Bookkeeping Reconciliation of your business checking accounts and credit card monthly on a regular basis is necessary to keep your checking accounts, credit cards, PayPal Accounts, Financials, and taxes up-to-date.
Carrying and operating with hard cash has never been a good idea for any business organization. Technology and innovation changed the trade world which brings the use of credit cards to the scenario.
For running a business in this digital era, Credit transactions are highly needed. This can be created through credit cards. In today’s world, this can be considered as the best substitute for them who avoid carrying cash. For any business Credit cards are very convenient, that is the reason clients also prefer to use this medium of payment for any trade activity.
It has been seen that, if dealt with care, it can also help you to save money. Credit transactions provide a lot of business conveniences. So it is significant to investigate into the matter a bit more by comparing the various credit options.
The services provided by all the credit cards may not suit you. So it is advisable to evaluate your own business need and requirement first and then compare the range of factors like interest fees, rate, rewards as well as member benefits. In this way, you can easily finalize the card of your requirement.
Check out the foreign transaction fees, late payment fees, all annual fees and cost, including all other hidden service fees before choosing the best one for your business.
Be a bit careful while making payments with the credit cards. Some good credit card companies give you reward points which helps you in getting discounts and cash back on fuel, flight tickets, dining out and on movie tickets. We advise you to make a wise choice while issuing a right credit card for your business. Go with that which gives you the maximum benefit.
There are a hell lot of benefits of using a credit card for your business transactions. Through using a Credit card you can track on your expenses because every month you will get an invoice explaining all the expenses during the month, which can help you in monitoring and control your business spending.
It should be considered that the credit limit of all the credit cards is not the same. Along with that do check the Annual fees and hidden costs before you take a credit card. You need to check which card provides you the maximum credit limit for your best benefit.
Despite all the benefits of using a credit card, there are certain hindrances involved in the system that is where many business owners do not prefer to implement the process in their business. But not implementing the process to your organization is never being the solution. You may miss out some great business opportunity and prospect clients. So you need to find out another way around. The credit card business transactions should be reconciled with your bank wallet to assure the validity of all the trade transactions. Generally, you will find credit cards come in three categories; those are regular ones, secured cards, and the premium credit cards.
Below are the factors on which you need to check while going with the idea of using a credit card
Take the help of a professional service in managing your business credit card transactions and bank reconciliation activity.
Sometimes due to some discrepancies cashbook of the business (the credit card balance) does not agree with the passbook (balance shown in the bank account). There are several reasons for it. Many entrepreneurs do not have the know-how to detect the facts behind it. However, it is important for the business to track all the expenses as it directly relates to money. Reconciliation is the activity of identifying the causes of those discrepancies. It is time-consuming and needs some expertise.
We, the Accaud have a team of skilled professionals who are equipped with the expert knowledge to deal with bank reconciliation statements. It is significant to reconcile both the accounts in order to avoid cash embezzlement, fraudulent practices, account manipulation, tracking uncleared checks, returned deposits, checks issued and direct customer deposits. Thus you can have a better picture of Accounts Receivable and Accounts Payable. This definitely helps you to impose better control over your business.
When you let us reconcile your accounts monthly, you get the following benefits
- We shall provide you list of checks cleared as well as uncleared checks in checking account. You can review it to see if there are any lost checks, fraudulent checks (which are never issued by you) or checks which are urgent in nature but still not cleared in bank, unauthorized wire transactions and so on.
- We shall provide you list of deposits cleared as well as uncleared in your checking account. You can review it to see that why there are uncleared deposits or returned deposits and may follow up with the customers for returned deposits.
- Keep a watch and follow up for excess and unjustified charges made by your Bank or Credit Card.
- Keep a watch and take the preventive steps for scam of funds by insiders.
- Only the reconciled accounts can be considered as authentic and fit for decision making. You can know the health of your business with reconciled accounts and financial statements.
- Effective Management of your Cash, Accounts Receivable and Accounts Payable.
- Calm Down! Your banks are reconciled and you have correct financials at your finger tips. So, your anxiety will be controlled.
- Stay Protected. By having knowledge of what’s going on in your bank accounts maintained with Banks and Credit Cards, you can take the prompt action on coming to know of any fraudulent transaction.
A business cannot survive in cash transactions only. It has to depend on credit transactions for more business and to maintain a better client relationship. While operating the credit transactions you need to be a bit more alert.
We have a pool of professional accountants who deal with all these issues on a regular basis. We are reliable and customer oriented. You will get the best value for your money. Accaud is never expensive. We have all type of plan and packages suitable for your pocket. You need not pay high for your services. We charge you only for those services you are availing. You can pay on an hourly basis depending on the nature of your work.
All size of business can avail our best services if operating in US. Apart from bank reconciliation statements we cater your day to day routine accounting and bookkeeping needs. Be it your tax filing or making financial reports, we can help in all the aspects.
We are the trusted partner in the finance niche. Our best services are available for CPA, small, medium and big enterprises operating in the different parts of the US. We are secured. We follow the best method for data prevention and identity security. You can trust us blindly. Our entire workforce is well trained regarding the unauthorized data access.
We do keep a back-up of our client’s data for the longer period. Accaud also follows an audit program on regular basis.
Do not hesitate to take a professional assistance to reach your business success. Delegate the business tasks and free your domestic staff from the cumbersome workload. Many a time it has been observed due to heavy workload the in-house staff becomes inefficient. Even difference of opinion and disagreement is experienced among the employees. These are the distractions for an enterprise in the road of success.
There should be a healthy work culture free from all sorts of misunderstanding. A misunderstanding leads to confusion and confusion ends with conflict. You as a good business owner have to manage all the issues in an efficient way to make it a better place to work.
Today world is full of competition. You need to strive hard to survive in the industrial war. Thus the entrepreneur will be busy all the time in solving the domestic issues of the organization, while he should be focused on the business growth.
Our sincere advice to all the small and medium business units is to implement accounting outsourcing to their business. The innovative approach will help you in all the way through. The traditional method of running a business is no more in use now. There is technology everywhere and you need to adopt the changes and cope with the advancement.
We can help you in achieving your business success. Hire us today and make a significant difference to your business. Make the best use of your resources. Deploy your workforce in a structured way in the direction of attaining the business goal.
For all the business managerial time is very important. So utilize your managerial skill and plan some business strategies to stay head among your rivals. An entrepreneur is a right person who knows the business best. He can plan the best thing for the business to grow.
We suggest you delegate your business burden. Shifting the headache will bring you some mental peace. Frame a plan of action to be followed. These are the business tricks that should be implemented in your business to attain the organizational goal.
Merely doing the day to day accounting and bookkeeping work will never go to help you in any way. Shift the task to an expert hand. We have a pool of accountant to serve you in a better way. Our 24/7 customer service is ready to help you with all your queries.
Outsourcing is the best tool in the hands of the management to excel the business in a quick span of time. Hiring us you can reduce your business operating expenses as well.
Implement the technique of outsourcing to your business. Hire us today and make your working environment a healthy one. Outsourcing will bring you hundreds of benefits. Among all, the best thing is that it reduces your business burden which enables you concentrating on the core of your business.
Most importantly concentrate on the business reputation and client management. This really helps you in achieving your business objective.