Banks are known to make mistakes, meaning you should carefully check your bank statements every month to ensure they match up with your books. The practice of reconciling your bank statement is called bank reconciliation, and it’s an essential practice for any small business owner who handles financial tasks.

1. 4 Tips for Bank Reconciliation from
Melbourne Bookkeepers

2. 4 Tips for Bank Reconciliation from Melbourne
Bookkeepers
1. Bank reconciliation can be one of the most
tedious parts of accounting and bookkeeping,
but it doesn’t have to be. Here are five tips from
Melbourne bookkeepers on how to make bank
reconciliation go smoothly.

3. Tip 1: Establish a Good Relationship with Your
Bookkeeper
1. If you’re like most small business owners, you
operate your company on a shoestring budget.
2. Before entering into an agreement with your
bookkeeper, understand what you will receive in
return for your investment.

4. 3. First and foremost, a good bookkeeper will save
you time by handling your accounting functions so
that you can focus on running your business.
4. Second, having a healthy working relationship
with an independent bookkeeper will give you piece
of mind knowing that they are available if questions
or issues arise.

5. 5. In addition to handling bank reconciliations and
other accounting functions, we offer valuable
business insights and advice based on our
experience as both consultants and accountants.

6. Tip 2: Create and Maintain Organized Files
1. Do you know where your bank statements are?
Are they all in one place, filed and labeled neatly?
What about business receipts – what system do you
have for tracking them down if you need to refer to
them in future?

7. 2. If you don’t have a good filing system in place
right now, consider creating one.
3. It might sound like a pain but it will help avoid
expensive mistakes as well as give you peace of
mind.
4. Once your files are set up, keep using them and
make sure they stay that way.

8. 5. There is nothing worse than realizing an
important receipt was lost because it slipped
between two other papers without being marked or
put into a separate folder.
6. Put systems in place to prevent that kind of thing
happening!

9. Tip 3: Keep Track of Important Details
1. Once you have your bank reconciliation, it’s time
to do some bookkeeping. What is bookkeeping? A
lot of people see it as a basic side business to take
on or something that can be done quickly with little
effort.

10. 2. The reality is that if you are serious about your
accounting business and want to succeed, it requires
working hard and having a strategic plan in place.
3. To make money and grow your accountancy
business long-term, you need a good team behind
you and they will only work hard if they know what’s
expected of them.

11. Tip 4: Check Balances Regularly
1. You can’t reconcile what you don’t know. Banks
and other financial institutions aren’t supposed to
do balances, so it is crucial that you keep an eye on
yours.
2. We advise our clients to check their account every
week to make sure everything is where it should be.

12. 3. Your bank will provide you with a statement each
month, but your bookkeeper should have
instructions on how often you should check in
between those times. If something doesn’t look
right, contact our bookkeepers in Melbourne

13. Contact us
Call us:1300 049 534
Website:
https://reliablebookkeepingservices.com.au/
Email: enquiry@reliablebookkeepingservices.com.au