{"id":20183,"date":"2020-08-06T11:38:31","date_gmt":"2020-08-06T16:38:31","guid":{"rendered":"https:\/\/theboutiquehub.com\/?p=20183"},"modified":"2020-08-07T13:21:56","modified_gmt":"2020-08-07T18:21:56","slug":"the-importance-of-account-reconciliation","status":"publish","type":"post","link":"https:\/\/theboutiquehub.com\/blog\/the-importance-of-account-reconciliation\/","title":{"rendered":"The Importance of Account Reconciliation"},"content":{"rendered":"\n<p>Let&#8217;s talk reconciliation&#8230;&nbsp;and no not with your spouse! We are talking about all of your financial accounts including bank, Paypal, and credit card accounts. <\/p>\n\n\n\n<p><strong><em>Why focus on account reconciliation?<\/em><\/strong><\/p>\n\n\n\n<p>You want to really KNOW (not assume you know) how much money you actually have! When you&nbsp;<strong>reconcile<\/strong>&nbsp;your business&nbsp;<strong>accounts<\/strong>, you compare your internal financial records against the records provided to you by your&nbsp;<strong>HOLDER<\/strong>&nbsp;(bank, Paypal, credit card company).<\/p>\n\n\n\n<pre class=\"wp-block-verse\"><em><strong>How often should I do this?\n<\/strong>- &gt;Monthly reconciliation = not negotiable<\/em><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/theboutiquehub.com\/wp-content\/uploads\/2020\/08\/cowomen-7Zy2KV76Mts-unsplash-1024x682.jpg\" alt=\"\" class=\"wp-image-20186\" srcset=\"https:\/\/theboutiquehub.com\/wp-content\/uploads\/2020\/08\/cowomen-7Zy2KV76Mts-unsplash-1024x682.jpg 1024w, https:\/\/theboutiquehub.com\/wp-content\/uploads\/2020\/08\/cowomen-7Zy2KV76Mts-unsplash-300x200.jpg 300w, https:\/\/theboutiquehub.com\/wp-content\/uploads\/2020\/08\/cowomen-7Zy2KV76Mts-unsplash-768x512.jpg 768w, https:\/\/theboutiquehub.com\/wp-content\/uploads\/2020\/08\/cowomen-7Zy2KV76Mts-unsplash-1536x1024.jpg 1536w, https:\/\/theboutiquehub.com\/wp-content\/uploads\/2020\/08\/cowomen-7Zy2KV76Mts-unsplash-400x267.jpg 400w, https:\/\/theboutiquehub.com\/wp-content\/uploads\/2020\/08\/cowomen-7Zy2KV76Mts-unsplash-700x467.jpg 700w, https:\/\/theboutiquehub.com\/wp-content\/uploads\/2020\/08\/cowomen-7Zy2KV76Mts-unsplash.jpg 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Here are a few tips on how to get started:<\/strong><\/h4>\n\n\n\n<p>1. COMPARE THE DEPOSITS &#8211; what you think you deposited vs. what actually hit your accounts.<br>2. Account for all FEES &#8211; fees are automatically taken out of your accounts and often we forget about them. However, they will be found on your statements even if you forget to enter them into your QuickBooks or other accounting software.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong><em>Why should I reconcile? What is the Purpose?<\/em><\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>Detect errors such as:<ul><li>missing payments<\/li><li>double payments<\/li><li>calculation errors<\/li><li>transposed numbers<\/li><li>outstanding checks<\/li><li>etc.<\/li><\/ul><\/li><li>Confirming and tracking all bank fees and penalties are accounted for.<\/li><li>Identify fraudulent transactions and theft<\/li><li>Being in the KNOW &#8211; who owes you $$$, by reconciling your accounts you are keeping track of accounts payable and receivables of the business<\/li><li>Identify holes in your business bucket &#8211; cash flow problems, inefficiencies<\/li><\/ul>\n\n\n\n<pre class=\"wp-block-verse\"><em><strong>What good is it to have the WRONG information?