Protect your company’s cash with bank reconciliations.
Your company’s cash includes the money held in your checking account. To safeguard this tempting asset, you should institute internal controls over your cash. These can include depositing all receipts into your company checking account, separating the accounting duties of your employees, and paying all your bills with the funds held in your checking account.
Protecting your cash can also involve having an independent individual perform regular bank reconciliations. The purpose of bank reconciliations is to ensure your cash account is accurate and complete. When you know your true cash balance, you avoid reporting an incorrect amount of cash on your balance sheet and prevent overdrawing your checking account. Additionally, bank reconciliations provide a way to identify errors on your bank records.
Bank reconciliations are a tedious process, and one you may not have the time or energy to do yourself. This is why you should turn this process over to our talented team at Proctor & Assocs. in Charlotte, North Carolina. We can regularly complete your bank reconciliations, providing the keen eye of a talented accountant and the objectivity of a third-party member reviewing your financial records.
In addition to bank reconciliations, our team can also help you with a variety of other financial services to streamline your business’ finances and help you feel confident in what lies ahead for your organization. Schedule a consultation with us today by contacting Proctor & Assocs.