Small business accountants in Melbourne tells you the purpose of bank reconciliation
With over 55 years of experience in small business accounting, M.A.S Partners is Australia’s original small business accounting firm.
Today we, business accountants in Melbourne, are going to tell you why you need to do bank reconcilation.
Bank reconciliation is a way to check that you did your bookkeeping right, by the cross referencing two elements - business accounts with bank statements.
What is the objective of doing bank reconciliation? It is important to make sure that the figures from your bank statements match up with your business accounts. If they don’t match, then you need to review and find the error.
Bank reconciliation also allows you to check your expenses to pick out if there are any frauds or wrongful payments.
Looking at your business' figures regularly tells you how your business is performing and allows you to make better as well as smarter decisions.
At M.A.S Partners, we are passionate to help small business owners in managing their business accounting services in Melbourne. We offer a comprehensive range of accounting services from Compliance, Business Services to Advisory.
Advisory is for small business owners who are looking to grow their business. We sit down with you and go through your business’ financials, work out business objectives collectively and advise you on how to attain these goals.
If you are interested in growing your business with us, small business accountants in Melbourne, contact us now!