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What is financial reconciliation and how to do it efficiently?
Accurate financial reconciliation is important for making informed business decisions, especially for retailers. Here's everything you need to know.
Financial reconciliation plays a pivotal role in guaranteeing the accuracy of a business's financial records. When executed effectively, it becomes a powerful tool for saving time and resources, empowering businesses to make informed decisions.
Unfortunately, many businesses grapple with a challenging situation, often relying on outdated legacy infrastructure for financial reconciliation. This usually leads to an error-prone process that wastes time and resources. According to an Adyen study, businesses often have more than four full-time equivalent (FTEs) working with financial reconciliation. 36% of companies also lose at least one full workday per week on payment operations.
To overcome this challenge, businesses can embrace automated solutions, paving the way for a streamlined and error-free financial reconciliation.
In this blog post, you’ll discover:
What is financial reconciliation?
Why is financial reconciliation important?
Financial reconciliation benefits
Types of financial reconciliation
Financial reconciliation challenges and best practices
The benefits of a single financial technology platform