\n<\/strong>It is hard to make the right decision about your business if you have the wrong information!!!<\/em><\/pre>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/theboutiquehub.com\/wp-content\/uploads\/2020\/08\/Business-Pins-Mere-683x1024.jpg\" alt=\"\" class=\"wp-image-20184\" width=\"420\" height=\"629\" srcset=\"https:\/\/theboutiquehub.com\/wp-content\/uploads\/2020\/08\/Business-Pins-Mere-683x1024.jpg 683w, https:\/\/theboutiquehub.com\/wp-content\/uploads\/2020\/08\/Business-Pins-Mere-200x300.jpg 200w, https:\/\/theboutiquehub.com\/wp-content\/uploads\/2020\/08\/Business-Pins-Mere-700x1050.jpg 700w, https:\/\/theboutiquehub.com\/wp-content\/uploads\/2020\/08\/Business-Pins-Mere.jpg 735w\" sizes=\"(max-width: 420px) 100vw, 420px\" \/><\/figure><\/div>\n\n\n\n<p>Bank reconciliation done through accounting software is easier- MUCH easier (we can&#8217;t imagine doing all of this old school with a pen and paper). The bank transactions are imported automatically allowing you to match and categorize a large number of transactions at the click of a button. This makes the bank reconciliation process efficient and manageable. WINNING! YOU know we love to win hours back in our day.<\/p>\n\n\n\n<p><strong>Part of your Hub membership you can take advantage of these discounts.<\/strong><\/p>\n\n\n\n<p><strong>Quickbooks:&nbsp;<\/strong>50% off their subscription cost for 3 months or 50% off subscription for 6 months.&nbsp;<a href=\"https:\/\/l.facebook.com\/l.php?u=https%3A%2F%2Fwww.referquickbooks.com%2Fs%2FBeth77%3Ffbclid%3DIwAR2pRkZS3UiOhIpsgim86HHA37rAQERIiGtAF0VPmheOpDAN9O0eXfVLx1k&amp;h=AT3e9Za8dgM1p8Eu1mbcXyRIpO-OVexzqf433ppdCuR8EVOvFq51K2X7qxwIXzg2emuYDZnTdho8L_7t8Eyx8Tga3ZRvJ0_hqtNZggaZZOkCWI05mqZ1-gen7uCYwfgCGZz_W3ait8Nk0S7tx74sPpBt5Q&amp;__tn__=-UK-R&amp;c[0]=AT0v-LX3SB_qlgynebqDh4fAf2na5IWddxwIqf7_gQpv4g6hY-Jjem3Sm7tYzkOQaJC-qcVJ5LhJ1RBOXRQwPsAzxOJ1XvOHqWfgeZgrR8KbwiZuz9EQ9cr__roVDSQdcbBzWeKhGLae-ItFQ-6GWWkrEBfzblHG1Q\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.referquickbooks.com\/s\/Beth77<\/a><\/p>\n\n\n\n<p><strong>Gusto Payroll:<\/strong><br><a href=\"https:\/\/l.facebook.com\/l.php?u=https%3A%2F%2Fgusto.com%2Fd%2Fashley11705%3Ffbclid%3DIwAR1AgFwTajISCmjCy9kwNB9x4tslgba6OVPIKV8E0b12-kXScdNzY7h1iY4&amp;h=AT0uFZMO6i95TMCif95yOQrOZ7RqdwE2l8y6B4PFQOofu9jE07JbCHQhNi3aiNXMqA4Zgx9jLVWOcblIpKuGfRU_kn-DWo3DtYLmCme4MIySBlY70mh97s30OjJf9AncuYMF9ddsCKa-qJ85xkBPZXHHBA&amp;__tn__=-UK-R&amp;c[0]=AT0v-LX3SB_qlgynebqDh4fAf2na5IWddxwIqf7_gQpv4g6hY-Jjem3Sm7tYzkOQaJC-qcVJ5LhJ1RBOXRQwPsAzxOJ1XvOHqWfgeZgrR8KbwiZuz9EQ9cr__roVDSQdcbBzWeKhGLae-ItFQ-6GWWkrEBfzblHG1Q\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/gusto.com\/d\/ashley11705<\/a><\/p>\n\n\n\n<p><strong>Harquin Bookkeeping&nbsp;<\/strong>(Bookkeeping services include accounting software)<br>$5\/hr discount = Savings of over $1400\/year plus discounted payroll processing and sales tax!