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Payment reconciliation: What it is and how it's done

Maria avatar
Shared by Maria • January 21, 2024

Keeping accurate financial records is critical for businesses to maintain robust financial health and make informed decisions. However, with a high volume of daily transactions, discrepancies between internal accounting and external bank statements can quickly occur. Payment reconciliation plays a vital role in ensuring the integrity of financial data by systematically matching incoming and outgoing transactions to identify inconsistencies.