Financial reconciliation: 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Unfortunately, many businesses grapple with a challenging situation, often relying on outdated legacy infrastructure for financial reconciliation.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