No doubt; bank reconciliation often becomes a task cause postponement on the financial statement issuance, while it should be ready on time. Yes it isn’t a small task, what accounting task isn’t? But that is not the actual issue.
First, accounting staffs often underestimate the bank reconciliation process—it’s too easy so that they put it on the last priority. Second, the bank statement from only arrive after the end of the month.
The core of the bank reconciliation task is to make the cash balance in the book is corresponded with the bank statement. The different between the company’s book with the bank statement mostly because of some regular charges, they are usually some small regular amounts: bank fee, bank stamp, and bank interest.
So to avoid such postponement, fits of all, do not wait the printed bank statement submitted by the bank, instead get the draft in weekly basis and do bank recon accordingly. But, still some transactions need to be recorded at the end of the month.
Best approach is by subscribing to the online banking service which allows you to access the daily transaction movement through the internet browser, so that you can always spot any transaction through the bank [including the bank charges, interest, etc.] right when they are happened reconcile the company’s book.