Reconciliation of your business bank account implies that you are comparing your internal financial records against the records supplied to you by your bank. A monthly bank reconciliation enables you to identify any suspicious transactions that could potentially be fraud or accounting errors, and the practice also helps you identify inefficiencies. Bank Reconciliation – Mode […]
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The Role of a Bank Reconciliation Statement in Safeguarding Your Business
To be a successful business person, you can’t just focus on providing quality products and services to your existing customers, you also need to keep an eye on your finances. There has to be proper checks on all financial transactions taking place, ensuring that the funds of the company are not being misused. One of […]
Bank Reconciliation Process: A Step-by-Step Guide [Infographic]
A bank reconciliation process is whereby you compare your business sales and expenses records against your bank’s records. The process verifies your accounting numbers, ensuring the balance on your books reflects those shown on your bank statement. Businesses ought to run a bank reconciliation process every end month. Once you acquire your monthly bank statement, […]
Bank Reconciliations – Best Practices to Follow
The article focuses on the four aspects of bank reconciliations to help understand the best practices that should be adopted in all organizations. It is imperative that bank reconciliations be a part of your accounting practices. Businesses can follow these steps to avoid confusion, foresees accounting pitfalls, and ensures the highest standard of accounting. Compliance […]
