At Business Wellness Hub, we ask our clients to do Monthly Allocations including sending their bank statements each month to us for reconciling. We could do a whole blog post just on this (and likely will in the future!), BUT the purpose of this Blog is to detail one of our most common questions; “Why do you need a copy of thebank statements when our accounting software hasbank feeds?”.   

And the simplest answer is we need toverifythatallbank feeds have arrived. Sometimes a day can be missed, orduplicatesappear and these need to be corrected to not only ensure accurate records at BAS time but to ensure the business decisions that you make are backed by accurate data. 

By reconciling the feeds to the bank statement, we can confirm the data is accurate.  

At BAS time, havingmissinginformationonyourBASmaymean you are not reporting your GST correctly, and no onewantstohearaboutthisduringanaudit! 

At...