The world is becoming digital. Operating your financial transactions with hard cash is not safe. Cash transactions leads to generate all black money. Transactions affecting accounts are safe and secure both for business and personal use. People now do not like to carry cash with them. In order to avoid cash being used for your routine day to day operation you need to make use of credit cards and other wallet services.For running a business credit is very important. Credit cards are very convenient to use if you are not an impulsive buyer. Manage your buying a bit; substitute your cash transaction with the use of credit card and online payment. This also helps you to get many other advantages like you can save time, may get discounts, even you get credit card points. Moreover, using credit cards are very convenient. So nowadays credit card and any other digital payment are more preferred over the traditional practice of using cash.
If you can deal your money management with little care those non cash transactions can also help you to save money. All credit cards are not same so take a credit card suitable for your business requirement.
If you are taking corporate credit cards consider credit limit and the aspects associate with it like foreign transaction fees, annual fees and cost and late payment fees and other hidden service fees. Most credit card facilities provide you reward points which can be spent on purchase of flight tickets, movie tickets and paying restaurant bill. This credit card, online payment or any other wallet account that you are using for your day to day petty business transactions are consider as your business cash book.
The business cash book is in the hands of the business owner. The other book is the bank account of the company. The cash book which is with the entrepreneur should match with the bank account. However there are situation when both the books shows different balances. When there is a discrepancy you need a professional service to reconcile your business credit card balances and bank transactions.
Every entrepreneur does not have the knowledge to find out the reasons of the cashbook and passbook discrepancies. The disagreement between both the books may be due to several reasons. It need the detail study of each and every the expenses of cash book and pass book.
Reconciliation is nothing but matching each expense of cashbook with that of passbook. It is a process of identifying the causes of the discrepancies between both the books. It is a tedious and time-consuming task. Only accounting personnel with right knowledge and expertise can deal with it.
Back office is the right place to handle this type of task. A regular reconciliation is very much needed for the organization to prevent cash embezzlement, account manipulation, fraudulent practices. A good reconciliation statement can identify the direct customer deposits; Checks issued, nucleated checks, and returned deposits.
We, the Back Office Accounting Specialists are experts in preparing bank reconciliation statements. A reconciliation report gives you a clear picture of Accounts Receivable and Accounts Payable. It is a great tool in the hands of the management to deal over different situation and to impose better control over the finance of the business.
Our expert reconciliation service enables you to find out the following issues:
- You will get a detail list of Cleared as well as Uncleared Checks from us. Depending upon which you can review the transactions for fraudulent check, lost checks, urgent checks and checks which are never issued by you if any or any unauthorized wire transactions. You can also make out the checks which are urgent in nature but still not cleared in the bank.
- You will also get a list of Cleared and Uncleared deposits to identify the reasons of uncleared deposits. You can implement a follow up plan to release your money from the customers for returned deposits.
Following our report you can keep a watch on excess and unjustified charges. This can help to reduce over spending and encourage business expenses reduction.
- Our reconciliation statement helps you to implement preventive steps for the scam, misappropriation of funds by in-house staff.
- You can get a clear picture of short term financial stability of your business.
- Reconciliation statements can act as a base for informed business decision making.
- You can follow an effective management process for your Accounts Payable, Cash in hand and Accounts Receivable.
- You can get the peace of mind when your accounts have been reconciled with bank book. It gives you the idea that your financials at your fingertips.
This performs as an eye-opener for the business man. You can get to know the banks activity like bank charges and interest rates the bank is charging from you. So you can take the prompt action to save you from any fraudulent upcoming transaction.
A business cannot survive in cash transactions only. Business has to deal with credit transactions. This is compulsory to build a good client relationship in the market. But you need to be very careful while giving credit. You need to know the credit worthiness of the customer, his paying capacity, and his turned around payment time. All these you can get from a reconciliation statement. So reconciliations should be accurate and made by a professional expert only.
We the Back Office Accounting Specialists have a reliable and customer oriented pool of professional accountants, can help you in doing your reconciliation task. Take the assistance of our experts. Delegate the business tasks and free your domestic staff from the cumbersome workload. Trust me you will get value for your money. We have cost effective plans suitable for all types of customers. You don’t need to pay more. We don’t have any hidden charges.
We follow fair billing process for those services you are availing, suitable to you. Back Office Accounting Specialists feel pride in catering all the CPA, big, small and medium business enterprises operating in the different parts of the US. Beside bank reconciliation we can also help you in tax filing task and preparing financial reports.