It is the closing of accounts you see big companies do every month. By closing accounts, you can make sure that what shows up on your bank statement tallies with your accounting records and catch any discrepancies early on. As such, it acts as a check on your bookkeeping.
How cloud accounting can help you…
Big companies may hire many people to do their month-end closing, which is expensive. Small companies on the other hand may not close their accounts every month
but with cloud accounting, you can do it very easily:
1) Login to your online banking system and download your monthly statement in one of the many formats supported by the cloud accounting software
XXX supports Microsoft Money (QFX), Quickbooks (QBO), Quicken (QFX),CSV, Excel and QIF files. It is almost certain that your bank will offer one of those listed.
2) Upload your transactions into the cloud accounting software
3) click and check off transactions to reconcile
We can take care of this entire reconciliation process for you seamlessly as part of our bookkeeping service.