statement-reconciliation

Vocabulary Word

Definition

'Statement reconciliation' is when you compare two financial documents to make sure they agree. It's like double-checking work in a class project before you submit it.

Examples in Different Contexts

In business operations, statement reconciliation is used to verify that transactions recorded in the company's books match those listed in the bank statement. A business owner might state, 'Accurate statement reconciliation is key to effective cash flow management and financial planning.'

Practice Scenarios

Tech

Scenario:

For a company with large scale transactions, we need a software solution that can handle crucial financial tasks accurately.

Response:

I would recommend a software that offers automated statement reconciliation. This ensures accuracy and saves considerable time.

Sustainability

Scenario:

We want to ensure our projects are financially transparent and that our funds are used wisely.

Response:

Statement reconciliation can help us track and manage our funds more effectively, thereby promoting responsible spending.