Real Time Bank Reconciliation and Credit Card Reconciliation

Bank reconciliation is the process by which your accounting team reconciles your bank account balance to the balance reported in the most recent bank transaction statement.

At KPMG Spark, bank reconciliation is the process by which your KPMG Spark team reconciles in real time your bank account balance to the balance reported in your bank reconciliation statement. The two should be the same value, any difference between the two figures is examined by your bookkeeper and, if needed, corrected.

Likewise, credit card reconciliation is the process by which your credit card balance is efficiently reconciled to confirm that the transactions of your company’s books match those on your credit card statement. Your company’s ledger should have every transaction matched in order to close your books.

Benefits to small and medium-sized businesses (SMBs)

Bank and credit card reconciliation is important for small businesses as it allows them to know the current financial status of their company.  

Accurate financial reporting

When you work with our KPMG Spark bookkeepers and CPAs, you can stay rest assured that your bank reconciliation statement and credit card reconciliation statement will be accurate.

Fraud detection and fraud prevention

Our reconciliation statements help confirm that all your transactions have been checked, which will significantly reduce the chance that errors will appear.

Minimize accounting errors

Reconciling credit card transactions requires both sides to be correct. Employees can lose transaction receipts and bank systems mess up at times. Credit card reconciliation and bank reconciliation accounting with KPMG Spark reduces these errors.

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

This article is not intended to address or provide advice concerning the specific circumstances of any particular individual or entity and does not constitute an endorsement of any entity or its products or services.

The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.

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Real Time Bank Reconciliation and Credit Card Reconciliation FAQs

What is a bank reconciliation?

Bank reconciliation is the process by which your accounting team reconciles your bank account balance to the balance reported in the most recent bank transaction statement.

Can you provide a bank reconciliation example?

Real-time reconciliation means you don't have to wait till the end of the month to help keep your financial information up-to-date so you can make better, timelier business decisions.

What are the bank reconciliation steps?

Bank reconciliation takes place after a determined period of time to reconcile the transactions that have occurred. The more transactions incurred, the shorter this time period should be.

What does a bank reconciliation look like?

At a minimum, it is good practice to perform a bank reconciliation shortly after the month ends when a bank statement is received. This can also be performed more often through online banking statements. With KPMG Spark, your financial account activity will be reconciled within hours after it occurs.

What is the bank reconciliation process?

We begin by connecting your accounts, then we move to let our system reconcile your accounts within hours. The bank reconciliation process is confirming the transactions on your company’s books match those on your bank statement.

What is credit card reconciliation?

Credit card reconciliation is the process by which your credit card balance is reconciled to confirm that the transactions of your company’s books match those on your credit card statement.

Additional services are also available, including: