"As a successful and growing company, outsourcing our finance function to Whitehill has allowed us to focus on growing the business and meeting the needs of our customers."
(Finance Director, Novum Audio Visual Ltd)
five star review


 
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Bank reconciliation

Bank reconciliation

What is it?

recon.jpgBank reconciliation is comparing your record of transactions and balances to the bank’s record of transactions and balances. It's the bedrock of every bookkeeping service we provide - whether it's credit control or financial or management reports.

Bank reconciliation means we go through every transaction in your account and make sure you and the bank agree on the transaction. Some items, such as cheques you have issued but haven't been paid in, won’t show up on your bank statement because the bank doesn’t know about them yet. There may also be electronic transfers out of your bank account that you didn’t know about. Bringing all of these things into the open and explaining the differences is called bank reconciliation.

It’s important for us to go through the process of bank reconciliation at least once a month. If it's not done, you are exposed to a number of risks which could lead to bank charges or payments being refused.

  • Without bank reconciliation, you may not have a clear idea of how much cash is available in your accounts. You might find cheques being "bounced" or overdraft charges being made.
  • There may be erroneous payments or even theft going on which you're not aware of. If you don't notify your bank quickly when an erroneous payment is made or money is taken from your account, they may not be able to correct the error or recover the money.

What we provide

We can perform weekly or monthly bank reconciliation for you. We will keep an accurate record of your transactions and reconcile this record with bank statements and records. Where we find discrepancies, we'll let you know and discuss what action to take if necessary.

How does it work?

To perform bank reconciliation we need access to your bank statements and records of transactions. Bank statements are generally obtained electronically - we can either get these directly using online banking if you are happy for us to do so, or we can work from paper copies you receive.

Transaction invoices and receipts can often be sent using email to us direct from the supplier or customer. If you want, we can combine the bank reconciliation service with keeping records of bills to be paid and payments due in; we can make sure you're on top of your cash in and out this way. If you prefer, we can just receive copies of transactions from you by post or email and use these to perform the reconciliation.