What is Reconciliation?
Finance & accounting. A plain-English definition for Australian business owners.
Reconciliation is the process of comparing two sources of financial data and resolving any differences.
The most common is bank reconciliation — matching the accounting system's record of transactions against the bank statement. Other reconciliations include supplier statement reconciliation, payroll reconciliation against STP submissions, and inter-system reconciliation (e.g., POS to accounting system).
In a connected back office this sits with the Finance hub, where Valont runs bookkeeping, managed payroll and bas & tax compliance for Australian SMEs as one team. The full definition set is on the glossary.
Talk to an Advisor
General information, not advice. For how this applies to your business, talk it through with a Trusted Advisor or start with the Business Health Check.