Bank Reconciliation is important for hotel business owners because it ensures that the financial transactions between your bank account and the company’s bank account are reconciled. This process prevents two separate businesses from accidentally receiving deposits or withdrawals from the same account. The reconciliation process also allows you to easily identify if any payments have been received by your company without your knowledge or consent. In addition, a reconciliation report can be used to track expenses and losses as well as to identify where money is going through which accounts, this will allow you to make more informed decisions in regard of funding and spending figures. Finally, a bank reconciliation report can also be used to connect each expenditure to its source so that you can make sure the money spent was spent in accordance with your records. This helps you to avoid any possible accounting errors as well as any frauds and embezzlement in your hotel. Get started with Nimble to auto reconcile your bank accounts to stay on top of you financial position.

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