- Save time: On average, manual reconciliations can take up to an hour. But by connecting your bank to Reckon, the process can be done in less than 10 minutes.
- Keep track of cash flow: Bank reconciliation keeps your financial status up to date so you always have sufficient funds and don’t end up spending money you don’t have. The process matches up the records in your accounting software and what’s in your bank accounts, cash account, credit card statements etc so you get an accurate picture of your company’s cash flow and can make more informed decisions for your business.
- Prevents errors, fraud and unnecessary charges: By implementing a regular process to look over your cash balances and financial records you can actively pick up bank errors, fraud and other mistakes that could be costly to your business. You are also alerted to bank fees, bank service fees or bank charges that may be preventable in the future.
- Stay on top of unpaid invoices: Reconciliation helps ensure that your balance sheet accurately reflects your bank account balance and that there are no major discrepancies.