Reconciling the bank account each month allows us to:
- Identify lost checks, deposits, or unauthorized transactions.
- Detect and prevent excess/unjustified bank charges and ensure transactions are posted
Correctly by the bank
- Detect and prevent embezzlement of funds from within your company
- Know how your business is doing? You can’t really know unless all accounts are
Reconciled and properly accounted for on your financial statement
- Manage your cash more effectively. Proper management of funds not only saves
You money, it makes money for you.
- Protect yourself. By timely reconciling and promptly objecting to your bank about
Any unauthorized, fraudulent, or forged checks presented to your bank and paid by
That bank, you can relieve your agency of responsibility for the shortfall and transfer the
Risk to the bank.Crime Exists!