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Reconciliation and Audits: Ensuring Accurate Financial Records Even with the right software and tools, regular reconciliations and audits are essential for maintaining the accuracy of your financial records. Example : A café schedules quarterly audits to review financial transactions.
Key aspects of bank statement analysis Transaction categorization: Classify entries as deposits, withdrawals, transfers, payments, etc. Expense analysis: Review outgoingpayments such as vendor payments , payroll, and operational costs. Spot unusual activities that may indicate errors or bank statement fraud.
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