Reconciliation can feel like a workout routine - but why is it so important?

If you've had any conversations with the huumans team, they've probably involved some discussion around reconciliation. Reconciliation is something huumans takes very seriously - it's the single best way to give you accurate, timely insight into your business. Accurate, timely insight is the most important tool in running a successful small business.

The process of reconciliation is pretty simple in itself. Your bookkeeping team take your bank statements and transaction information each week and look for new entries. They then request or take your uploaded receipts, invoices or statements and match those to the new entries, verifying them. But beyond this your bookkeeping team is doing much more - sure they're 'balancing the book', but they're also looking for errors, unauthorized payments, liabilities (such as how much sales tax you will owe) and making sure refunds you've requested actually get refunded. Depending on your plan, they're also making sure that you're getting paid within acceptable timeframes, and that those you are paying (including your staff) are getting paid on time, every time. At huumans we do all of this weekly, meaning that at any point in time, your business is completely up-to-date within a 7 day window. This is our guarantee, and it's something we know small business owners value highly.

As you may have heard, reconciliation is something of a team sport. For your bookkeeping team to manage your transactions and balance your book every 7 days, they need those receipts, invoices or statements uploaded in a timely manner, so that when they check your books, those documents are ready and waiting to be verified, and your business brought completely up-to-date. When those documents are late, that verification cannot happen, and when that cannot happen your business - and your books - begin to run on inaccurate or out-of-date numbers. Inaccurate or out-of-date numbers usually mean bad decisions, and in small business, as you know, bad decisions can have big consequences.

So if weekly reconciliation is such an important tool for your business, and it keeps your numbers accurate AND it's a team sport - what can you do to keep ahead of the game?

Understand uploading
Not everyone is tech-savvy, and that's totally OK. Some of the best businesses are run by owners whose understanding of technology is limited to sending emails. It's one of the reasons that communication with your huumans team is based around sending emails to one address - there's not much you need to learn to be able to communicate simply and effectively with your team and get the answers you need. So if you're struggling to get your head around uploading documents or how simple programmes like Hubdoc work, let us guide you through the process. Understanding simple uploading can immediately unlock some simple efficiencies in your business which will pay serious dividends later down the line.

Upload little and often
We know what it's like. You put aside some time to do some admin, then suddenly there's a crisis or something demanding your attention and that time evaporates. We've been there. What we've found though, is that if you create positive habits around admin, it's possible to consistently keep on top of things - and consistency is everything. Uploading documents to your bookkeeping team each time a document arrives on your desk or a receipt is printed out or emailed to you can become a micro-habit that prevents an inevitable build up of paperwork. We've found that business owners who upload their documents as they arrive tend to find that habit easy to maintain and the outcome to be universally positive in terms of 'getting on top of their business'. Some business owners prefer to put aside 30 minutes one day of the week and ring fence that time for admin duties. However you do it, getting ahead of your admin through positive habit forming will not only de-stress your day-to-day, but also stop the annoyance of constant reminders from your huumans team and working with inaccurate or out-of-date business numbers.

Communicate, communicate, communicate
If you've had a bookkeeper or accountant before, you'll probably be used to not emailing them much. Does each email you send get added to your bill? Maybe. Will they reply? Eventually. At huumans, emailing us is always free and we try our best to respond to your request within one business day (if not sooner). In fact at huumans we WANT you to talk with us - let us know your concerns and queries, let us know if you think something is inaccurate, let us know if something doesn't feel right. We are of more use to your business the better we understand it. And the person who best understands your business is YOU. Despite what your previous accountant or finance person may have told you, the numbers on the screen do not tell the full story - so talk to us. If your huumans team sends a request or query to your email, respond to it as soon as you can - they're trying to help you and usually the quicker and earlier those communications happen, the better the outcome for everyone.

It may sound corny, but at huumans we feel like we're on your side. Our teams and processes have always been designed and produced to focus on you, the owner - not on what is convenient to us or our bottom line. So let us help you form some great business-positive habits, let us get your business numbers as accurate as we can, and let us give you the support you need in making your next big decisions.

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What is huumans?
A 'Modern', cost-effective bookkeeping service designed specifically for small business owners, huumans provides same or next business day support, guaranteed weekly reconciliation and fixed, transparent monthly pricing. Your business numbers, directly calculated from your constantly reconciled accounts, are presented in a free, easy-to-understand, on-demand, shareable dashboard - and like your billing, it can be managed online whenever you find it convenient. Offering the most cost effective small business managed payroll services in Canada, we also provide specialized discounts for startups and new businesses, along with dedicated solutions for franchises.