Review Your Bank Statement Monthly

Check out our YouTube video – Review your Bank Statement Monthly

Want to feel less financial stress? Protect your assets. Business owners who check their bank accounts regularly are more at ease. Simply follow the outline of your bank statement. Review key sections of the month’s transactions. When you look at the bank’s transaction details, you will feel more in control of your money.

What to look for:

  • Be sure you are getting check images or cancelled check copies.
  • Review the checks.
    • Do you recognize the signature as yours or an authorized signer?
    • Do you recognize all payee names and did you authorize the checks?
      In January, we asked a new client to begin this review. Each month he signed off on the bank statement, accepting all the transactions as valid. In May, he noted a debit that did not look familiar to him. The debit had been a consistent monthly occurrence since before January. When we recommend that you review your accounts, look thoroughly. We’re not the ones losing, the client is. Make the effort count.
    • Are check amounts reasonable for the related payee? If you normally pay a $300 utility bill, look into a significantly higher amount. If you normally pay $500 to a freelancer, a $2,000 will stand out. Is it a valid payment?
  • Review automated and non-recurring debits and withdrawals. Ask the same questions as with checks.

Side Notes and More Tips

  • This is your money so review your accounts yourself.
  • Use the same approach for each account you have.
  • Spend five minutes a month and increase your peace of mind. Aim for financial comfort. You deserve it.

Check out our YouTube video – Review your Bank Statement Monthly