{"id":22590,"date":"2022-10-24T10:00:45","date_gmt":"2022-10-24T15:00:45","guid":{"rendered":"https:\/\/www.cfosimplified.com\/?p=22590"},"modified":"2022-10-24T11:46:54","modified_gmt":"2022-10-24T16:46:54","slug":"reconcile-that-account-not-just-your-checking-account","status":"publish","type":"post","link":"https:\/\/www.cfosimplified.com\/a-note-from-larry\/reconcile-that-account-not-just-your-checking-account\/","title":{"rendered":"Reconcile That Account! (Not Just Your Checking Account\u2026)"},"content":{"rendered":"<p>As a business owner, you must understand the importance of reconciling your accounts\u2014and no, not just your checking accounts!<\/p>\n<p><span style=\"font-weight: 400;\">Do you know what accounts you need to be reconciling regularly? Read on to find out from <\/span><a href=\"https:\/\/www.cfosimplified.com\/about-us\/larry-chester\/\"><span style=\"font-weight: 400;\">Larry Chester<\/span><\/a><span style=\"font-weight: 400;\">, President of CFO Simplified.<\/span><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/drive.google.com\/file\/d\/1JmBQe-0Ar3CzSy5M3CnyHEnY0bYrB7T-\/preview\" width=\"640\" height=\"480\"><\/iframe><\/p>\n<p><strong>Do You Know What Business Accounts You Must Reconcile?<\/strong><br \/>\nLarry Chester speaks with business owners all the time about their month-end close. The first question he asks them is, <strong>\u201cWhen was the last time you reconciled your checking account at the bank?\u201d<\/strong><\/p>\n<p>To which most say proudly, &#8220;Well, we do that every month!&#8221; Some business owners, however, disclose that they haven\u2019t reconciled their checking accounts for several months\u2014and that&#8217;s the problem.<\/p>\n<p>Then, the second question comes: \u201cWhat other accounts are you reconciling off of your balance sheet? When was the last time you reconciled <strong>other<\/strong> important balance sheet accounts?\u201d<\/p>\n<p>Larry says that typically, business owners look at him with strangely and say, \u201cWell, I don&#8217;t know what you mean\u2026\u201d<\/p>\n<p>Let\u2019s discuss what other accounts must be top of mind as a successful business owner.<\/p>\n<p><strong>Your Checking Account Isn\u2019t the Only Important Account!<\/strong><br \/>\nVarious other accounts are <strong>just<\/strong> as critical as your checking account when it comes to understanding your business financials.<\/p>\n<p>These accounts include:<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Inventory<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Accounts payable<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.cfosimplified.com\/accounts-receivable\/accounts-receivablesix-steps-managing-customer-collections\/\"><span style=\"font-weight: 400;\">Accounts receivable<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Prepaids, and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.cfosimplified.com\/business\/cash-basis-vs-accrual-basis\/\"><span style=\"font-weight: 400;\">Accruals<\/span><\/a><\/li>\n<\/ul>\n<p>All of these accounts must be reconciled regularly.<\/p>\n<p>\u201cIf you pull an inventory value report, does the amount of the inventory that&#8217;s on that report match what you&#8217;ve got in your general ledger?\u201d asks Larry. \u201cIf it doesn&#8217;t, you&#8217;re in real trouble, and the same thing&#8217;s true of all those other accounts as well.\u201d<\/p>\n<p>His advice? \u201cDon&#8217;t just sit idle and let your accounts sit idle as well.\u201d<\/p>\n<p><strong>Why Do These Accounts Need To Be Reconciled?<\/strong><br \/>\nBut why should these accounts be reconciled every month?<\/p>\n<p>Because if you&#8217;re not reconciling those accounts, your financial statements aren\u2019t any more accurate or more reliable than a roll of the dice. \u201cThat&#8217;s a terrible thing to depend on to make the decisions you need to make to run your business,\u201d says Larry.<\/p>\n<p><strong>What Can You Do?<\/strong><br \/>\nSo, you\u2019re a business owner who has this new information about needing to routinely reconcile these accounts\u2026 But perhaps you don\u2019t know where to start. Or, maybe you don\u2019t have the bandwidth to do this yourself every month.<\/p>\n<p>An outsourced CFO is a great solution for you. Read on to see if your <a href=\"https:\/\/www.cfosimplified.com\/cfo\/is-your-business-ready-for-a-part-time-cfo\/\">business is ready for a part-time CFO<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a business owner, you must understand the importance of reconciling your accounts\u2014and no, not just your checking accounts! Do you know what accounts you need to be reconciling regularly? Read on to find out from Larry Chester, President of CFO Simplified. Do You Know What Business Accounts You Must Reconcile? Larry Chester speaks with [&hellip;]<\/p>\n","protected":false},"author":43,"featured_media":22601,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1985,1774,1730],"tags":[12,1838,1743,1861,2090],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Reconcile That Account! 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