Reconciling your business accounts is just one of your many responsibilities as a tour and activity operator, but it can be an intimidating process for those who are not accounting experts. If account reconciliation is one of your least favorite tasks, these tips will help you improve your process and generate better results for your business.
3 Tips for Managing Your Account Reconciliation
- Create three different categories for your business accounts. The categories should be created based on the priority in which they need to be reconciled. The “immediate” category should include the main business accounts that you use each day. The “routine” category should include additional business accounts, such as your company PayPal or the company credit card. The “diligent” category should include any business loan accounts that you have. Design a schedule for each category so that each account is reconciled on a regular basis, as this allows you to keep your business running as smoothly as possible.
- Know the steps to take in the event of an accounting error. Accounting errors are quite common, and it won’t cause a major issue for you if you take note of it right away. This is why it is critical that you reconcile your business accounts regularly. If you find that your numbers aren’t adding up, there’s several steps you can take to correct the issue. First, start by verifying that the opening balance on the account is correct and matches what you have on file. Then, begin verifying that each transaction is correct within the statement. It can be a tedious process to identify where and how an accounting error took place, so many tour and activity operators are using software in order to automate the process and avoid manual accounting for their business.
- Automate the reconciliation process. The easiest way to reconcile your accounts and also ensure accuracy at the same time is to automate your accounting process. This can be done by investing in a software program that not only accepts online bookings but also automatically programs those bookings into your company management system. You also should find a booking system with a channel manager which offers live availability while also automatically calculating commission payments for the individual agents who resell your tours and activities. Not only can you automate your accounting inputs, but you also can automate the reconciliation process. It not only minimizes the time you need to spend on administrative tasks, but it also gives you the peace of mind you need in order to continue to grow your tour and activity business.
With an online booking system such as Rezdy, you can automate many of your accounting processes and easily reconcile the accounts that you have for your tour and activity business. In addition, you also can automate the commission payment process, which makes it easier for you to manage a large network of distribution agents.
To find out more information about Rezdy and how it can help you automate your administrative tasks, begin your free trial today.