Financial Statement Reconciliation is the process of reconciling discrepancies between two sets of financial records. This could mean comparing your current bank balance to a ledger, or double-checking different versions of an invoice. The key objective of the reconciliation process is to ensure accuracy in accounting and financial reporting. It’s also an important way to detect fraud and identify areas where additional controls should be implemented. With Financial Statement Reconciliation done properly, businesses can reduce costs, improve their asset management, and develop better internal control systems.