reconciliation processes

Reconciliation processes refer to the methods used to ensure that two sets of records, often financial, match and are accurate. This involves comparing accounts, invoices, or transactions to identify any discrepancies, errors, or inconsistencies. The goal is to confirm that both sides of a ledger align, reflecting true financial status. In practice, it helps organizations manage their finances effectively, prevent fraud, and maintain transparency. Regular reconciliation builds trust in financial reporting and ensures compliance with regulations, ultimately supporting better decision-making within a business.