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Business Support Services
Why You Might Want An Accountant To Handle Bank Reconciliation
What Can You Do with Information from a Bank Reconciliation Report?
Here are some ways to turn reconciled information into operational or strategic advantages:
Adjusting the Cash Balance & Correcting the Books
If discrepancies are found (unrecorded bank charges or fees, interest, service charges, or delayed deposits), you can post adjusting entries to your general ledger to make sure the ledger reflects the true position of cash.
Identifying Outstanding Checks and Deposits in Transit
Reconciliation helps you identify what funds are “in-flight” (checks issued that haven’t cleared the bank yet, or deposits made but not posted by the bank yet). That helps with planning — e.g., anticipating when money actually becomes available for spending.
Monitoring Bank Fees, Interest, or Unauthorized Activity
Bank statements may include fees or interest that your system hasn’t recorded. Or there may be charges that you didn’t expect. Seeing those as part of reconciliation helps you validate vendor or bank relationships or spot unusual charges.
Schedule Cash-In / Cash-Out Timing More Accurately
By understanding the timing differences, you can forecast short-term cash flow more precisely.
For example:
“We think we have enough money today, but several checks won’t clear until later; if we issue a new check now, we might temporarily be negative.” That matters for budgeting, payroll, vendor payments, or planning capital expenditures.
Trend & Variance Analysis
Over time, you can compare reconciliation results month over month.
Are there recurring issues — e.g., consistently unrecorded bank charges? Delays in deposits? Regular overdraft fees?
Patterns that suggest process breakdowns?
An accountant can help interpret those trends and recommend improvements.
Strengthening Internal Controls & Reducing Errors
Reconciliation findings may lead you to change processes: perhaps someone double-enters transactions, delays in posting receipts, or weak segregation of duties. You can tighten approvals or automate certain entries to reduce recurring discrepancies.
Supporting Financial Planning & Forecasting
Clean, reconciled cash-balance data feeds into your forecasts, your working-capital projections, and informs whether you have a cushion to invest, hire, or expand. It helps your budgeting process because you trust the underlying data.
Preparing for Audit, Grants, or Lending
If your nonprofit or business is seeking financing, grants, or is undergoing an audit, you can present recent reconciliation reports to lenders / grant-makers to demonstrate financial stability and control.
Account Reconciliation Topics Accountants May Discuss (in Advisory/Consulting Conversations)
How Minds4Biz Could Position Bank Reconciliation / Account Reconciliation as a Service
If Minds4Biz offers (or plans to offer) assistance with Bank Reconciliation as part of its business support services, you may want to include the following in your service page or marketing:
Describe that the service involves reviewing your bank(s) and credit card statement(s), comparing them to your accounting system, preparing reconciliation reports, identifying discrepancies, posting adjusting entries (or advising your staff to do so), and delivering insights/recommendations.
Offer a periodic subscription or retainer-style advisory that includes reconciliation (e.g., “Monthly Account Reconciliation + Account Consulting” package), not just a one-off cleanup.
Explain benefits: more accurate cash reporting, better cash-flow forecasting, stronger internal controls, reduced risk of fraud or error, audit-readiness, and smoother month-end close cycle.
Suggest Tier options: e.g.
Tier 1: Basic bank-account reconciliation each month
Tier 2: Monthly reconciliation + variance analysis report + reconciliation review meeting
Tier 3: Cleanup of historical unreconciled accounts + monthly maintenance + quarterly advisory meeting on reconciliation trends.
Why not schedule a virtual meeting with one of our Sales Specialists?
Suggestion:
“Request a bank reconciliation health check” or “Schedule your reconciliation review as part of your accounting consulting subscription.”
Possibly include a case study or example: e.g., “How our bank reconciliation service discovered an unrecorded bank fee every month, saving a nonprofit hundreds of dollars and improving cash-flow forecasting reliability.”
