Totally Blogged

When you hear the words “bank reconciliation,” what comes to mind? If it is a mental image of two bank managers shaking hands and coming to an agreement, you are probably not an accountant! If you realize that it is the process of double-checking company and bank records, chances are that you are either an accountant or you have some degree of accounting knowledge. Bank reconciliations are  a crucial part of the financial flow of any given business, and it’s important to know what they are. If you want to ensure successful cash flow in your business and keep your money from going to waste, here’s what you need to know:

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Bookkeeping is a job that requires meticulous care and effort. It is one of the most vital things necessary for any company because, without a proper bookkeeping process, the entire workflow can be put in jeopardy. When you aren’t able to keep track of the yearly spendings, you will eventually end up with issues pertaining to payroll, taxes, and overall profitability.

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Bookkeeping is a necessity for any business or organization. It is said to be the financial backbone of a company, allowing all financial systems and structures to flow and work.

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Regardless of the size of your business, it is essential to have a petty cash account. This account will cover small expenses as well as employee reimbursements. A few things that would be paid for out of this account are parcel shipping costs, small supplies purchases, and travel allowances.

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Owning a business and operating a business are not the same thing. Sure, your name may be on the business registration form, and you may be the one to whom employees report, however, your business cannot succeed without effective bookkeeping know-how. Even if you have plentiful capital at your disposal or if you have hundreds of customers, this holds true. It’s especially true if you aim to handle the financial aspects of your business on your own.

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