By Rodika Tollefson | American Express
The smoother your account and cash reconciliation, the better your business can run. These tools may help keep your accounts in line.
Chris Hervochon, a certified public accountant for more than a decade, says that businesses can also integrate third-party, cloud-based applications and take advantage of available interconnected data.
“Being able to leverage that interconnected data, whether it’s financial or nonfinancial, helps you make strategic decisions and get greater insights into your business,” says Hervochon, who owns the CPA firm Better Numbers in Hilton Head Island, South Carolina.
Hervochon says that reconciliation tools can help achieve several objectives:
- Standardize the process so everyone is looking at the same reports.
- Automate certain aspects, allowing you to close books faster.
- Improve accuracy and make sure all information is complete.
- Provide substantiation with appropriate documentation.
