Accounting / July 19, 2018 / Pearl Bailey
This will save your company from paying overdraft fees, help catch improper spending and serious issues such as embezzlement before they get out of control, and keep transactions error-free.
A bank reconciliation should be completed at regular intervals for all bank accounts, to ensure that a company's cash records are correct. Otherwise, it may find that cash balances are much lower than expected, resulting in bounced checks or overdraft fees. A bank reconciliation will also detect some types of fraud after the fact; this information can be used to design better controls over the receipt and payment of cash.
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