An act of checking whether the actual account balance matches the corresponding evidence is called accounts reconciliation. It is a vital task for the financial health of any organization as it helps reduce any kind of errors. Every business requires accounts reconciliation that has to be in accordance with the size, structure and business goals.
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Accounts Reconciliation is a menial yet vital task. While business is occupied by core business activity, it is unable to control and maintain your accounts on a regular basis, so there is a need for accounts reconciliation. It is important to know if there is any difference in the actual account balance and bank statement. A periodic accounts reconciliation is a must as it will help you avoid bigger chaos in future. It sounds simple, but it is a time-consuming process to record and maintain books of accounts yet alone invest more time in account reconciliation. The best way to deal with this issue is to outsource your accounts reconciliation process.