How to Balance the Books at Work: Accountability Related to Your Job Description

Were you assigned a new task, namely that of balancing the books at work? Perhaps you feel a bit insecure about accepting this role. 

Balancing the books at work can present a challenge, depending upon where you are working.

Not knowing how to balance the books at work can present a problem, particularly if it turns out that there is a shortage of money when there should not be one. If you are the one who is accountable, you will need to come up with answers.

Learning how to balance the books at work correctly, is an important part of your job description.

The expression, ‘balance the books’ means to “break even”. In other words, “equalize, experience no loss, recover cost” or “recover expense”. There is a balance between what goes into an account at work and what removed or spent.

Consider the following guidelines with respect to how to balance the books at work.

Plan a realistic budget with your employer.

Financially, every business functions better with a realistic budget. The larger the business, the larger and more complex the budget will be. The budget should be realistic for the size of the company or organization and reflect the directives of your employer. You should know how much money to expect on that account and its planned usage.

Is there a company bookkeeper or accountant? You might receive further guidance from them. Taking a basic bookkeeping course at a local college or university may be a good idea.

Set up accurate financial records.

Create a financial record of the amount of money you have to keep track of at work on a daily, weekly or monthly basis. Document all fixed expenses and variable expenses, so that there is no doubt about the use of the money. A running financial record book will prove helpful, so that you know exactly what is coming in and going out.

Obtain receipts.

It is important to obtain receipts for all expenditures. Record the transactions immediately and accurately. Documenting expenditures as soon as possible, helps to ensure the accuracy of your financial records.

Be aware that receipts or financial records may be misplaced if there is more than one person with access to them. Data entry entails the use of computer files and computers can fail. A back up copy is a good idea.

Recheck all account details.

Taking the time to recheck financial transactions in your records regularly, will save time in the end. This is particularly important with cash transactions.

Report any financial discrepancies immediately.

Be aware that when you are the one who is accountable your credibility is at stake, not someone else’s. Errors in your bookkeeping can cost you your job.

Report all financial discrepancies including suspected theft, missing monies, checks, etc. to your employer. Discrepancies multiply quickly without the person accountable being aware of what is happening. Remember that human error is always a possibility and there is no one who is not prone to err.

Keep all financial records in a safe place.

When all records and financial documents are kept in a safe place preferably under lock and key, they are less likely to be misplaced, stolen or lost. Do not leave credit cards, checkbooks or cash where others can have access to them.

What you think is a small amount of money at work, may be more than you realize when there are several shifts employed over a twenty-four hour period. Assigning responsible people to balance the books on other shifts is important. Check everything at the beginning and end of each shift with the person who has the responsibility in order to be certain you both have balanced the books at work.           

Learning how to balance the books at work is a skill that you can acquire and add to your resume. Teaching others how to do the same can make your job much easier.