Financial Statement Reconciliation
Do not overlook this financial control to ensure there is an agreement between your internal sets of records (general ledger) and the external sets of records (third-party documents). Not performing this accounting exercise can expose your business to potential legal issues if errors or irregularities are not timely detected.
This is a critical accounting activity to organize and document your financial records properly. Maintaining accurate bookkeeping of these records can assist you in the early detection of fraud, assess your business expenses, and stay in control of your finances.