Bank Reconciliation Accounting Services

As a small business owner in Northern California, balancing what you’re spending (including expenses and investments) with your company’s revenue is essential to maintaining your organization’s financial health. Unfortunately, it can be easy to lose track of every little transaction you make. However, reconciliation is critical to understanding your cash flow situation. If you’re not tracking your transactions and expenses regularly and accurately, it can cause problems when it comes to your financial reporting, not to mention your decision-making.

Fortunately, reconciliation becomes much more convenient through the use of our bank reconciliation accounting services. Here at J.R. Martin & Associates, we offer extensive bank reconciliation services to small businesses throughout Northern California, including bank statement, credit card, and balance sheet reconciliation.

Bank Statement Reconciliation

Bank statement reconciliation is the process in which your end-of-month bank statements are carefully evaluated and compared with your own financial records. The goal is to make sure payments have been processed, and collections have been deposited. In performing a bank statement reconciliation, we will determine if there are any discrepancies between your bank statement and your company’s financial records.

We will not only determine the cause of those discrepancies (whether it was an error on the part of the bank, an error in bookkeeping, or a delay), we will make the necessary adjustments. For instance, a fee charged by the bank may not be accounted for in your records. In such a case, we will make the appropriate adjustment to your bookkeeping.

Credit Card Reconciliation

Credit card reconciliation isn’t much different from bank statement reconciliation, but it can become more time-consuming and complicated if your business uses more than one credit card. Whatever the case may be, credit card reconciliation requires that you compare your company’s financial records and bank records with your credit card statement (or statements) to identify any discrepancies. In addition to this service, we can also help track unsettled and overdue payments.

Balance Sheet Reconciliation

Your company’s balance sheet is meant to track your business’s financial progress by including your assets, liabilities, and equity. The total number of assets listed should equal the total liabilities and equity. When reconciling your balance sheet, balances and entries will need to be cross-checked with bank statements, credit card statements, receipts, and other financial documentation. By reconciling your balance sheet every month, we can identify any misclassified transactions, missing information, or any transposition errors, as well as make any adjustments as needed, such as by correcting entry errors or adding new transactions.

Bank Reconciliation Is An Important Part Of Your Business's Financial Management

Regular bank reconciliation is crucial to your ability to assess and report your company’s financial health accurately. Our bank reconciliation services will help ensure that your financial records are up-to-date and in order. We will identify any discrepancies that appear, track down the causes of those discrepancies, and make adjustments where necessary to ensure that your financial records are accurate. You’ll never have an inaccurate view of your company’s cash flow, expenses, or revenue, making it easier to make informed financial decisions over the long run.

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