How Missing Money Hurts Your Business:
If money is missing from your account, you could find yourself unable to pay business expenses. This could result in a reduction in the number of customers you see. Also, missing money always impacts your bottom line. Unfortunately, this is a common problem faced by business owners.
How To Effectively Keep Tabs On Your Bank Account:
1. Set Up Online Banking Alerts:
Online banking alerts will notify you right away if something is wrong with your account. When you set this up, you may receive an email anytime something is amiss with your bank account. In other cases, you will receive a text if anything is wrong with your account. If you receive an alert, it is essential that you immediately call your bank to check on it.
2. Regularly Check Your Bank Account(s):
If you have online banking, it’s essential that you check your balance each day. While regularly checking banking alerts and online banking can usually protect you from unexpected losses, it is not sufficient to rely on email alerts and online banking alone. In fact, you should regularly visit the bank in person to check on your account. If you aren’t able to get to the bank, check your balance on an ATM whenever it’s possible. However, keep in mind that some ATMs may charge a fee to check your balance.
3. Log All Purchases:
In some cases, money that appears to be missing may actually be a purchase that you didn’t remember making. Therefore, it is essential that you log all of the purchases that you make. This includes small purchases. There are software programs that allow you to log purchases on your phone, but it’s also a good idea to keep a written ledger of purchases.
4. Look At Any Bank Statements That Come In The Mail:
When bank statements come in the mail, it’s essential to thoroughly look them over. For many people, bank statements come in every month. If you don’t get the bank statement at the expected time, it’s essential to immediately get in touch with your bank.
5. Look At Multiple Months:
Always compare the bank statement you receive with several other statements. Examine changes in the balance, but also carefully examine other changes. It’s particularly important to keep track of any changes in the interest rate.