Conducting Bank Account Reconciliation For Your E-Commerce Business 

 Bank account reconciliation is a necessary part of any accounting process a major concern for some business types like e-commerce. E-commerce has delivered on the future promise of rapid access to a wide range of low-cost consumer items and a worldwide market experience. Knowledgeable merchants anticipate client needs and offer a variety of appealing services, such as seasonal discounts, gift vouchers, trial periods, and free delivery, as well as flexible payment alternatives and reduced delivery costs. Vendors are pushed to construct sophisticated distribution networks by severe rivalry and marketing inventions. It is a complex project that involves a growing number of corporate partners. The growth in e-commerce business raises the need for e-commerce accounting and the need for bank account reconciliation.  

 

What is Account reconciliation, and why do you need to do it? 


Accounts Reconciliation is the most important accounting task that helps compares financial records with the actual bank balance. Doing so enables you to ensure that the figures are fully balanced. This process is applicable to different accounts helping you to ensure your overall chart of accounts is accurate and free of any discrepancies.  


There are different kinds of accounts reconciliation, each one help you to ensure error free accounting process. Few generally conducted accounts reconciliations are - accounts payable reconciliation, accounts receivable reconciliation and bank accounts reconciliation. There is also inter-company reconciliation if there are multiple branches of a business and also other business-specific reconciliation. 


How to make accounts reconciliation easier for your e-commerce business? 


Considering the complex nature of e-commerce business transactions, we suggest that you conduct accounts reconciliation for your business as regularly as possible. At least twice a  month is preferred. This might seems like a lot of work but believe us when we say that neglecting this task will only add up to your work and stress. However, there is an easier way to tackle this task – outsourced accounts reconciliation. You can always hire a professional to conduct this task on your behalf. This way, you save a lot of time as well as can detect discrepancies caused by internal fraudulent activities. 


Read Also: e-commerce accounting

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