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Financial reports are only as useful as the work behind them.
If accounts are not reconciled monthly, the numbers you review are incomplete at best and misleading at worst. That’s when owners start questioning every report and relying on gut instinct instead. I’ve wrote a couple times about reconciling this week, mainly to our newer subscribers. But sending this to all of you as I want you to succeed this year and be thinking about things like this.
Reconciliations create control
They confirm cash balances are real
They ensure payments and expenses are recorded once and correctly
They catch issues before they distort decisions
What unreconciled books cause
Cash flow that never quite makes sense
Confusion around what is paid vs still owed
Time wasted chasing issues that should have been obvious
Monthly keeps problems small
Waiting until quarter-end or year-end allows errors to stack up. Monthly reconciliations keep the gap between reality and reporting tight and manageable. Some of you wait and do this at year-end. That’s mind boggling to me and is not something I recommend you do this year.
Clarity supports better leadership
When numbers are reliable, decisions move faster. You spend less time questioning reports and more time acting on them. Plus if you have plans for expanding into a new product line, developing an app, shipping more to your big customers, etc. you need to know where things are at, at all times.
January is the right moment to reset this habit. Clean, reconciled accounts make every other financial conversation easier.
If reconciliations are behind or inconsistent, reply to this email, message me in the community, or email [email protected]. Getting control starts with clean numbers.
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