Accounting errors can be costly. Decisions are made every day based on preceding financial results, and when the results that are reported end up containing inaccuracies, catastrophe can follow. The best way to guard against inaccuracies in financial reporting is account reconciliation, a process involving comparing two sets of financial records to ensure that the end result is the same. A robust and complete reconciliation program, which is performed on a consistent basis, lends credibility to the financial information, giving confidence to finance and assurance to stakeholders that the financials can be relied upon as accurate and complete.
I know that every general ledger account should be reconciled. Whether that reconciliation involved data verification by comparing different sets of data and ensuring the same result or reasonableness testing by comparing results from different time periods, I can help you set up a complete reconciliation program including templates for your accounts to take the uncertainty out of financial reporting.
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