Balance Sheet Account Reconciliation is an essential practice for businesses of all sizes and types. This process is necessary to ensure that a company’s financial records are accurate and up-to-date. The goal of account reconciliation is to compare the transactions on the company’s books to those of its external business partners, such as banks, vendors and customers. By examining both sets of accounts and analyzing any discrepancies, companies can confidently confirm the accuracy of their financial statements and make adjustments accordingly. A successful account reconciliation helps protect a business from financial mishaps and mismanagement.