Bank Reconciliation Benefits

In bookkeeping, a bank reconciliation is a process that explains the difference on a specified date between the bank balance shown in an organization’s bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own accounting records.
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Benefits for Reconciling Account:

• Verify if data has been enter correctly.
• Shows if checks issued have been cashed.
• Keeps track of all transactions that been incurred throughout the month to make sure there isn’t any double entry in the accounting software made by a person.
• Helps you identify bank fees and other hidden expenses you might not know you are paying.
• Detects Fraud
• Prevents Overdraft
• Identifies Bank Errors
• Accurate Balance