Studies have shown that it takes a minimum of 21 days to build a new habit or break an old one. Building good habits are essential for the success of your business and your personal life.

There are a lot of business processes that can be difficult to start and require regular commitment. A great example is reconciling your bank accounts. Many business owners neglect regular bank reconciliations and in turn are left with large numbers of  un-reconciled transactions. Once this occurs, the problem snowballs and what starts out as a simple task becomes insurmountable. It is important to turn your bank reconciliation process into a good habit for a number of reasons:

1. If you reconcile your bank regularly, the transactions will be fresh in your mind making it easy to remember which account they should be coded to.
2. If you set aside small amounts of time every week, you can spread the workload, and avoid sitting down for long unnecessary time in front of your computer.
3. Having your accounts reconciled will enable you to run management reports, allowing you to have a greater understanding of your business and make good strategic decisions. This will also help you to determine your cash flow position

If you want to find out how to develop good reconciliation habits and how you can use management reports to have a better understanding of your business, call us today.