Bank & Credit Card Account Reconciliations

The world is rapidly changing, and as is expected, we are rapidly changing with it and adapting to new ways of doing things. A good example of this is how the world has started to move into more of a cash-free zone and most people now use credit cards for everything. So it seems relatively easy to do away with hard money because it is seamless on the face of it all. However, that comes with a whole lot of complexity at the back end of it all, because everything has an audit trail to back it. This is why credit card reconciliation has become increasingly more important. 

Reconciliation

Before deciding to utilize this fantastic service of ours, you must have a broad overview understanding of what reconciliation is, so that you know if it is right for you. Everything we buy these days has a swipe attached to it, which shows up on your bank records. Reconciliation is the process of ensuring that your expenditure matches what the general ledger says. This means that it is essentially cross-matching everything that you do just to ensure that everything is above board. So if you need a reconciliation service, then reach out to us because we have the perfect one for you. 

Expense Reconciliation

If you have decided that our reconciliation service is what your company needs, then it is important that you understand the two different types of reconciliation. For starters, your credit card statements are essentially the money that your company has spent for any type of external goods or services that you might have needed. This is extremely important because if executives at your company have business cards then it is a good business practice to keep them in line and monitor their expenditure. Not everyone is an honest Abe, and therefore you can never be too careful. This is why credit card reconciliation is so important. 

Income Reconciliation

The other side of the reconciliation coin is the money that comes into your company. This is known as credit card merchant services. The money that customers pay you for your products or services is processed through a merchant which is essentially the middle man between you as the seller and them as the buyer. These types of income also need to be reconciled to ensure that everything is in order and that no shortcuts and loopholes are being used. So as you can see, there is a lot of work that goes into a proper reconciliation, so why not allow us to take that off of your plate.

Mistakes

Generally speaking, we all want to trust our banks, because that is where we keep all of our money. That being said, it is important to remember that people work at banks, and people make mistakes. While this is not necessarily something that you will find happening every month, the reality of the matter is that mistakes happen. A benefit of reconciliation is spotting those mistakes, and having a leg to stand on so that if you are being audited, you have nothing but facts to fall back on. So reconciliation can even be used as a precautionary measure because, at the end of the day, you never know when a mistake will be made.

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