Learn how Vena reduces budgeting, reporting, and analysis times by 50%.
Balance sheet reconciliation is the process of confirming the closing balances on your company’s balance sheet against your support documentation. It’s one of the steps in the financial close process.
Your business’s decision makers—and external stakeholders such as investors or potential investors—need an accurate view of the company’s true financial position. To ensure your balance sheet accurately reflects this, you must confirm its numbers by verifying the trial balances in your general ledger with the corresponding document and transactions, such as a sub-ledger or a bank statement.
Your business should perform a balance sheet reconciliation—at minimum—monthly, as part of your month-end close process and account reconciliations. Some companies perform this process daily.
Monitor your company’s financial health with this free Monthly Balance Sheet Template for Excel.
Verifying the numbers on your balance sheet is critical to providing an accurate view of the company’s true financial position to your decision makers. Without a trustworthy snapshot, your stakeholders and potential investors can’t make confident decisions.
Close faster with Vena’s Financial Close Management Software. Cut your month-end close times, automate your workflows and produce accurate reports for your decision makers.