Allowing you to keep track of your current financial position, bank reconciliation statements are a critical part of your franchise restaurant’s bookkeeping process. For many businesses, preparing a bank reconciliation statement can be a time-consuming task that is prone to many mistakes which could cost them both time and money.
Often, this is a result of not having anyone at the company with the required experience and knowledge to perform bank reconciliations for franchise restaurants. In this situation, outsourcing to bank reconciliation services can prove incredibly useful.
By outsourcing to bank reconciliation services, you can find out the disparity between the amount displayed in your franchise restaurant’s bank statement and the corresponding amount that shows up in your restaurant’s accounting data at a particular point in time. There are other benefits of outsourcing bank reconciliations for franchise restaurants as well. Following are 4 most prominent ones:
1. Ability to Identify Fraudulent Activities
Your franchise restaurant can match the cheques distributed with the amount entered in bank statement by outsourcing to bank reconciliation services. The professional bank reconciliation services can help you identify fraudulent activities such as payments made to illegitimate employees and suppliers, and payments transferred to illegal businesses. This can be done through re-evaluation based on proper procedures and sheets.
2. Find and Eliminate Accounting Errors
There are many accounting mistakes that the staff at the bank holding your business funds can make. These accounting mistakes include, but are not limited to:
- Entering a duplicate transaction
- Entering the amount in the wrong bank account
- Transferring an incorrect amount
- Eliminating an entry from your franchise restaurant’s bank statement
- Recording an incorrect cheque amount
By keeping your bookkeeping identical to what is recorded at your bank, outsource bank reconciliation services allow your franchise restaurant to report errors to the bank. This, in turn, makes it possible for the bank to find the disparity and correct the mistake. This alone is a good enough reason to outsource bank reconciliations for franchise restaurants.
3. Keep Your Business Deposits Accurate
To avoid hurting your business and reputation, make sure that your business deposits are recorded accurately. You don’t want to be short of cash in an important account that pays a part of your expenditures. That can happen if you fail to keep your business deposits accurate. The good news is that outsourced bank reconciliation services can keep your business deposits accurate with regular bank reconciliations.
4. Save Money and Boost Collection
The fourth and final reason to outsource bank reconciliations for franchise restaurants is saving money and boosting collection. Bank reconciliation services can save you money by identifying bank fees and other hidden expenses you might not know you are paying. On the other hand, they can help you to boost the collection of your franchise restaurant by allowing you to manage your accounts collection better.
At Global Shared Services, we offer bank reconciliation services that your franchise restaurant can depend on. With us, you get restaurant accounting that delivers high-performance, end-to-end reconciliation services that you can trust. These services are delivered by a team of experienced professional and tailored to the needs of your restaurant business. Outsourcing your franchise restaurant’s bank reconciliations to us will provide you with streamlined processes and the ability to scale through operational efficiencies.
You should have access to experts.
Founded in 2003, we’ve worked with large corporations and small-to-medium businesses alike. Here’s what we’ve learned: access to expert financial and accounting services is a major factor in a business’ ability to succeed and scale. We believe that it shouldn’t be restricted by location or company size. Our mission is to empower restaurants and technology firms with that access.
With GSS, we meet our franchisor requirements on time and with accuracy. The local CPA could not handle our volume. We are so happy to have made the change. GSS knows our business and our franchisor requirements.Multi-unit fast sandwich Owner