Bank reconciliation is a crucial accounting tool that helps businesses ensure that their financial records match their bank statements. It is an essential process that can help you identify financial mistakes at an early stage and take corrective measures. Escrow Consulting Group is a leading accounting and bookkeeping service provider in Dubai that offers bank reconciliation services to help you track how money is flowing in and out of your company.
Bank reconciliation involves comparing your company’s internal accounting reports with bank statements to identify discrepancies between the two. The book balance in your accounting records is known as the book balance, whereas the bank balance is known as the bank balance. There could be discrepancies between your bank and book balances, which can lead to overdraft expenses, bounced cheques, cheques deposited but not cleared, and an overdrawn account. Reconciling bank statements can help you identify these discrepancies and find out the reasons behind them.
Escrow Consulting Group’s team of expert accountants performs bank reconciliation statements for you, reflecting the reason for which the variation happens. They can help you track how money is flowing from in and out of your company, ensuring that your internal and external books of accounts match accurately. The team can also explain why discrepancies occur and help you resolve them at an early stage before they harm your business finance.
In conclusion, Bank reconciliation services are essential for businesses of all sizes to ensure that their financial records match their bank statements. Escrow Consulting Group offers expert accounting and bookkeeping service, including bank reconciliation services, to help you track how money is flowing in and out of your company accurately.