How to Reconcile Your Bank Account
Pocket helps emerging eCommerce and omni-channel brands manage finance easily - by providing a one-stop solution for founders to auto-generate accrual based financial books and key analytics, and collaborate with CFOs on key decision making. Over 100 users at modern consumer brands use Pocket to manage their books, file taxes, and prepare financials for financing and fund raising.
❓Why you need to reconcile your bank account(s)
Finance management's goal is to create a monetary database that matches as much as possible to the real life so we could track and analyze a brand's economic value creation.
One way to check the accuracy of the book is to do a bank reconciliation at the end of each month, to make sure the cash balance on the book of each of your bank accounts matches the ending balance reported by your bank, i.e. reported on your monthly bank PDF statement.