Bank Statements, Their Use And Importance

Bank Statements, Their Use And Importance

Bank statements are financial reports of withdrawals and deposits of money into a bank account.

Bank statements are a useful way to keep track of transactions. They are physical, written by the bank and not amended by a third party, so are incredibly reliable. It extremely rare for a bank statement to show wrong information. It usually takes drastic circumstances on the banks end for an incorrect bank statement to be sent to a customer.

It is important to storeĀ a backlog of bank statements. Bank statements are used as evidence for tax reports, tax claims as well as other government transactions. Some jobs also require evidence of a bank statement as part of proof you have a UK bank account, as well as for identification purposes.

Bank statement logs are also useful for businesses. A log of statements kept since the start of the business can pay dividends later on in the life of the business.