HOW IT WORKS » - Account Reconciliations
Reconciliations driven by automation not only ensure accuracy but also lower the risk of fraud.
Bank and Credit Card Account Reconciliations
Stay on top of your finances with SecureCFO’s Account Reconciliation Services, managing both incoming and outgoing funds.
Discover SecureCFO’s approach to managing bank and credit card reconciliations for your business.
- We initiate the process by downloading and documenting bank and credit card transactions, followed by the reconciliation of your accounts. Our next steps involve a thorough review to identify potential write-offs, culminating in the preparation of your reports.
- We maintain cost-effectiveness through the full automation of all feasible tasks.
- We configure your bank and credit card accounts for automatic transaction downloads instead of manual entry. This expedites the month-end closing process, enables the capture of a greater amount of data in QuickBooks, and reduces overall costs.
- At the conclusion of each month, we carefully assess un-cleared transactions to ensure the accurate write-off of items that are unlikely to be cleared by the bank. This meticulous process is crucial for maintaining the accuracy of your financial statements and preventing potential discrepancies in your tax liability.
- We configure your QuickBooks file to retain the vendor information from previous transactions. This functionality ensures that the system remembers, for example, that you charged Washington Gas for utilities: gas. This approach not only saves you time and money but also promotes consistent accounting practices. If needed, we can effortlessly modify the account code or job costing before finalizing transactions. You only incur charges for handling exceptions, rather than the labor-intensive manual entry of every credit card transaction.
Furthermore, our bank account reconciliation process serves as a crucial tool in fraud prevention. We meticulously scrutinize every check’s payee and cross-reference it with QuickBooks records to detect any irregularities. By keeping a close eye on payee information, we can flag discrepancies, such as bills recorded as paid to T-Mobile that were actually directed to your office manager due to a payee change—an essential measure to safeguard your financial integrity.
As a certified CFO, I bring a robust blend of expertise and accreditation to the table, ensuring that my strategic financial management and controller services not only aligns with industry best practices but also drives substantial value and innovation in the services sector. My certification is a testament to my commitment to excellence and my capability to navigate complex financial landscapes effectively, making me a trusted advisor in your journey towards greater profitability and business success.
Start mastering your financials today! Dive deeper into how outsourced accounting services can revolutionize your business strategy and lead to sustained profitability. Don’t wait, unlock your business’s full potential now!
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