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accountingbyte
<span style=”font-weight: 400;”>Bank reconciliation involves the process of balancing the internal financial records of a company and the bank statement in an attempt to make the two balances equal. It assists to detect discrepancies like pending checks, deposits under transit, bank fees, or errors in recording. Bank reconciliation will guarantee a high level of accuracy in financial reporting and curb frauds or mismanagement. It also assists businesses to keep up to date cash flow records and identify transactions that are not authorized. The monthly reconciliation of bank accounts enhances better financial management by business, minimizing accounting errors, and providing credible financial reports in decision-making and compliance.</span>
ja7osv16lu
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