Bank Reconciliation

The Importance of Bank Reconciliations

  • Regular bank reconciliations confirm the accuracy of information posted to your accounts system – regular reconciliations are the only way to ensure an accurate system
  • Once your bank accounts are reconciled, you can produce all reports needed for Law Society inspections, accountants and your own office management requirements quickly, easily and accurately
  • Regular reconciliations allow the early identification of any errors. If identified and rectified quickly, they may be considered trivial breaches or minor clerical errors and as such give no immediate cause for concern in the accountant’s report to the Law Society
  • An up to date and accurate accounts system means reconciliations can be completed within the 2 months of the period end date, as required by the Law Society

If you are unable to engage an employee who can complete bank reconciliations, you need the services of a professional legal bookkeeping firm such as CBS Ltd or a simple to use software that you can easily use yourself. Click here to visit Sol-Est Software to find out more about a quick and easy to use accounting software for Solicitors and Estate Agents. Any staff member with no prior accounting experience can be fully trained to confidently record transactions.