Reconciliation is the single most important monthly bookkeeping step. Here's what it actually involves.
Reconciliation compares what your bookkeeping says to what your bank statement says - for every account, every month. If they don't match, something is off and we find it.
Without reconciliation, your Profit & Loss and Balance Sheet are guesses. A reconciled set of books is the bare minimum standard for trustworthy financial reporting.
Missing transactions, duplicates, miscoded items, uncleared checks that have aged too long, and entries that exist in the books but not the bank (or vice versa).
If anything in this article hit close to home, schedule a free 30-minute consultation. We'll talk through your situation and the right path forward.