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here are various reasons, which may cause differences between the bank balance as per bank statement and the reconciled balance according to Turbo CASH.To read more on how to deal with these differences, click here.The bank reconciliation helps you to identify these transactions and enter them into your cash book.Another reason is the time factor, if you send a cheque to another supplier by post.The challenges are compounded for global, multi-location retail organisations that manage multiple bank accounts across different stores and in different regions.However, modern, The outmoded bank reconciliation method of managing multiple spreadsheets and updating separate programs remains in widespread use, despite the fact that automated reconciliation software regularly saves organisations more than 50% of the time and resources previously dedicated to bank reconciliation.
Automated bank reconciliation software is delivering substantial savings to well-known global retailers on a daily basis.
The best bank reconciliation software solutions will also offer full, real-time visibility of all activity, matches and exceptions, and provide a complete audit trail to help organisations quickly identify and resolve issues.
The Cashbook bank reconciliation software module has established greater financial control and a higher level of reporting and detail than ever before for TGI Fridays.
Legacy systems take time and require a focused staff to manually review and compare ledgers with bank statements on a monthly or bi-monthly basis.
Retailers with multiple stores in multiple regions must also navigate different closing dates, formats, fees and requirements.