Account Reconciliation
Companies need to have proper reconciliation procedures to be able to justify journal entries and business accounting. A robust reconciliation process improves the reliability of financial reports.
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Description
Companies need to have proper reconciliation procedures to be able to justify journal entries and business accounting. A robust reconciliation process improves the reliability of financial reports.
- Reconciling your business account helps to keep bank account up-to-date, eliminate accounting discrepancy and helps understand vendor payment cycle
- Helps prevent unauthorized wire transfers, trace lost deposits and checks
- Prevent unjustified bank charges and ensures correct transactions are posted on your account.
- Manage your cash flow more efficiently
- Protect your business credibility. With timely reconciliation, the unauthorized, forged or fraudulent activity could be detected at an early stage
- Know and understand your company’s daily cash operation and effectively manage your cash on hand
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