For businesses of all sizes, maintaining Financial Structure is essential. Current account reconciliation is the process of comparing recorded transactions to monthly account records, such as bank or credit card statements, to ensure that the records match what actually happened.

Simply put, you are chasing discrepancies in accounting.

Without regular Current reconciliation, it is difficult to know whether business finances are in line with daily transactions. Failing to uncover discrepancies in a timely manner can lead to costly problems for a business.

Fortunately, business owners are not on their own when it comes to performing this basic accounting task. From local resources, to online software, to bookkeeping services, many methods can help manage the Current Reconciliation process for you.

Why should I pay for Current Reconciliation?

Outsourcing Current Reconciliation or using automated software is beneficial for many companies for many reasons. First, business owners are not always proficient in accounting or bookkeeping and do not have the time to focus their efforts and attention on financial management. However, being aware of what discrepancies may exist behind the curtain is crucial to keeping a business afloat.

Reconciliation gives businesses the opportunity to save money by avoiding unnecessary fees associated with overcharging a business bank account and overcharged credit cards. In addition, Current Reconciliation can be a first-line defense against fraud and theft from both internal and external sources. Current Reconciliation is important for businesses to prevent financial statement errors.

When a discrepancy is identified through Current Reconciliation, businesses can quickly manage corrections before the difference damages the company’s finances.

Hiring a professional service to manage Current Reconciliation is considered an extra expense that most businesses do not want or cannot afford. On average, reconciliation services can save the budget between £800 and £3500 each month, depending on the wage of the accountant hired or the employee charged according to the software used.

Despite the costs, using Current Reconciliation or a reconciliation software solution pays for itself in a short period of time, given the resulting cost savings available by quickly finding and correcting discrepancies. Here are a few advantages to consider. An integrated reconciliation product can encompass data transformation and enrichment, transaction matching, reporting and analytics, exception management, end-of-period close workflow. Reconciling multiple disparate data sources in different formats can be faster and more efficient. Finally, Current Reconciliation services offer fully compliant and detailed audit trails for future reference.

Reconciliation is a valuable tool for businesses in all industries, business owners don’t have to add a new workforce to the accounting department. Instead, with the help of a local or online service, Current Reconciliation can generate savings for the business when done consistently over time.

The good news is that companies have a variety of methods to cover the additional cost of Current Reconciliation through budgeting, loans or lines of credit and personal financing options, or a combination of these strategies. Please feel free to contact us if you need any further information.