Bookkeeping Errors Checkeeper Helps Prevent

Errors are common in balancing and recording check payments, but they don't have to be. Consider some common check recording errors that online check printing can eliminate:

Omission and duplication of transaction recording

Neglecting to record a transaction and recording the same transaction multiple times are common bookkeeping errors—especially in a bookkeeping system where transactions are recorded in multiple ledgers at once or when the bookkeeping is handled by multiple people. A systematized and standardized process for issuing and recording payments helps cut down on common recording errors. Checkeeper offers an automated, online check registry that records everything for you, so that no manual data entry into a check registry is required. Payments that are recorded and stored automatically do not omit or duplicate transactions but only record the check payments created in the account.

Incomplete recording

When recording check transactions, important check fields are sometimes left out—especially when you have many transactions to record at once. Misrecording a payee’s name, the amount, or the date can make it difficult to track down payments later when you need to reconcile accounts, track expenses, and update your budget. Even a simple transposition of numbers from a check amount can throw off the accuracy of the record. Online check recording eliminates the potential for entries that are incorrectly or incompletely recorded because the online registry automatically remembers every check field, even when you don’t. Need to track down a payment later? The smart check registry is searchable by any check field, so even if you only know one check element in question, you can pull up the desired check immediately. Not even sure of that much? Search your registry according to a custom time frame to get a list of all checks created within that span, and get a narrowed-down list for you to scan.

Mismatched data

Companies that use more than one application for accounting, payments, or payroll achieve greater efficiency when those applications can work together to sync data smoothly and automatically. Having to enter payment data into multiple software systems at once will inevitably lead to oversights and mistakes; using services that integrate with each other means that data will match across multiple platforms. Checkeeper integrates with many commonly-used accounting and payroll software for businesses, including QuickBooks Online, Xero, Square, FreshBooks, and more, so that users do not have to enter the same payment data multiple times in multiple places.

Wrong amounts paid

Many businesses pay the same vendor multiple times for services, inventory, utilities, equipment, repairs, etc., and it can become easy to lose track. Overpaying a supplier depletes your available cash, while underpayments will incur late fees and potential interest charges. Paying the wrong amount can cause confusion, hold up business, and become a headache trying to sort out later. Checkeeper makes it easy to eliminate this problem with a simple bill-to-check conversion option. Link Checkeeper to an Odoo or Xero account to have data from unpaid invoices imported directly into Checkeeper. Checkeeper will generate payment checks with all fields automatically populated with the correct information. Payments due to the same vendor are consolidated into a single check payment with an attached invoice table that breaks down the total. This reduces the chances of miscalculation and underpayment, and it streamlines the bookkeeping process for everyone.

Lack of security and accountability

Having a clear, standardized payment system in place reduces opportunities for both error and fraud. It is especially important when multiple people are handling the payments and the recording in a busy office. Checkeeper provides a customized payment option with account security and accountability to create greater efficiency, accuracy, and oversight. Checkeeper uses the same level of encryption that banks use, and Checkeeper is SOC II, HIPAA, and GDPR compliant. All checks printed at the Checkeeper fulfillment center are printed in the MICR ink that bank computers recognize, and all accounts are monitored for security. Checkeeper does not touch users’ funds or move money into separate accounts, so account holders remain in full control of their funds. Reports run through Checkeeper indicate the authorized user who initiated each check and the date and time of its creation, ensuring maximum accountability and transparency in the payment process.