Definition
Bank Reconciliation is the process of matching a company�s financial records with its bank statements to ensure accuracy and identify discrepancies.
Related Services
Bank reconciliation services are vital in bookkeeping, fraud detection, and cash flow management. They are often automated through accounting software.
Problem and Application
Errors or timing differences can complicate reconciliations. Businesses use this process to ensure accurate financial records and maintain trust with stakeholders.
Conclusion
Bank reconciliation is a fundamental practice for accurate financial management, preventing errors, and safeguarding against fraud.
