Tuesday, February 7, 2023
  • Contact
  • Write For Us
  • About Us
  • Privacy Policy
  • Editorial Guidelines
Hesper Herald Daily News
  • Home
  • News
  • Politics
  • Business
  • Technology
  • Culture
  • Lifestyle
  • Travel
  • Health
  • Login
No Result
View All Result
Hesper Herald Daily News
Home Business

7 tips for more efficient accounts reconciliation

Charlie Goode by Charlie Goode
September 21, 2022
in Business, Finance
0
7 tips for more efficient accounts reconciliation
0
SHARES
18
VIEWS
Share on FacebookShare on Twitter

Accounts reconciliation refers to the process of comparison that is made between the accounting records held by a company about its bank accounts and the modifications that are made to these accounts by the bank itself.

It’s a necessary process but one that’s often very tedious and time consuming. However, luckily, this doesn’t always have to be the case. Keep reading for some tips on how to make the process more efficient.

Related posts

Introduction of National Program to Support Those Harmed by Police Assaults

Introduction of National Program to Support Those Harmed by Police Assaults

February 7, 2023
Speedbird Returns and Prepared for Launch

Speedbird Returns and Prepared for Launch

February 6, 2023
  1. Have all necessary documents to hand

You need to have all necessary documents to hand to be able to get the best overall view possible. Not only this, but it’s a lot harder to complete the process without having the documents together in one easily accessible place because you’ll have to keep going back to find documents or get hold of the right people to obtain missing information, and so on.

  1. Remember the till

Tills have a big role in the finances of a company so they can’t be forgotten, or the accounts reconciliation process will be more complex. It’s best to carry out regular reconciliation using cash, a book balance, and an accounting balance so you can reduce the number of mistakes that occur.

  1. Automate the process

As I’m sure you’re well aware by now, manual admin always takes a lot longer and is more likely to go wrong than automated processes are. There are many tools out there to automate all of or at least part of this process to make it easier and more efficient, including  Xelix, which uses AI technology to automate many financial processes, including, but not limited to, account reconciliation.

  1. Complete the process in sections

If you don’t have a platform to automate some of the process for you, it’s best to carry out the accounts reconciliation in sections. This is useful because if an error is found you won’t need to go back over everything, just that specific section.

  1. Analyse any discrepancies

More often than not, a problem with an accounts reconciliation is the result of a human error like making an entry twice or manually entering a figure with the digits in the wrong order, for example.

Instead of having to take your time going through accounts bit by bit, you can try and find the source of the issue by paying close attention to these kinds of errors and checking whether any discrepancies can simply be linked to an amount in another transaction.

  1. Remember that banks can make mistakes too

If you find an error but can’t figure out why, get in touch with your bank. Although they don’t often make mistakes, it is possible. Something like a wrong amount being taken from your account could result in an error, so be sure to check.

  1. Reconciling items is the last resort

It’s easy to put discrepancies down as a reconciling item but this doesn’t actually solve the problem and the discrepancy will still be there. Before doing this, make sure all information and documentation is up to date and ask for any receipts or invoices you’ve not received.

As you can see, accounts reconciliation can be made that little bit easier thanks to these 7 tips. Even better, by automating your process entirely, you might not even have to do a thing.

Previous Post

Cumbrian companies commit to collaboration by joining new business network forum

Next Post

Boxing Smart to Help Kids Find Careers They Love

Next Post
Boxing Smart to Help Kids Find Careers They Love

Boxing Smart to Help Kids Find Careers They Love

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Should You Opt IVF For Being Pregnant After Multiple Miscarriages?

Should You Opt IVF For Being Pregnant After Multiple Miscarriages?

11 months ago
UK ROBOSHOT SALES HIT THE THOUSAND MARK FOR FANUC

UK ROBOSHOT SALES HIT THE THOUSAND MARK FOR FANUC

7 months ago
Rdentify add Mobinc to their list of clients – bringing Rdentify’s pioneering solution to their customers

Rdentify add Mobinc to their list of clients – bringing Rdentify’s pioneering solution to their customers

1 year ago
Modern-Day Pilgrimage: To Santiago de Compostela on an E-Bike

Modern-Day Pilgrimage: To Santiago de Compostela on an E-Bike

7 months ago

FOLLOW US

BROWSE BY CATEGORIES

  • Automotive
  • Blog
  • Business
  • Culture
  • Education
  • Finance
  • Food & Drinks
  • Health
  • History
  • Home Improvement
  • Law
  • Lifestyle
  • News
  • Politics
  • Property
  • Sport
  • Technology
  • Travel
  • Uncategorized
PR Fire International Press Release Distribution

BROWSE BY TOPICS

Action Against Hunger Aman Lakhiani C. Justin Lee FANUC Finder forteq UK Global Wellness Summit Hannah Beko House Buy Fast I. Philips instantprint IntElect J. Anable Jack Whitehead Jonathan Rolande Joshua Evans Junsei Junsung Woo Kuda Gonese Leicester College of Performing Arts Liz Truss Marion Plant Match of the Day Mental Health Foundation Micha Oumezaouche Midland Academies Trust Mikron National Association of Property Buyers Patisserie Valerie Paul Wallis PDSA Poppy Keddie Pumpkin Spice Latte Cake Quotezone.co.uk Ria Powell Scorpion Vision Steve Roberts Sumitomo Demag Sustainable September T. Chatterton technology Tom Kerridge Tsung-Ming Tsao et al Vivek Singh wedding
PR Fire International Press Release Distribution

POPULAR NEWS

  • What Causes Sharp Stabbing Pain in Right Side Under Rib?

    What Causes Sharp Stabbing Pain in Right Side Under Rib?

    0 shares
    Share 0 Tweet 0
  • An Ultimate Guide to Med Beds Technology

    0 shares
    Share 0 Tweet 0
  • NASA Confirms That Asteroid Bennu Poses A Threat To Earth

    0 shares
    Share 0 Tweet 0
  • What is the Difference Between a Modem and a Router?

    0 shares
    Share 0 Tweet 0
  • Persán Buys Land In Poland For Its New Factory

    0 shares
    Share 0 Tweet 0
  • Contact
  • Write For Us
  • About Us
  • Privacy Policy
  • Editorial Guidelines

© 2020 Hesper Herald

No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Culture
  • Lifestyle
  • Travel

© 2020 Hesper Herald

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In