If you're looking for small business support for your bank reconciliation challenges, it may be time to consider Advanced Bank Reconciliation (ABR).

But what are the leading bank reconciliation challenges that small businesses or startups face, and how can ABR help?

Read on to find out.

How ABR Can Help Solve Your Bank Reconciliation Challenges

Before we get into how ABR can solve all your bank reconciliation woes, let’s get into the most challenging aspects of bank reconciliation that small businesses face.

Bank reconciliation is very useful because it can help find issues and roadblocks in a company’s financials, identify fraudulent activities, and bring a company to financial success. 

Here are the three main challenges of cash reconciliation and how ABR can help.

1. Data

If you don't have a bank reconciliation tool that correctly matches your bank and general ledger data, it could affect your business’s financial success. 

When businesses manually upload financial data, it leaves room for human error, which is why it is critical to have ABR that can automate the unloading of bank data. ABR also matches bank and general ledger data to find errors and fix them.

Having to manually complete the general ledger, deposit, and bank data process can cause financial difficulty for a company due to the likelihood of human error. An ABR can bypass this and automate the entire process.

2. Timing

Timing differences can have a massive effect on the accuracy of your bank reconciliation. It is critical to manage and handle timing differences properly.

ABR can provide you with a daily list of your outstanding transactions and spot credit card delays.

Credit card transactions can take days to process and deposit into your account. ABR can match the deposited items and identify transactions in transit, which can help you predict upcoming cash flow and balance your books.

Credit card delays and direct debits that are not processed on time are also frustrating. ABR can automatically post debit or credits to your general ledger.

The right ABR software can match credit card transactions, carry items forward to the next month, and more.

3. Auditing

Is auditing an after-thought for your small business?

Your business’s financial processes must have an accurate audit trail that provides critical details to internal and external auditors. ABR can help your business track critical details in real-time to see which general ledger transaction line was matched against which bank or credit card statement line. 

A bank reconciliation tool can provide you with valuable reports such as the auto-match report, outstanding items report, lists of unusual items that didn’t meet the typical matching rules, and more. 

Once you align your data and timing, you must prove the cash reconciliation is completed correctly. You must have the correct dates and times for each reconciliation step.

Manual bank reconciliation is complicated. Many businesses store data in multiple spreadsheets and cannot find the correct information and data when they need it. With ABR, all your key data is stored safely and securely in one place.

What are the Benefits of ABR?

ABR provides you with automated bank reconciliation that increases your financial control and provides complete audit compliance. When you invest in an advanced bank reconciliation solution that automates these tasks, you save time, money, and resources you can spend on growing other parts of your business. Consider investing in ABR to modernize your business software and get the small business support that your company needs.

Providing You With Business Solutions to Help You Reach Your Business Goals

Nolan Business Solutions provides you with cash reconciliation tools that are flexible, powerful, and scalable. We offer some of the best solutions in the marketplace specifically designed to provide you with the right solution for your current business requirements and future plans. We can guide you through strategy, development, training, and support to help your business grow.

If you're interested in improving your business, we can help you unlock your growth potential. 

Nolan Business Solutions is a NetSuite solution provider and a certified SuiteApp developer that can help you grow your business, reduce IT costs, and more. Contact us today to learn more about how NetSuite can help you improve your business. 

You can also learn more about what you can expect from a free Demo with Nolan Business Solutions here.

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