How to Review Your Business Bank Account Each Week

A weekly bank account review can help you catch problems before they become larger.

Choose one day each week to review the activity in your business checking account and credit card account.This does not need to take a long time.

Look at every payment and deposit from the previous week. Make sure you recognize each transaction.

Watch for:

• Charges you do not recognize

• Duplicate payments

• Unexpected bank fees

• Missing customer deposits

• Subscriptions you forgot about

• Payments made from the wrong account

Also check whether the bank balance is lower than expected. Upcoming automatic payments, checks that have not cleared, and unpaid bills may affect how much money is actually available.

When you find an unfamiliar charge, investigate it immediately. It is easier to remember a purchase from a few days ago than one from several months ago.

Weekly reviews also help you become more familiar with the normal movement of money in your business.

The goal is not to study every number for hours. The goal is to regularly check that the activity makes senseand nothing important has been overlooked.