Account reconciliation ensures the accuracy of the financial statements of the business and gives a complete view of the financial status of your business. This allows bankers to evaluate the business's creditworthiness based on the accuracy of balance sheets. If the accounts with the suppliers and customers are not reconciled from time to time, the management will not get a clear picture about the exact payables and receivables at a given point of time. Account reconciliation determines the correctness of business financial statements.
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