Bank Reconciliations | Adkin Bookkeeping Consultants

Helping Small and Medium Sized Businesses Keep on Top of their Accounts and Bank Reconciliations

Keeping an accurate and complete set of accounts for your business is not only essential, but it is a legal requirement. One of the most tedious tasks within this unavoidable activity is the reconciliation of each and every bank transaction of your business into your accounting software.

This can require receipts, invoices and purchase orders to be referenced and cross-checked in detail to ensure that every transaction is correctly reconciled. Incorrectly reconciled transactions can lead to incorrect filings, higher tax or VAT bills, or inaccurately low tax or VAT bills. Such occurrences can then trigger HMRC investigations, which can lead to a dreaded audit, which in turn can lead to fines if poor accounting practices become evident.

But never fear.

You can avoid all of that messy unpleasantness by having a professional bookkeeper involved in managing your accounts and conducting your bank reconciliations on your behalf.

Better still, at Adkin Bookkeeping our experience means we can ensure that accounts are reconciled as you go, that tax and VAT liabilities are kept to a minimum and that everything is kept up to date and in good order.

Bank Reconciliation with Accounting Software

Part of the government’s Making Tax Digital initiative involves the use of accounting software. Such softwares allow you to easily and simply submit your accounts to HMRC, and the digital footprints are easy to follow, making money laundering or other illicit accounting practices much harder.

But this need not mean that your accounting work should be harder.

In fact, these softwares are designed to make it easier wherever possible. Typically, they will link with your bank account, keeping a record of each transaction for you listed within your accounting system. This means it is a simple matter of a few clicks to reconcile each transaction against the right invoice, receipt or other income/expenditure.

At Adkin Bookkeeping we are experienced in using a variety of accounting softwares and we can even help set them up for you should you not already have one in place.