@remotekeeping
Bank reconciliation is the process of comparing a company’s internal financial records with the transactions listed on its bank statement to ensure accuracy and consistency. This process helps identify discrepancies such as outstanding checks, deposits in transit, bank fees, errors, or fraudulent activities. By regularly performing bank reconciliations, businesses can maintain accurate cash balances, detect mistakes early, and improve financial control. It is an essential part of accounting that ensures the company’s books reflect the true financial position and prevents cash flow or reporting issues.