<br>Just mention The Boutique Hub<br><a href=\"https:\/\/l.facebook.com\/l.php?u=https%3A%2F%2Fboutiquebookkeeping.co%2Fboutiqueestimate%3Ffbclid%3DIwAR1AgFwTajISCmjCy9kwNB9x4tslgba6OVPIKV8E0b12-kXScdNzY7h1iY4&amp;h=AT04YvyHEh_VNkhfmoDFUJWLFQ9C7iyUVCeDGFDfJg9NRRoq7E2xWlqjeLs_aFlbVaMYeAAr67vLMpAkciUVZIlbAp6ogA0cyO1hpsbbobmqMKjfH6Omd7APXU14IjxGvf9c5KtTf6HeJ-VjRQy_Fsa1Fg&amp;__tn__=-UK-R&amp;c[0]=AT0v-LX3SB_qlgynebqDh4fAf2na5IWddxwIqf7_gQpv4g6hY-Jjem3Sm7tYzkOQaJC-qcVJ5LhJ1RBOXRQwPsAzxOJ1XvOHqWfgeZgrR8KbwiZuz9EQ9cr__roVDSQdcbBzWeKhGLae-ItFQ-6GWWkrEBfzblHG1Q\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/boutiquebookkeeping.co\/boutiqueestimate<\/a><\/p>\n\n\n\n<p><strong>She Profits Now<\/strong>&nbsp;(QuickBooks Online &amp; Cash Flow Management Training\/Courses)<br>Discounts vary.<br><a href=\"https:\/\/l.facebook.com\/l.php?u=https%3A%2F%2Fshe-profits-now.teachable.com%2F%3Faffcode%3D303320_8pouob0r%26fbclid%3DIwAR3Tk9nWj4KHHGFUOjDW2iUdEB8wIjsL5ujcmeEWxBb1e9_aaxNbJo8n_2s&amp;h=AT23Wtgw3DDUDXrXk109e8vQ4pe-GwHq0nZkMW8KzWirz_6a6mhdm3cDK0ROmMHpT2QYZY0OWacyz1LnQkzS4k0MzNzsa-A2hv37URtUL9bOLoy3Jq1KOcFk-3ELEqW5gKuANP6ghhT9niG3mIEeDwlO-A&amp;__tn__=-UK-R&amp;c[0]=AT0v-LX3SB_qlgynebqDh4fAf2na5IWddxwIqf7_gQpv4g6hY-Jjem3Sm7tYzkOQaJC-qcVJ5LhJ1RBOXRQwPsAzxOJ1XvOHqWfgeZgrR8KbwiZuz9EQ9cr__roVDSQdcbBzWeKhGLae-ItFQ-6GWWkrEBfzblHG1Q\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/she-profits-now.teachable.com\/?affcode=303320_8pouob0r<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator is-style-dots\"\/>\n\n\n\n<p><a href=\"https:\/\/theboutiqueuniversity.com\/covid-19-resource-center\" target=\"_blank\" rel=\"noreferrer noopener\">Click here for the&nbsp;<strong>FREE<\/strong>&nbsp;Resource Center for the Boutique Retail &amp; Wholesale Industry&nbsp;<\/a><\/p>\n\n\n\n<p><strong>We\u2019re in this together.&nbsp;<\/strong><\/p>\n\n\n\n<p>Join the Hub for more training, information, and connections.<br><a href=\"https:\/\/theboutiquehub.com\/join\/boutique\/\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">www.theboutiquehub.com\/join<\/a><\/p>\n\n\n\n<p><em><strong>Related Posts: <\/strong><\/em><\/p>\n\n\n\n<figure class=\"wp-block-embed-wordpress wp-block-embed is-type-wp-embed is-provider-the-boutique-hub\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"aobENBVU8n\"><a href=\"https:\/\/theboutiquehub.com\/adapting-to-the-new-normal-in-retail\/\">Adapting to the New Normal in Retail<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Adapting to the New Normal in Retail&#8221; &#8212; The Boutique Hub\" src=\"https:\/\/theboutiquehub.com\/adapting-to-the-new-normal-in-retail\/embed\/#?secret=2Npv7rXnB1#?secret=aobENBVU8n\" data-secret=\"aobENBVU8n\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed-wordpress wp-block-embed is-type-wp-embed is-provider-the-boutique-hub\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/theboutiquehub.com\/lessons\/building-financial-freedom\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Let&#8217;s talk reconciliation&#8230; and no not with your spouse. We are talking about all of your financial accounts including bank, Paypal, and credit card accounts. <\/p>\n","protected":false},"author":2252,"featured_media":20187,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"pmpro_default_level":"","footnotes":""},"categories":[3],"tags":[6878,6879],"class_list":["post-20183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boutique-business","tag-account-reconciliation","tag-money-management","pmpro-has-access"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Importance of Account Reconciliation | The Boutique