If you are in business or managing a business, once a month you get a bank statement for each bank account. Many of us set the statement aside to look at later. (over 60% from my experience). Never to look at it again.
Others quickly review the checks, deposits and bank charges... Assume everything is correct and move on. (30% or so of us).
The rest (about 10%) diligently reconcile our business records to the bank statement, making corrections or adjustments as needed. Knowing exactly where we are, balance wise.
What do you do? If you don't reconcile, why? If you do reconcile, how do you go about this dreaded task?
Take a moment and let us know what you do and perhaps provide suggestions to help all of us work on this, neglected area of month management choices.
By Ken Stavast
A serial entrepreneur, accounting and payroll software developer, marketer and consultant to small to mid sized business operations. Can be reached at AffordableSolutionsForBusiness.com or Business LogicUSA.com or HomeRunmarketing-USA.com on the contact page.
Others quickly review the checks, deposits and bank charges... Assume everything is correct and move on. (30% or so of us).
The rest (about 10%) diligently reconcile our business records to the bank statement, making corrections or adjustments as needed. Knowing exactly where we are, balance wise.
What do you do? If you don't reconcile, why? If you do reconcile, how do you go about this dreaded task?
Take a moment and let us know what you do and perhaps provide suggestions to help all of us work on this, neglected area of month management choices.
By Ken Stavast
A serial entrepreneur, accounting and payroll software developer, marketer and consultant to small to mid sized business operations. Can be reached at AffordableSolutionsForBusiness.com or Business LogicUSA.com or HomeRunmarketing-USA.com on the contact page.