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Melbourne small business accountant using Xero for bank reconciliations

The great thing about modern technology is the time saving elements that comes into play when managing your small business.

As your Melbourne small business accountant, we utilise Xero, Australia’s favourite small business accounting software. Xero provides a great platform to assist in managing your small business bookkeeping and accounting.

Using Xero, we provide an ongoing bank reconciliation service through your nominated bank account. A bank reconciliation is a process that explains the difference between the bank balance shown on a bank statement and the corresponding amount shown in the organisations own accounting records at a particular time.

We thoroughly look at all entries that come through via the bank feeds against the actual entries on Xero to make sure whether or not there have been any banking errors.

A cash-book is reconciled against the bank statement, whereby all entries are accurate to make sure your bank has not incorrectly charged items to your accounts.

In terms of bank reconciliations, we can assist with bank reconciliations on a daily or monthly basis, enter all bank charges, interest, and merchants and classify them accordingly as well as reconcile the cash book against a visual siting of statements.

If you’re getting bogged down with bank reconciliations, then contact your Melbourne small business accountant today.

 
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