Do Legal Bookkeepers Deal With Bank Reconciliations?

Legal bookkeepers are working hard to keep business finances on track with bank reconciliations.

It's easy to lose sight of your business finances, that's why most business owners put their trust in bookkeeping services. One of the many vital aspects of a Legal Bookkeeper involves conducting bank reconciliations. Bank reconciliations are essential for getting on top of your business finances and checking for any errors or suspicious activity.

• Day-to-day a Legal Bookkeeper is responsible for ensuring all of the below is in order for partnered legal firms...
  Recording every financial transaction
  
• Monthly bank reconciliation 
• Creating and sending statements and invoices
• Following up on outstanding invoices
• Issuing monthly statements 
• Creating a balance sheet of all data collected
• Maintain records for annual audits 

Bank reconciliation refers to the process of checking that your business accounts are correct, this is typically a task performed by an experienced bookkeeper. The process of conducting a bank reconciliation involves comparing internal finical records and records provided by the bank to ensure everything matches.

Bank reconciliation is an essential task to keep an eye on your accounts and look out for any signs of fraud or simple errors, both can become costly if missed. Should differences have occurred, reasonable justification needs to be provided before being signed off.