Bank Reconciliation

Bank reconciliation is a process of comparing company’s record of transactions with bank’s record of transactions. Doing a bank reconciliation every month enables you to be aware of what is happening with your accounts and what is the current status of your account. For this purpose, bank reconciliation statement should be written at the end of every month. Bank reconciliation statement settles bank’s records with your company’s general ledger. To get a fair idea about bank reconciliation, Bank Reconciliation Template will serve you right. Having a look on its format will give you an idea how you can prepare a bank reconciliation statement for your organization.

To avoid errors or to keep check on errors, reconciliation must be completed on monthly basis. Bank reconciliation statements are integral part of success of any business to keep business on track.

Basic rationale of this statement is to balance the bank reconciliation statement. It takes balance on bank statement by taking away any outstanding checks. Outstanding checks are those checks that have not been cleared but have been mentioned in bank statement.

Banks reconciliation statements offer checks and balances for accounting of both, your company and bank. If you see any disturbance in your company’s accounts like if someone is stealing money from your company’s account, bank reconciliation will catch it easily. Bank reconciliation should be reconciled by a person other than who is handling payables and never writing checks.

Bank reconciliation provides you with complete detail about unclear checks or deposits that are not recorded. This will be a great cause of problems with the delivery of these payments or deposits. In such case when an item is outstanding for more than one month, your accountability is to contact payee to check mailing address or bank account numbers.

Errors that are normally found in these statements are made by the banks. You might have noticed that checks from someone else’s account are by mistake written in your account. To combat with such issues, bank reconciliation statements provide detailed transaction history. This statement helps you finding out such errors and to ask bank to correct them.

Bank reconciliation statement also contains all bank fees that were charged to your account. You are required to add this fee to your general ledger in order to settle the statement.

Having a bank reconciliation statement serves your business a lot. Without bank reconciliation you expose yourself to risks. If someone is there who is stealing from your accounts and if you are not doing reconciliation, it will bring a time when you will not be able to keep your company with you. In such situation, that time is near to arrive when you will have nothing in your pocket to run your business or to survive in business world.

Secrets for Business Promotion

Business promotion can be expensive for those who are not ready to adopt effective business promotion tools. If you are one of those people who think that spending on business promotion is useless, you cannot survive in business world. Business promotion can be considered as a backbone of success of your business. More effective your business promotion strategies, more your potential customers will be waiting for you. Promotion of your business can be considered an ongoing challenge for your business, you need not to be scared but be ready to combat with this challenging situation.  Business promotion secrets are:

  • If you have sufficient time to post your ads on classified sites, this will be a very good place for you to take a start. Placing your ads will be very effective but you have to wait for some time to get the results. You might be required to submit your ads to these sites continually. You can also search the web for free advertising sites. Finding these sites will definitely work for you as you will not have to pay anything for your advertisement.
  • Creating site of your own business will attract your target readers. After that, you should consider to add your URL of your website on everything you adapt to market your business. This will prove a good source for promotion of your business. You can add URL of your website on your business card and these cards can be leaved at local stores, banks and restaurants.
  • Business promotion can be done by offering gift certificates. You can offer gift certificates to your customers on purchase of certain kinds of product, it will make them desired to visit you again. Don’t forget to add validation period of your gift certificate along with adding your business’ logo. You can prepare gift certificate from any Gift Certificate Template provided over web.
  • If you are not strong financially and can’t afford expensive way of advertising your business, inexpensive option for your business promotion will be inform of using flyers. Yes! Flyers are inexpensive way of advertisement so you can easily use these in your favor. You can print some flyers including information regarding your business plus add an appealing slogan in it to target your potential customers. Choose the words carefully to attract your customers. Once you have made flyers, start posting these to super markets, local colleges, grocery stores, apartment complexes etc. You should consider public places that are visited most to grab your reader’s attention.
  • You should bring your product as samples into as many hands as possible. This will give your customers a solid reason to choose you due to your quality product. You should keep your perspective to not to compromise on quality. By offering quality products to your customers will definitely promote your business.
  • You can converse sellers from whom you purchase products and provide them your business cards by asking if they can employ your products. If they are not interested they can help referring others who may be interested to use same products.