It is important to stay on top of reconciling your bank, credit card and loan accounts every month. If you are keeping your accounts up to date and reconciled, you will find the process to be quick and efficient.
Your monthly reconciliations will show you where your finances stand and will alert you to inaccurate or fraudulent activities. It is easier to correct these inaccuracies with your financial institution if you find them right away.
Reconciling your accounts every month produces accurate financial reports. Reconciling can also help you make smarter financial decisions. Business owners can feel confident that the data in their files is current and reliable. This provides a confident understanding of your finances so that entrepreneurs can determine if they have the resources available for those larger purchases.
Financial institutes will want to know if you have the cash flow as well. A profit and loss or a balance sheet can determine if you qualify for loans, credit increases or lower interest rates.
So make a date with your bank and credit card statements at the beginning of each month. A few minutes can save you time and money in the future.
We are here to help stay in reconciled!