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Small business accountants in Sydney explain why a monthly review is important

In order for you to wrap up a month of business successfully, it is important for you to conduct monthly reviews. Our small business accountants in Sydney will tell you why it is so important to undergo bank reconciliation.

The purpose of these bank reconciliations is to ensure that you:

• Catch errors: regardless of what strict procedures you have in place, the potential exists in human error, which is inevitable
• Follow up on transactions: checking over your bank statements monthly allows for you to ensure that any bounced checks or unpaid clients are solved and covered for
• Track your performance: Since small business owners don’t have time to constantly track the performance of their business, this once a month reconciliation gives them the opportunity to see the overview of their results
• Loss Prevention: Monitoring your bank statement allows for you to ensure that all clients are paying you, which will result in a lack of funds loss

Just remember how important it is to look over your back accounts on a monthly basis, as it can save you a lot of time and even cost down the track.

Feel free to contact our small business accountants in Sydney so that we can set up a monthly review to overlook your accounts.