The backbone of accurate books
Bank reconciliation is the process of matching the balances in your accounting software to the actual money in your bank account. It sounds simple, but it is where 90% of bookkeeping errors happen.
We painstakingly cross-reference every single transaction. This ensures you aren't claiming GST on a personal expense by mistake, paying a supplier twice, or missing income that never hit your account.
Why It Matters
- Detect duplicate payments immediately
- Identify unauthorized/fraudulent transactions
- Ensure GST claims are 100% supported
- Accurate "Cash on Hand" reporting
- Catch missing customer payments
- Stress-free tax time (books are ready)
Hidden Errors in Unreconciled Books
Unmatched transactions = Incorrect Tax Returns.
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The Detail Difference
| Scenario | Lazy Bookkeeping | PrepMyBook Standard |
|---|---|---|
| Duplicate Payment | Recorded as Expense | Flagged for Refund |
| Personal Lunch | Claimed (ATO Risk) | Excluded correctly |
| Missing Invoice | Ignored | Chased up |
| Cash Accuracy | Guesswork | To the cent |
Does your bank balance match your books?
If you aren't sure, you might be making decisions on bad data.