How often do you review your bank statements? The other day I was reviewing my merchant visa transactions (the ones I process as my clients pay me) and discovered a $1300 dollar discrepancy between what I keyed in and what was deposited in my account. Fortunately I keep all transaction information, including authorization numbers, dates processed, dates deposited etc., so now the bank is tracking back to find out what happened in my account. Most business owners are too busy to read their statements on a regular basis, even though it is just a matter of going online and checking transactions against receipts. So heres a good lesson... if youre not on top of it because you think banks are infallible, it could be costing you THOUSANDS of dollars. Take time each week to do a quick review of the weeks transactions and make sure that what goes into the bank, and what comes out of the bank agree with your notes and receipts. At the end of the day, the people who do the processing of our accounts are fallibly human too! If youre not watching your money, be assured that no one else is looking out for it either.
Posted on: Sun, 07 Dec 2014 17:15:00 +0000
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