FinanceRegs.com » A faster close in two steps

A faster close in two steps

May 16, 2008 by Carol Katarsky
Posted in: Best practices, Fraud prevention, In this week's e-newsletter, Internal controls, Latest news & views

Do you cherish a drawn-out monthly close? Thought so. To speed things up, check out these two ways online bank info can help you get the books done quicker. 

Credit card statements — No need to wait until you get a paper statement to reconcile your accounts. By pulling up current account balances, you can get the details you need when you need them — not two weeks later when your card issuer sends the paper statement.

Daily reconciliations — Closing the books goes faster when you work in advance whenever possible. Consider doing daily reconciliations for your accounts. It helps at month-end, and it also gives you a quicker heads up if there are signs of any fraudulent activity. Daily reconciliations take more time than you have available? Try weekly. You still get the benefits of regular check-ins, without having to carve out as much time.  

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