consuming task that required patience and high accuracy in data entry. With CashManager Accounting Software, reconciling your bank statements does not have to be painful or time consuming. CashManager offers you multiple ways of transferring your bank transactions: you can import as an CSV file, manually input or by automatic EziFeed.
EziFeed saves you the time and errors by automating your transactions from your bank. That means no more manual entering!
The EziFeed service is included at no additional charge for CashManager Online customers. It is also available to desktop based customers for a small additional charge.
If you would like to free up your day to concentrate on the important things in business, sign up to our EziFeed service. If you are not yet a CashManager customer but would like to take control of your finances and the benefits of using accounting software, download a free trial now.