It's that time again!
Schedule Your GL Reconciliation session today
- Hopefully, you have been reconciling the information in your General Ledger throughout the year. If you have, then the financial information you currently have in your GL is correct and ready to hand to your accounting firm for the preparation of the year-end taxes.
Reconciling the GL to the controls will assure that the sales, cost of sales, expenses and profit in your system is correct. The rule of thumb is: if the balance sheet is reconciled and in balance, the information listed in the income statement must be correct. The numbers may not be in the correct field, but the bottom line is correct.
Reconciling the balance sheet should be a monthly activity for you. it serves many purposes, the most important is that you will have an accurate snapshot of your profitability on a current basis. This will assist in the decision making process.
- If you don't reconcile the GL, start now.
- If you do reconcile the GL, keep it up!
Financial reporting accuracy is paramount to good business decisions. Inaccurate financial information is the road to disaster.
We'll be happy to schedule a General Ledger Reconciliation session for interested users, simply call us at 1 866-400-0922.
