One of the major activities that business owners fret about is balancing the books. Bank reconciliation is a very tough tedious process for many business owners that drains their creative energy very fast & quickly. Keeping receipts in shoe boxes and invoices and sitting down after work hours to do this uninterrupted is not an activity even most workaholic business owners will enjoy. As your business grows bigger, it will become even more difficult when you delegate this task to another staff. You have to make sure they are being very thorough and honest.

First, they have to ensure all expenses and sales transactions are entered into the system then make sure the bank statement reflects them and ensure the month-end balance of your accounting books and bank balance match. This is a tough exercise even for professional accountants, you don’t have to ask how it feels for overworked business owners with very little time and expertise on this matter.


We are very aware of this problem at myBooks, we have developed a simple bank reconciliation feature that will not only make this process much easier, but much more quicker to do. We have kept daily balance of bank and mybooks at the reconciliation page right there, so you can easily find if there is any mismatch for any of the days, and identify which transaction made on when is causing the discrepancy and take corrective action.


Feature will be live soon currently in testing

Further, you can do multi-categorization of bank statements with just a click. Let’s say you want to have 20 business meal receipts to categories. You can select 20 of them in go and categorize meal receipts. This will automatically create 20 expenses for you and balance your books. If you don’t want to create 20 transactions, you can just combine them to create 1 transaction for 20 items, done with it quick and easy.


Feature will be live soon currently in testing

Further, we have developed automatic bank feed fetch integration in myBooks, You can directly connect bank accounts with myBooks, this will fetch all the transactions and balance directly from your bank. This will not only eliminate manual efforts to upload transactions but also reduce human errors in this activity. Also we have created an automated program to check your whether books and bank balance are in sync and any unreconciled items on your bank statement will be sent as notification to your myBooks dashboards. If you are using myBooks mobile device, which we strongly recommend you to do, This will be sent as a push notification to your phone.


Balancing your books and keeping your business numbers in order doesn’t have to be tedious anymore, it can be done very quickly and easily. We hope this will reduce the time taken for balancing the books and get you more time to do creative work on your business. Please let us know your comments at feedback –

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