Bank reconciliation is a huge internal control, not only over cash, but over other business as well—payroll, payable, and receivable. It can be applied to any business size, industry, and any accounting cycle. You should verify your accounts in QuickBooks Online on a regular basis to ensure that they match your bank and credit card statements. This is referred to as bank reconciliation. When you have your bank statement in hand, compare each transaction to the ones you've put into QuickBooks Online. If everything is in order, you may be confident that your accounts are balanced and accurate. Every month, it is strongly recommended that you perform bank reconciliation. This is a manual process in QuickBooks Online that visually examines both data sources: QuickBooks Online data and bank statement data.

The biggest complexities that arise with running a business involve the complexities in the financial reconciliation process. Business owners and accountants have to spend the last days of the month reconciling all of their statements, and this can easily take up days of their time, if not months. Data reconciliation is something companies cannot function without nowadays. Rarely can any business go ahead without interacting with a financial institution. There are a few different types of reconciliation processes that companies may have to undergo. Quite naturally, the entire process becomes very tedious, and after a point, the whole purpose of these statements becomes bleak.

If you work with disparate data within a common business context and need to increase the awareness and understanding of the data, you have probably already faced the challenge of how raw data can be refined based on complex rules involving processing of different data attributes.

Bank reconciliations can be processed for small businesses and personal checking accounts and savings accounts, or for corporate accounting requirements.
The main two reasons for performing it are the fraud detection and annual audit for your business.

Reporting takes essential part of every business process, streamlining the results and enhancing the data representation, supporting the taking of the effective decisions.
Reviewing the modern market reporting tools is outside the scope of this article, and we will only focus on what BitCurb provides in terms of reporting functionality.