For any business owner looking to minimize the possibility of fraud, keep track of important transactions and balance the books, understanding the process of reconciling business accounts is essential. This process helps check that the amount of money you believe you have in your accounts matches what your bankers think you have in them. To reconcile your accounts successfully, work through these next steps.

Set Up a Straightforward Verification and Reconciliation Process

If you don’t already have a streamlined account verification process set up, you can start one by implementing a few essential steps. As you begin to comb through your accounts, remember to:

  • Categorize different expenses
  • Separate typical charges from administrative or bank fees
  • Ensure that you’re checking the appropriate pay period information
  • Request thorough bank statements for complete records
  • Keep in mind that delayed payments may be coming via check

Have a System in Place To Identify and Report Suspected Fraud

One of the key purposes of account reconciliation is to spot potential fraud, so it’s important to have several fraud identification measures in place. Make sure you:

  • Take note of and investigate any disparities you notice
  • Ask clients to report disparities to their banks
  • Ensure your bank regularly scans for suspected fraud
  • Keep a close eye on your accounts often

If you’re in the process of reconciling business accounts, it’s important to follow the right steps. The above guide can help you make it through the reconciliation process successfully.