{"id":682,"date":"2022-01-17T05:23:52","date_gmt":"2022-01-17T05:23:52","guid":{"rendered":"https:\/\/www.agilisbooks.com.au\/?p=682"},"modified":"2022-01-17T05:23:52","modified_gmt":"2022-01-17T05:23:52","slug":"what-is-bank-reconciliation-and-why-should-you-be-automating-this-process","status":"publish","type":"post","link":"https:\/\/agilisbooks.com.au\/?p=682","title":{"rendered":"What is Bank Reconciliation \u2013 and Why Should you be Automating this Process?"},"content":{"rendered":"

Are you spending too many hours of precious business time completing your bank reconciliations?\u00a0Agilis Books can show you how to switch to cloud accounting and automate them!\u00a0<\/span><\/h2>\n

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Good bookkeeping is all about recording and matching your financial transactions. Over the course of a usual week of trading, you\u2019ll have a range of payments being deposited into your bank account and a host of operational expenses being withdrawn from that same account.<\/span><\/p>\n

To keep on top of this, you must match each line on your bank statement with the transactions recorded in your accounting software. This process of matching the incoming (or outgoing) transaction with the relevant receipt, invoice or supplier bill is called bank reconciliation.<\/span><\/p>\n

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Why is Bank Reconciliation so labour intensive?\u00a0<\/b><\/h3>\n

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Bank reconciliation (or bank recs) is not the most thrilling part of the accounting process \u2013 but it is essential if you\u2019re going to have an accurate overview of your current accounting balance, and the balance that\u2019s in your business bank account.<\/span><\/p>\n

Traditionally, to complete the bank recs, you would need to:<\/span><\/p>\n