After all, the process can help manage business finances in a structured way and more efficiently. However, the reconciliation must be done correctly, avoiding failures and inaccuracies that could harm the financial planning of the business.
With that in mind, this article will help you understand how to perform bank reconciliation for digital portfolios in the company. Continue reading and find out!
What is bank reconciliation?
In order to learn how to correctly reconcile digital portfolios, it is necessary to revisit the concepts involved in this process — which is part of the routine of the financial sector of companies.
The conciliation dynamic involves comparing the data registered internally with the values present in the bank statements. Thus, corporate financial management ensures that receivables and accounts payable are in line with budget forecasts.
Therefore, the step is essential to keep the company’s finances balanced and avoid inconsistencies in the information. In addition, reconciliation offers more predictability for the financial sector and prevents tax violations.
How does this process work?
Regarding the operation, bank reconciliation involves gathering the records of the company’s financial transactions. For this, it is possible to use the cash flow with the amounts related to receipts and payments.
The next step is to gather the company’s bank statements for the same period as the information collected. This way, these data can be compared to understand if the values are equivalent or if there are any discrepancies.
To ensure better results, the ideal is to do this process on a daily or weekly basis – depending on the size of the company. This lets you keep track of all inputs and outputs in near real-time, helping to spot errors before they become serious.
What is the importance of bank reconciliation for the business?
After knowing what bank reconciliation is and how it works, it is worth understanding why it is important, especially for medium and large companies. One of the main benefits of data conferencing is the ability to accurately forecast cash flow.
As the process involves a careful analysis of amounts received and receivable, it helps to find incompatibilities — which can occur in different sectors of the company. In this way, an organized process makes it possible to locate and resolve failures, preventing them from accumulating.
In addition, management can make better decisions, as choices and strategies will be made based on consistent financial data.
Bank reconciliation also helps to better understand the company’s sales. For example, the process helps identify the main means of payment used and the costs they represent for the business.
What is it and what are they for?
Another concept that has gained relevance in the market is the digital wallet. Also known as an e-wallet, this payment tool works on electronic devices. That is, it is possible to make payments with devices such as smartphones, notebooks and smartwatches.
Digital wallets emerged from the increasing use of credit or debit cards as a means of payment. As a result, many consumers stopped using cash in transactions and started to prioritize more practical and safer alternatives .
Digital wallets are a new stage in the evolution of payment methods. With the help of e-wallets, consumers can only use their smartphone or other device to carry out financial transactions. For companies, digital wallets represent a way to attract customers and gain efficiency in payment processes.
How to carry out bank reconciliation of digital portfolios in the company?
As you have seen, the focus of virtual wallets is on the practicality of making and receiving payments. Therefore, it is common for consumers to use this alternative more and more. Thus, companies need to know how to reconcile transactions carried out through this payment method.
After all, this information is also essential to have a complete view of your cash flow. From this, it is possible to define strategies to maintain the financial health of the business.
Check out how to do the bank reconciliation of digital portfolios in the company:
Check opening balances
The first step in bank reconciliation is to gather the company’s financial operations files to verify the information. Therefore, it is important to get into the habit of posting daily.
It is also necessary to pay attention to the dates of the records. This care is even more relevant in the case of credit sales – which can be done through a digital wallet. On these sales, the documented date must match the day the money will be received.
If the date entered is when the customer made the purchase, the results will be incorrect. Therefore, informing the right days is essential for a more accurate assessment of the financial scenario of the business.
Categorize the releases
In order to make organized entries and have a more accurate bank reconciliation of digital portfolios, it is interesting to categorize the data. This practice helps to have a broader view of the payments made.
At this point, it is important to have control of the fees charged for the digital wallet service, as well as for transactions carried out through this means. In addition, e-wallets can be reconciled with other means of payment that the company currently uses.
compare the data
After performing all the previous steps, it will be time to compare the data. If there is any discrepancy, it is necessary to analyze the source of the problem and find ways to correct it.
It is common for the first reconciliations of digital portfolios to result in many differences in relation to the data obtained. However, as the company performs this control more frequently, the tendency is for inconsistencies to decrease.
To facilitate the task, it is interesting to have the help of technology. A financial management system, for example, can be a great ally on this journey. With this tool, the company gains more agility and avoids errors that may occur during human analysis.
Now you know how to do bank reconciliation for digital wallets and you can put the process into practice in your company. In this way, payment information can be analyzed carefully, keeping the company’s financial sector much more organized.