Top 3 Reasons for Timely Bank Reconciliations

Bank reconciliations, you know they are important for the financial health of your organization.  You either love to do them and enjoy the feeling of accomplishment or you hate them and struggle to get them to balance every month.

Top 3 Reasons for Timely Bank Reconciliations

  1. Timely bank reconciliations are important to catch bank errors.  Notify the bank right away and they can research and make the necessary corrections to your account.
  2. Timely bank reconciliations can catch fraudulent transactions.  The sooner you catch this type of activity, the sooner you can minimize losses and make the necessary changes with the bank to prevent further issues.
  3. Timely bank reconciliations highlight internal process issues that can be corrected quickly with process changes put in place to prevent errors in the future. During an audit the auditor will ask whether they were performed timely. 

If you struggle with bank reconciliations or want to direct your energy towards a different project, consider outsourcing your bank reconciliation tasks. Maner Costerisan has accounting professionals who are skilled at preparing and completing accurate bank reconciliations for your municipality. Contact us today for more information, 517.323.7500.