Timely and accurate financial reporting is a key to any company’s continued success. Recording and reconciling all transactions on a daily basis is the best way to maximize accuracy, catch irregularities, and pinpoint third party inaccuracies that can drain profitability. The following are examples of accounting entries and reconciliations that should be performed on a daily basis:

-       Bank Reconciliation

-       Cash and Credit Card In Transit Reconciliation

-       Bill Pay Reconciliation

-       Vendor invoices entered and matched against inventory receipts

-       Vendor credit memos entered and matched against RMAs

-       Equipment and Accessory Revenue

-       Commission Revenue

-       Equipment and Accessory Cost of Goods Sold

By entering and reconciling these items daily the reconciliation process becomes more manageable and areas of leakage are identified on a more timely basis which enables corrective action to me implemented faster. Daily processing and reconciliation also enables for a faster month end close resulting in financial reports being delivered to management sooner thereby enhancing the decision making process.