How to Implement Proper Financial Controls in Your Small Business.
Do you reconcile your books? Do you automatically download your bank transactions into your accounting software? What happens after that? Do you perform a manual reconciliation? If yes, congratulations because you are limiting your financial exposure. If not, you should be!
Simply downloading bank statements is NOT reconciling your books. The purpose of reconciling your books is to ensure all financial transactions are accounted for properly and that no money has left your company without you knowing about it.