If you’re like most business owners, you keep track of your business finances in a
spreadsheet or some other type of accounting software. But when it comes time to
reconcile your credit card statement, you don’t have the time or patience for tedious
number-crunching. This article gives you tips for making this task easier and less timeconsuming.
What is a credit card statement?
A credit card statement is a record of all of the transactions that have happened on your
credit card over a specific period of time, usually a month. The most important thing
about a credit card statement is that it shows you how much money you have left in your
credit card account.
Most credit card companies send their customers a statement every month, but some may
send it quarterly or annually.
Separate your business finances from your personal finances
It’s crucial that you separate your business finances from your personal finances. It’s
important that you know where your money is coming from and how it’s being spent. If
you don’t separate your business finances from your personal finances, you can end up
spending your business’s money without realising it.
Reconcile in batches, not all at once
One of the best ways to get on top of your finances is to reconcile your accounts in
batches instead of all at once. This allows you to see how each of your accounts is doing
over a period of time, and to quickly address any issues.
Get help if you need it, feel free to reach out to us for all of your bookkeeping needs
Takeaway: Your credit card statement is an easy-to-read record of where your money went.
If you know how to read it, it can be a valuable source of information about the success or
failure of your business.