Organized Bookkeeping

Today’s Bookkeeping Task

Have you reconciled the company’s bank statement lately?  Just a reminder.  The end of the year is almost here and it will make it easier to close your books if the bank statements are buttoned down.

Some benefits:

  • More accurate financials.
  • Better information means better decisions based on that information.
  • Less time trying to catch up in January.
  • Better Planning for the next year.
  • If you have a money leak, it’s easier to plug it.

Things my clients have found by doing bank recs.

  • Thieving Employees
  • Customers reversing charges
  • Cash registers not being closed out.
  • Rampant starbucks purchases on the company credit card
  • Bank deposits not being timely made by employees.
  • Automatic payments that were increased by the bank or other items.
  • Comcast was billing them twice in the same month.
  • payments being made on the company credit card.
  • Unauthorized booze purchases on the company credit card.
  • A manager taking clients to a strip club on the company credit card.
  • A manager taking cash advances at a casino on the company credit card
  • Over 4,000 in annual bank fees for overdrafts.

Now, some of those items are charge worthy. And I’ve had a lot of clients over the years.  So no one client is responsible for the entire list.  However, when people tell me they don’t have time to check their bank statements, it’s well, they are opening the door to both innocent mistakes and non innocent items.