Account Receivable Reconciliation is an act of checking whether the actual account balance matches the corresponding bank statement. It is essential for the financial health of any organisation. Depending on the size, structure and business goals, organisations often need various accounts reconciliation services. Few important types of accounts reconciliation are - bank account reconciliation, customer reconciliation is also known as accounts receivable reconciliation and vendor reconciliation is known as accounts payable reconciliation.
It is essential to conduct periodic accounts reconciliation as it will help you avoid bigger chaos in future. But as simple as it sounds, it is already a time-consuming process to record and maintain books of accounts; one does not want to invest more time in accounts reconciliation. While you are occupied by core business activity, there might be times when you are unable to control and maintain your accounts regularly, and this might leads to a mismatch in what is recorded and the actual transaction. And this gives rise to the need for outsourced reconciliation services.