Bank Reconciliation
The bank reconciliation statement serves as valuable internal tool that can impact tax and financial reporting. Additionally, it plays a crucial role in identifying errors and detecting intentional fraud with financial records.
When we perform bank reconciliation, we:
- Summarize banking and business activity, comparing the bank’s account balance with internal financial records
- Confirm that payments have been processed and cash collections have been deposited into a bank account
- Identify discrepancies if any
- Provide bank reconciliation to ensure accurate financial and tax reporting
