Account Reconciliation

Ensure Every Dollar Is Accounted For with Professional Reconciliation

At Finely Balanced Financial Solutions, we provide thorough account reconciliation services that verify the accuracy of your financial records and catch discrepancies before they become costly problems. Our meticulous approach gives you confidence that your books truly reflect your business reality.

What Is Account Reconciliation?

Account reconciliation is the process of comparing your internal financial records against external statements, from banks, credit card companies, payment processors, and other financial institutions, to ensure they match. This critical process identifies errors, unauthorized transactions, missing entries, and discrepancies that could distort your financial picture.

Why Regular Reconciliation Is Essential

Catch Errors Early Bank errors, duplicate transactions, data entry mistakes, and processing issues happen. Regular reconciliation identifies these problems quickly, before they cascade into larger financial complications.

Detect Fraud and Unauthorized Activity Reconciliation help spot suspicious transactions, unauthorized charges, and potential fraud, protecting your business from financial loss.

Maintain Accurate Financial Statements Your balance sheet and profit and loss statements are only as reliable as the data behind them. Reconciliation ensures your financials reflect true business performance.

Support Tax Compliance Accurate, reconciled accounts simplify tax preparation and provide the documentation needed to support deductions and defend against audits.

Improve Cash Flow Management Understanding exactly what has cleared your accounts helps you manage cash flow more effectively and avoid overdrafts or shortfalls.

Our Comprehensive Reconciliation Services

Bank Account Reconciliation

• Monthly comparison of bank statements to your accounting records

• Identification and resolution of outstanding checks and deposits in transit

• Investigation of discrepancies and unexplained transactions

• Verification that all deposits and withdrawals are properly recorded

Credit Card Reconciliation

• Matching credit card statements to recorded expenses

• Verification of all business charges and payments

• Identification of personal charges that need to be reclassified

• Ensuring proper categorization for tax deduction purposes

Payment Processor Reconciliation

• Reconciliation of PayPal, Stripe, Square, and other merchant accounts

• Verification of gross sales, fees, and net deposits

• Proper recording of refunds and chargebacks

• Matching processor activity to bank deposits

Loan and Line of Credit Reconciliation

• Verification of principal and interest payments

• Confirmation of current outstanding balances

• Tracking of loan terms and payment schedules

• Proper allocation between principal reduction and interest expense

Accounts Receivable Reconciliation

• Matching customer payments to outstanding invoices

• Identifying aged receivables and collection issues

• Verifying that all revenue is properly recorded

• Clearing applied credits and adjustments

Accounts Payable Reconciliation

• Matching vendor statements to recorded payables

• Identifying outstanding bills and payment obligations

• Verifying that all expenses are captured

• Resolving discrepancies in vendor records

The Risks of Skipping Reconciliation

Inaccurate Financial Reporting Without reconciliation, your financial statements may contain errors that lead to poor business decisions based on flawed data.

Undetected Fraud Missing or unauthorized transactions can go unnoticed for months, resulting in significant financial losses.

Tax Problems Inaccurate records lead to incorrect tax returns, potentially resulting in underpayment penalties or overpayment of taxes.

Cash Flow Surprises Outstanding checks, missed deposits, or unrecorded transactions can create unexpected cash shortages.

Audit Difficulties Unreconciled accounts make audits more time-consuming, expensive, and stressful, and may raise red flags with auditors or lenders.

Our Reconciliation Process

1. Data Collection We gather your bank statements, credit card statements, merchant processor reports, and any other relevant financial documents.

2. Detailed Comparison Every transaction is methodically compared between your accounting system and external statements to identify matches and discrepancies.

3. Discrepancy Investigation When items do not match, we investigate to determine the cause; whether it is a timing difference, data entry error, or something more concerning.

4. Adjustment and Correction We make necessary adjustments to your books to ensure they accurately reflect cleared transactions and account balances.

5. Documentation We maintain clear records of all reconciliations, providing you with an audit trail and documentation for tax purposes.

6. Regular Reporting You receive confirmation when accounts are reconciled, along with any issues that require your attention or decision-making.

Benefits of Professional Reconciliation

Accuracy and Confidence Know that your financial records are correct and can be trusted for decision-making.

Time Savings Reconciliation is time-intensive and detail-oriented. Let us handle it while you focus on growing your business.

Early Problem Detection Catch errors, fraud, and discrepancies quickly; before they become major financial issues.

Improved Financial Management Accurate, reconciled accounts provide a clear picture of your true cash position and financial health.

Audit Readiness Well-reconciled accounts make audits, loan applications, and due diligence processes smoother and less stressful.

Peace of Mind Sleep better knowing your accounts are balanced, accurate, and properly maintained by experienced professionals.

Who Needs Account Reconciliation Services?

• Businesses that have fallen behind on reconciling their accounts

• Companies experiencing unexplained discrepancies or cash flow issues

• Business owners who lack the time or expertise for thorough reconciliation

• Growing businesses with increasing transaction volumes

• Companies preparing for financing, audits, or potential sale

• Any business that wants confidence in their financial accuracy

Get Your Accounts in Perfect Balance

Do not leave your financial accuracy to chance. Finely Balanced Financial Solutions provides the meticulous reconciliation services you need to ensure every account is accurate, every transaction is accounted for, and your financial records tell the true story of your business.

Ready for complete financial accuracy?

Contact us today to discuss how our professional reconciliation services can bring clarity, confidence, and control to your financial records.