Hub<\/title>\n<meta name=\"description\" content=\"Let&#039;s talk reconciliation... and no not with your spouse. We are talking about all of your financial accounts including bank, Paypal, and credit card accounts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/theboutiquehub.com\/blog\/the-importance-of-account-reconciliation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Importance of Account Reconciliation\" \/>\n<meta property=\"og:description\" content=\"Let&#039;s talk reconciliation... and no not with your spouse. We are talking about all of your financial accounts including bank, Paypal, and credit card accounts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/theboutiquehub.com\/blog\/the-importance-of-account-reconciliation\/\" \/>\n<meta property=\"og:site_name\" content=\"The Boutique Hub\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/boutiquehub\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-06T16:38:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-08-07T18:21:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/theboutiquehub.com\/wp-content\/uploads\/2020\/08\/Business-Blog-Graphics-_DO-NOT-DELETE_.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sara Burks\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sara Burks\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/theboutiquehub.com\/blog\/the-importance-of-account-reconciliation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/theboutiquehub.com\/blog\/the-importance-of-account-reconciliation\/\"},\"author\":{\"name\":\"Sara Burks\",\"@id\":\"https:\/\/theboutiquehub.com\/#\/schema\/person\/fe841be020552fa21c4217ccb4fb7d7e\"},\"headline\":\"The Importance of Account Reconciliation\",\"datePublished\":\"2020-08-06T16:38:31+00:00\",\"dateModified\":\"2020-08-07T18:21:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/theboutiquehub.com\/blog\/the-importance-of-account-reconciliation\/\"},\"wordCount\":429,\"publisher\":{\"@id\":\"https:\/\/theboutiquehub.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/theboutiquehub.com\/blog\/the-importance-of-account-reconciliation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/theboutiquehub.com\/wp-content\/uploads\/2020\/08\/Business-Blog-Graphics-_DO-NOT-DELETE_.jpg\",\"keywords\":[\"account Reconciliation\",\"money management\"],\"articleSection\":[\"#BoutiqueBusiness\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/theboutiquehub.com\/blog\/the-importance-of-account-reconciliation\/\",\"url\":\"https:\/\/theboutiquehub.com\/blog\/the-importance-of-account-reconciliation\/\",\"name\":\"The Importance of Account Reconciliation | The Boutique Hub\",\"isPartOf\":{\"@id\":\"https:\/\/theboutiquehub.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/theboutiquehub.com\/blog\/the-importance-of-account-reconciliation\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/theboutiquehub.com\/blog\/the-importance-of-account-reconciliation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/theboutiquehub.com\/wp-content\/uploads\/2020\/08\/Business-Blog-Graphics-_DO-NOT-DELETE_.jpg\",\"datePublished\":\"2020-08-06T16:38:31+00:00\",\"dateModified\":\"2020-08-07T18:21:56+00:00\",\"description\":\"Let's talk reconciliation... and no not with your spouse. 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