Invoice Reconciliation
Invoice reconciliation is a critical billing process where businesses verify that the amounts billed match the payments received and the services delivered. This process helps identify discrepancies, missing payments, or billing errors.
Key aspects of invoice reconciliation include:
- Matching payments received against issued invoices
- Identifying and resolving discrepancies
- Tracking partial payments and outstanding balances
- Ensuring accurate revenue recognition
Invoice reconciliation is essential for maintaining accurate financial records and ensuring compliance with accounting standards. Regular reconciliation helps businesses maintain healthy cash flow and identify potential billing issues early.