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Proper reconciliation of bank statements is vital for any small business owner. Even if you don't have an accountant on staff, this procedure must be done correctly every month. Using financial accounting software like QuickBooks or just keeping track of your bank records, check to see if it all matches.

There is the possibility of human error in accounting. Even if you implement strict control measures, if companies don't reconcile their bank statements every month, these errors can go unnoticed and can be costly. For example, a company may run out of the funds it needs to continue doing business if a bank teller miscalculates a deposit. The reconciliation process helps provide double-checking to avoid errors.

A check may be lost along the way if customers complain about not receiving funds. When you reconcile your bank statement every month, you can get back checks that haven't cleared, and this will help you track down any potential missing payments. You can also use your reconciliation status to ensure that your other business transactions are being processed and calculated for the proper amount.

Keeping an eye on bank statements can help business owners stay on top of their business and spot revenue fluctuations. When small business owners don't take the time to reconcile their bank statements personally or see an overview of the results, they may not be aware of potential income issues or deficiencies. While delegating can help you better manage your business, you need to see precisely what is happening within your business.