Diving deeper, you want to make sure that you’re being charged the correct amount on things you pay for. Usually you can trust your suppliers and creditors to charge appropriately, but everyone can make a mistake. So by reconciling your bank statements, you’re making sure that you’re not overpaying for something because of a clerical error.
You also want to ensure that all the transactions are in your ledger. It’s easy to forget to enter an expense or a payment when you’re in a rush or if you’ve misplaced a receipt, so cross-checking against the account statement can be a good safety net for your own books. Doing so will ensure that you are getting paid—and paying people back—promptly. This, in turn, will help you keep other parts of your accounting in order
Your Numbers Guy is here to help!
Keep your reconciliations up to date. With decades of experience in finance, supply chain, and process improvement I too have ventured into the world of small business and self-employment. My ultimate goals are to offer my experience and skills to entrepreneurs/small business where you have access to a professional CPA at affordable rates. At the basic level bookkeeping & accounting is available but the services we offer are much more than that.
I would look forward to having a conversation with you. Let's meet!