Plain and Simple: Bright Business Insights Spring 2018 | Page 5

Be on the lookout for the following errors or irregularities: Catching your business’s financial errors quickly will save you from having to search through past months’ data. Taking the time to go back • Transferred deposit totals • Fraudulent charges focus from other aspects of your business. • Deposits that were not posted (or posted too many times) But it’s even worse when errors go completely unnoticed. This issue • Overcharged bank fees budgeting dec isions, which can be a disaster down the road. • Deposit and check amount inconsistencies And remember that not all discrepancies happen with malicious and find the error is a substantial waste of time and takes away your leads to your business using inaccurate data to make purchasing and intent. Honest mistakes can occur and no business, or individual, is completely safe. Take Control Stay ahead on your bank reconciliations, so you have time to dispute any fraudulent charges. If you fall behind, you will ultimately run out of time and lose the chance to recover any financial losses. It’s time to take control of your finances and manage your bank reconciliations properly. Have an employee other than the one responsible for your business’s accounting and bank authorizations perform your bank reconciliations. Additionally, have a management- level employee supervise and review your bank reconciliation every month. Your bank reconciliation activity can have a major impact on your business, so it’s important for you to put the right processes in place to handle it properly. If you don’t know where or how to get started, give me a call to learn more. by: Tom Jeffries, CPA Principal 212 North Washington St. Millersburg, OH 44654 [phone] [email protected]