A monthly reconciliation of your business’ checking account allows for an up-to-date maintenance of the bank account, accounting, and taxes.
By doing so you receive the following benefits:
Also known as a profit and loss statement, adds an itemized list of all the revenues and subtracts it to an itemized list of all your expenses, in order to calculate the profit or loss for the period.
An income statement allows you to…
A detailed report of your business’ financial condition at a given time. It helps you to:
Along with income statements, balance sheets comprehend the most basic elements in providing financial reporting to potential lenders such as banks, investors, vendors, or any kind of stakeholders who might be considering granting your business any amount of credit.
Found at the core of your company’s financial records, the general ledger records constitute the central books of your system. Taking into account that every transaction flows through it, a problem within these records will definitely throw off all your books.
A monthly check of the general ledger system allows for searching any discrepancies such as double billings or any unrecorded payments, in order to keep your books accurate and functional.