Account Reconciliations 101
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Evaluating the Account Reconciliation Process
The account reconciliation process is a critical first step in the financial close and sets the foundation for period end success. However, it can be an extremely stressful process that consumes more resources than planned.
What is the ultimate goal?
To achieve an efficient and effective account reconciliation process, organizations need to establish strong controls, standardize processes, and ensure alignment between their internal and external systems of record. This approach supports growth initiatives and external reporting requirements while laying a strong foundation for the entire close process.