CONTROLLING CASH OUT
Robert Inkaka Kanyamanza
Knowing when you can pay discretionary (non-recurring) bills means tracking what is in your current account, which withdraws have not yet cleared and which deposits have been credited. To do this you need to reconcile bank statements against your own records to verify all transactions.
If you’re currently using an online banking application, you have immediate access to balance reporting that reflects all deposits and cheques as they pass through your account. This lets you determines right away which cheques are still outstanding.
It’s relatively straightforward from there to calculate what funds you have on hand and decide what payment you might be able to make.
However, once your company reaches a certain critical mass with multiple account covering deposits and cheques, investments, loans and possibly foreign currency transactions, you may find that simple online banking with its limited ability to control access to accounts doesn’t meet your needs.
If your accounting staff has specialized functions and you maintain a number of accounts with specific purposes, you may need a more powerful and robust online banking system. ROBERTKA Business Solutions can help. We can analyze your business transactions, type and frequency and suggest a suitable, robust financial institution with stout, suitable products for your business.
Another alternative is cheque reconciliation done by your bank. Your bookkeeper is often the person charged with reconciling cheques. But if you issue 500 or more cheques a month, you can also ask your bank to perform your cheque reconciliation. Many African based banks now offer this service; it is called “Disbursement Auditor”. You supply an electronic file of issued cheques to allow the bank to match serial numbers and amounts to paid cheques that clear your account. You are notified the next day of any discrepancies in time for you to make a decision whether or not to pay the cheque. You get speedy and accurate reconciliation – and an ongoing alert against altered cheques which may flag the possibility of a fraudulent cheque being presented through your account.
Contact us. ROBERTKA Business Solutions specialists will help you find a bank with stout products that can help you manage multiple accounts and accounts types and review their current status simultaneously. We will suggest fine financial products that could handle account transfers and a wide variety of other financial products immediately available from your computer screen.
Contact us now.
ROBERTKA Business Solutions
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