Bank reconciliations are an important aspect of any accounting system, as they enable us to check that your accounts and your Bank's recording are both error free. Simply put, the bank reconciliation is the process of checking all the bank transactions recorded in your business' accounts against all the transactions outlined in the Bank Statement to check they agree. If not, then several processes need to be undertaken to find the error in your accounts, (it is very unusual for the bank to have make the error, though not impossible!) and amend or adjust where necessary.
An accurate business bank account is obviously vitally important. Errors such as duplicating entries can quickly add up and cost a business lost tax outputs or under-stated profits.
It is not a quick and easy process in most situations, it involves meticulous attention to detail and patience. So let me take it on for you!