Revenue Reconciliation

Reconciliation is a critical accounting process that ensures the accuracy and consistency of financial records by comparing different sets of documents to identify and resolve discrepancies. Whether it’s revenue, bank, invoice, or inventory reconciliation, businesses need to verify that the recorded transactions match the actual payments, receipts, or stock counts. These checks and balances are essential to ensure compliance with accounting rules and to avoid fraud, errors, or financial mismanagement. Reconciliation typically involves comparing documents like purchase orders, invoices, receipts, bank statements, credit card statements, and inventory reports. For example, two-way matching verifies that invoices match purchase orders, while three-way matching also incorporates receiving reports to ensure the goods were delivered as expected.

Veryfi automates document processing for every type of reconciliation by accurately extracting and organizing data from these financial documents. For two-way and three-way matching, Veryfi pulls data from invoices, purchase orders, and receiving documents, streamlining the verification process and reducing the risk of manual errors. In bank and credit card reconciliations, Veryfi extracts and compares transaction data from statements with recorded financial transactions, ensuring that all records align. For revenue and expense reconciliation, Veryfi automates the extraction of income and expense data from receipts, sales records, and financial statements, enabling businesses to quickly and accurately identify discrepancies. By digitizing and automating these reconciliation tasks, Veryfi helps businesses improve efficiency, maintain financial accuracy, and ensure compliance with accounting standards.