What is included in Financial Reports? The three primary financial statements are the balance sheet, income statement, and cash flow statement. The balance sheet reports an organization’s assets, liabilities, and
The 3 financial reporting standards are: International Financial Reporting Standards (IFRS): IFRS is a set of international accounting standards that companies use when preparing financial statements. IFRS is designed
What is Intercompany reconciliation? Intercompany reconciliation is the process of matching and resolving differences between the books of two or more companies that are related to one another. The purpose
What is Customer Reconciliation? Customer reconciliation is the process of comparing customer records between two systems to ensure accuracy and completeness. This can be done manually or through automated means.
What is vendor Reconciliation? A vendor reconciliation is a process of comparing the vendor’s records with the company’s records to ensure that all invoices have been accounted for and paid.