CEO and Founder of Kruze Consulting
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Every Balance Sheet account should be reconciled on a daily, weekly, or monthly basis (depending on how big/complex your ops are). Let’s break it down…
Bottom line, the three other accounts (besides bank and CCs) that you should have your eye on when it comes to reconciliations are 1) Payroll Liabilities 2) Accrued Expenses and 3) Prepaid Expenses.** The reason why you want to reconcile these accounts is because the Balance Sheet can be a vehicle to create and hide phantom revenues and expenses. Don’t get caught by surprise; reconcile and verify each account.**
Categories:Startup Accounting Startup Banking
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