Do you check your bank account regularly enough?
Quarterly, monthly, weekly, daily, hourly? The right frequency really depends on the volume of transactions going through at any one time. I would recommend at least once a week and perhaps daily if there are more than say five transactions per day.
What you should look for:
- Have all your customers paid?
- Did they pay the correct amount?
- Did they pay later invoices rather than earlier ones and why?
Investment Income & Other items
- Do you know what all the receipts are for and where they have come from?
- Have you received the correct amount of dividends for your holding?
- Did the supplier give you the correct refund for your item?
- Did the payments set up for the supplier go through accurately and reach the correct supplier bank account?
- Have all the cheques cleared the bank account?
- Are all the direct debits and standing orders still valid? Are they all still required or can any be cancelled?