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Bank Reconciliation & Bookkeeping

checksBank reconciliation (also called bank statement reconciliation or reconciling the bank statement) is the process of analyzing the information in the general ledger account and bank statement of a business to make sure they are consistent and the details match. In one’s personal life, this act of balancing the checkbook is a fairly easy process, but in the business world, it is more complex-- and grows more complicated as the number and type of transactions increase. And, if there are errors or discrepancies in bookkeeping, bank reconciliation is even more important, as the financial consequences of an error could be devastating.

Here at Chandler & Knowles, we offer services tailored to the needs of small businesses or professionals that protect their financial health and stability.

One of the problems with bookkeeping and keeping the cash ledger balanced is two different time frames are at work – that of the bank and that of the business. This is most evident at the beginnings and the ends of months and at day’s end because the business entity still has active transactions, while the bank has closed its activities for the cycle. If these differences are not accounted for, noted, and adjustments made, they can create havoc with the company’s books. One of the most effective means available to a business is to engage the professionals in bank reconciliation services.

Bank Reconciliation Services We Offer

As certified public accountants, we here at Chandler & Knowles are dedicated to helping small businesses with their bookkeeping and bank reconciliation processes. Once your business accounting system is established, we begin the process of tracking and recording:

  • Cash on hand
  • Deposits in transit
  • Outstanding checks
  • Notes receivable
  • Incidental costs of doing business (such as check printing, debt collection, interest)

The need for bank reconciliation for these transactions is necessary because, though they may appear in the company’s books, they are not always in the bank’s records at the same time. This slight delay must be carefully monitored and managed to prevent overdrafts and other financial errors. In addition, there are other transactions that need to be taken into consideration, including service fees charged by the bank, bad checks, and bank errors (yes, these do happen). When you entrust your bookkeeping and accounting services to our professionals, you have a team of experts who monitor your ledger and bank statements to keep everything in balance and your business on an even financial keel.

Benefits of Working with Chandler & Knowles

There are several benefits to having Chandler & Knowles handle your bookkeeping, bank reconciliation, and accounting processes, including

  • Accuracy: We scrupulously monitor all factors that are a part of your company ledger to ensure nothing is amiss and mistakes have not been made with: deposits, deposits in transits, withdrawals, outstanding checks, bad checks and their fees, checking fees, service fees, and the company or the bank.
  • Quick Resolution: When there is a difference between your books and the banks, we work quickly to rectify the situation to avoid any problems that could have a negative effect on your company’s finances.
  • Preparing and Delivering Reports: These can be created on a daily, weekly, or monthly basis, depending on your need to provide a complete picture of your company’s finances.
  • Fraud Identification: Because we are an outside agency, we are better positioned to detect problems caused by deceptive practices, protecting you from legal action.
  • Time: When we handle bank reconciliation for you, the time you were spending on this process is returned to you so you can put it to work moving your business or practice forward.

Contact Chandler & Knowles CPAs Today

If the time spent performing your bookkeeping and accounting tasks has moved beyond simply balancing a checkbook, arrange a consultation with Chandler & Knowles to discuss how we can help you with bank reconciliation and other financial aspects of your business and how we can keep it healthy and growing. To learn more about the services we provide, call us today at (817) 430-3000 or fill out our online contact form to learn more about our services. Live in the area? Though we work with clients all over, if you would like to speak with us in person you can schedule an appointment and visit our Flower Mound.

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Client Testimonials:

"I recommend Chandler & Knowles CPA's without hesitation, and we look forward to working with Rochelle, Kristy and the rest of the C&K staff for another 7 years and beyond!"

~ Tony Rex, CEO of Medical Experts of Texas, P.A./Premier Inpatient Management Services, LLC

They are a great company to trust with all of your tax needs. They are good people and I enjoy my relationship with them. And it truly is a relationship, not just a service I use once a year.

~ Rick Schenck, UPS Business Owner

Great people. Effective. Efficient. Competent. Unlikely you would find a better, or even equal, CPA firm in the DFW Metroplex, and likely in the State.

~ Todd Benton

"The staff at Chandler & Knowles CPAs could not be better! They are always friendly, accommodating, and efficient. Their quick return/response time is greatly appreciated, as customer service is an uncommon practice during this day and time."

~ Tracy Richards