Thursday, August 7, 2014
One important task you can do that may help detect a problem with your bank & credit card accounts.
Do you reconcile your bank and credit card accounts at least monthly?
If not why not?
Did you know you can be a victim of identity theft and not even know it if you are not reconciling your bank and credit cards on at very least a monthly basis. Many times even going as far as checking and reconciling your accounts on a weekly basis will catch any suspicious activity quicker. If you use a debit card it may be a good idea to check and reconcile it on a daily basis. Yes, I said daily, because using a debit card puts you at more risk and more problems if someone gets that information because it directly takes funds from your checking or savings account.
What is reconciling your account entail? It is about checking your records with the banks records to make sure the account balance is correct. It is a good idea to put some time aside for this task or if you do not have time you can have a professional help you. You may be doing it by statements that come to your home or business on a monthly basis or on line through your bank or credit card company.
Some signs that you or someone close to you may need regular help are ,you or a loved one may have piles of unopened mail, may travel frequently or be a part time resident of an area, may travel regularly for work, paying excessive bank fees for overdrafts, may not be able to manage finances because of health issues, divorce or loss of a spouse , these are just a few circumstances. Also many times business owners find they do not have time for this task this is where they may need professional assistance with this task by contracting the service out with a professional bookkeeper which many times they find it is well worth the investment for this service.
What kind of professionals provide this kind of help ?
Daily Money Manager work with individuals these are trained and insured individuals that help with budgeting, bill paying, organizing finances, reconcile accounts, and much more.
Professional Bookkeepers are well trained individuals that go beyond just data entry many times they are trained to set a business up on a system that makes their business finances organized which in the long run saves your business money, you will usually find them in a CPA firm or in a professional accounting firm, they generally are members of professional organizations and insured.