Significance Of Account Reconciliation For Bookkeeping Services In Surrey



Reconciliation is the accounting process that compares two records to check whether the figures are absolutely correct and in agreement. Bookkeeping services in Surrey carry out accounts reconciliation for confirming that accounts given in the general ledger are complete, accurate, and consistent. But, reconciliation is not something that is only done from a commercial standpoint. Even the accountants handling personal finances need to consider this process.

Account reconciliation is basically used to explain the difference between account balances or two different financial records. The timing of deposits and payments might leave some differences in the accounts. However, there should not be any unexplained discrepancies or fraudulency in the books. As such, account reconciliation is a way to ensure if the books have been cooked or not. Individuals and businesses might reconcile the records annually, monthly, or daily.

There is no set way to carry out account reconciliation. Usually, double-entry accounting, as per the generally accepted accounting principles, serves as the most commonly used tool for account reconciliation. The effectiveness of this method makes this a chosen way for most accountants. You can talk to the services you hire about how they proceed with the account reconciliation process in their line of work.

Get in touch with the highly experienced and reliable bookkeeping solution providers at PK Accounting Services today and talk to them about the needs of your business. The experts will take a load of business accounting off your shoulders.

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