There are several accounts which should be reconciled each month;
The bank account – Each company bank account should be matched within Xero so that the transactions within the accounts match what is actually happening with the company money. This way you can ensure that your customers receipts are clearing and your supplier’s payments are being made. We connect your bank transactions in to Xero with a secure Direct Bank feed so that the transactions are automatically populated within Xero.
Credit cards – Again, for the same reason these should be matched against the statement, it is important to keep track of money which is owed by the company, be mindful that interest is being accounted for correctly. Again, these transactions can also be directly updated to Xero.
Loans – should the company have a loan then you need to ensure that this has been allocated within the correct liability account, and this will be dependent on the term of the loan. You also need to make sure that your repayments are split against the capital repayment and the interest payable.
Other Control accounts – the above list of accounts may seem obvious, but you also need to consider the other accounts within the ledgers, Net Pay control, PAYE, NIC, Student Loan and Pension accounts are a few to mention.
Our team ensure that your accounts are reviewed each month and the accounts balance, we raise queries and discuss transaction with you.
TIME IS MONEY. DO NOT WASTE IT.
If you’re reading this and think ‘I know exactly what I am doing!’ Good job! Amazing! But consider this, do you have time? Should your time be spent doing these tasks? Or should your time be spent analyzing these numbers, growing the business and making decisions? We know that it is a very difficult job in itself to hand over the bookkeeping to someone else, so we don’t ask that you hand this over, we ask to work with you. We know that each business is different, each business has its own journey and we want to go with you.