Business Accounting Reconciliation

The Bank Account Reconciliation is the last set of transactions to be reconciled against the bank statement. This is the last check - matching recorded transactions with the figures shown on the bank statement.
If the transactions recorded for the sale of products or services or transactions recorded for the payment to suppliers are incorrect due to manipulation of data for a personal benefit or by human error - the bank reconciliation will be incorrect as well. It will not pick up the incorrect transactions entered during raising of invoices or payment of bills. This is only a sample but it extends to payroll, inventory, etc.
This process needs the attention of the decision-makers, business owners to maintain the integrity of the business accounting reconciliation, thus minimizing the risk of errors, cooking the books and/or fraud.