Optimizing Financial Accuracy

Mastering Accounts Reconciliation with your Accounting Software

Account reconciliation involves comparing two sets of records to ensure that they are accurate and consistent. In most cases, you would use an account reconciliation module to compare your bank statement to your records in your accounting software. 

Why is Account Reconciliation Important?

1. Accuracy and Error Identification: This ensures the accuracy of financial records by comparing two sets of records, such as bank statements and your accounting software records. Errors can be identified and fixed promptly, preventing a disaster at year end. 

2. Financial Integrity:  By doing regular account reconciliations, it will help maintain the integrity of your financial data.  By cross-verifying your accounts, these discrepancies will be identified, ensuring that your financial records are reliable and trustworthy. 

3. Fraud Detection: Monthly account reconciliations can uncover irregularities that might indicate fraud or embezzlement such as unauthorized transitions between internal records and bank statements.  By doing this regularly, you can prevent fraudulent activities. 

4. Compliance and regulations: In many industries, businesses are required to maintain accurate financial records in accordance with regulatory standards. Reconciliations ensure compliance with these standards and help in providing accurate financial reports for tax purposes and audits. 

5. Decision Making: Accurate and real time data is crucial for making informed business decisions. Reconciled accounts provide a clear and accurate picture of the company’s financial health, assisting in a better decision making process. 

6. Cash Flow Management: Reconciling your internal accounting software data with your bank statements ensures the management of your cash flow effectively. It ensures that all transactions are recorded accurately, allowing businesses to have a clear understanding of their financial position. 

7. Operational Efficiency: Regular reconciliations will streamline your financial operations and can lead to the identification of inefficiencies or areas that need improvement within the business’s financial processes. 

Integrating accounts reconciliation into your business practices

At Tri Tech, we believe in providing superior solutions and support to our clients without compromising our integrity. We have many years of experience with Spire Systems, and believe that it is the solution to many of your underlying business challenges such as accounts reconciliation. By implementing an accounting software like Spire, you can assure that your accounts reconciliation are precise and accurate with ease. Spire’s accounts reconciliation module has recently added new features such as importing your bank statement to save you time, and the ability to print historical reconciliations on demand. 

How to perform an Account Reconciliation in Spire

Collect all of your relevant financial documentation such as bank statements, credit card statements etc. and then follow the steps outlined in the video below: 

How to Print a Historical Reconciliation Statement in Spire: 

You’ve completed your account reconciliation but forgot to print it!  No fear, Spire has a new feature that allows you to reprint a reconciliation statement without re-doing it. To print a historical reconciliation statement: 

1. Open up the account you wish to print in the General Ledger

2. Select Reconcile

3. Double click on the reconciliation date you wish to print.

4. Click the “print” icon at the top

5. Select the report you wish to print

6. That’s it! 
   

We get it, many businesses struggle with real time accurate financial reporting within their accounting software and it is not fun. Give us a call at Tri Tech to discuss your struggles, and we’ll help you find a solution! 

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