eKourier Jan 2018

FINANCE Bank (w)Rec(k)

Customer Feedback “I was really happy from the minute I spoke with Leigh at Maroochydore. Super professional and happy to help. Informative without being pushy and followed up when he said he would. Based on this I was sold. For the record I’m kind of hard to impress too so this is a great compliment. Well done.” “Suzanne at North Melbourne was very helpful and efficient, assessing the space I would require and quickly arranging my storage. She looked after all my needs and was happy to spend time answering my questions and explaining the process for after hours entry to the facility.” “The gentleman I first spoke to at Panorama was very thorough with all the information and kindly showed me a couple of the appropriate storage units. He clearly explained the conditions, payment and insurance so I was able to make a clear decision.” “Your Team is great, particularly the lovely Dennis at Petersham, he has been seriously brilliant every time I’ve dealt with him.” “From the first phone call taken by Ramesh at Waterloo, through to the person who showed me the storage and set things up, it was all first class.” “Everything was great at Tauranga. Duncan the Manager, is outstanding and provided the”X” factor!” “Everything was great with friendly, helpful staff. Prospect is a clean premises with professional service well administered!” “Great facilities at North Melbourne, and above all exceptional service and super friendly Manager Azam, who helped us a great deal.” “Friendly staff and a great experience overall at Macquarie Park. Highly recommended!”

R econciliations and in partic- ular Bank Reconciliations are often spoken about and we all hear about them regularly, especially from a Finance Team. Why do we hear about the Bank Rec so often? This saying will never change and as we move to a far more electronic world, it becomes even more important that we are aware of what is going in and out of our bank accounts(s). The good old Bank Reconciliation impacts all of us every day. Often we do not realise we are carrying out a Bank Rec. We may be doing it in our heads, on a scrap of paper or a formal process at work. In our every day lives we are always aware of our Bank Account and what is going on and as we spend money, we are subconsciously doing a Bank Rec every time. CASH IS KING

that have fraudulently been charged to our accounts. • The Bank Rec will also identify any errors we may have made. • The Rec assists to identify customer payments that may have not matched in our system. • Ensuring all items are banked and accurate allows the business to collect cash to make payments to suppliers, wages, statutory charges etc and then use the remaining funds to invest and continue to grow the business. Where Bank Recs are not done the opposite of all the above points could take place which could lead to disastrous outcomes for a business or a bank w-rec-k!! There could be incorrect charges, fraud, errors and non payments from customers. Cash flow could also be impacted.

Carrying out daily Bank Recs prevents

‘

‘ The good old Bank Reconciliation impacts all of us every day. Often we do not realise we are carrying out a Bank Rec. We may be doing it in our heads, on a scrap of paper or a formal process at work. What is a Bank Rec and why is it necessary ? • It is a review of what has gone in and out of a Bank Account. • It looks to ensure that what has gone in and out is what we expected to see. any wreck relating to cash and banking. When doing a Bank Rec we are carrying out one of the most important processes we could do for our personal or profes- sional lives. Have a go, look at your Bank Statement, get your kids to have a look at their Statements. It is interesting and

rewarding as well as sometimes a scary experience! But do enjoy the process, it will avoid any nasty surprises in the future… Anthony Rous Chief Financial Officer

• It also identifies anything unexpected such as a bounced cheque or direct debit, an unusual charge that may not be ours or errors from the bank (they do happen). • These days with cyber fraud on the increase we are also looking for items

8 Kennards Kourier January 2018