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Do³±czy³: 30 Kwi 2024
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 Wys³any: Wto Kwi 30, 2024 11:37 Temat postu: What is bank reconciliation? |
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Big or small, every successful business needs strict financial control to ensure the best management of the company's resources. Whether you have a finance team in your company or manage everything yourself as an Individual Microentrepreneur (MEI), it is important to ensure that this work is being done in the best way. And the best way to ensure that the work is being done correctly is bank reconciliation . But what is bank reconciliation? In simple words, it is a process in which you compare your internal financial transaction records with your company's bank statement(s) to see if “the numbers match”. This can be a manual or automated process, and its magnitude will depend on the volume of financial transactions in your business.
Bank reconciliation must be done regularly (ideally every month) to avoid allowing problems to go unnoticed. What will you read in this article? What is Bank Conciliation for? Who should do it? When should Bank Conciliation be carried out? How to do Bank Conciliation? Tools for Automatic Bank Conciliation Air Transportation Email List Celero Conciliator What is Bank Conciliation for? One of the biggest obstacles faced by novice and experienced entrepreneurs is the lack of planning and organization. Around 1 in 4 new companies in Brazil close due to financial organization problems . Therefore, quality planning and financial control are essential for anyone who wants to make their business last and grow.
The importance is in confirming that you were paid for the services provided or products sold. Consequently, you can be sure of how much the company actually has in its cash flow , and thus plan the cost of the operation and reinvestments in the business. Another good reason to carry out bank reconciliation regularly is to ensure that customers are meeting their financial obligations in installment purchases , for example. By carrying out reconciliation, you identify customers who are in default and can take appropriate action. Who should do it? Every company that shows movement in its cash flow must carry out bank reconciliation. This process can be simple or quite complex, but its importance is the same in both cases.
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