Account reconciliation is defined as an act of checking whether the actual account balance matches the corresponding bank statement. It is important for the financial health of any organisation. Depending on the size, structure and business goals, organisations often need diverse account reconciliation services.
While you are occupied by core business activity, there might be times when you are unable to control and maintain your accounts on a regular basis, and this might leads to a difference in the actual account balance and bank statement. It is important to conduct periodic accounts reconciliation as it will help you avoid bigger chaos in future.