A newsagent recently told me that they reconcile their accounts with their bank account every six months when their accountant does their books. This is crazy. My recommendation is that you reconcile your bank account at least weekly and preferably daily if you bank daily.
By reconcile – and as someone without any accounting training – I mean reconciling all income as recorded in your computer system to your bank statement and your computer accounting records. This work should be done by you or someone you trust but who does not have control of the cash in your business. It does not need to be done by your accountant – despite what they may say.
A newsagent discovered employee theft earlier this year that had gone undetected for several months because they did not regularly reconcile their bank account to daily takings records.