Account Reconciliation is the financial process of verifying that account balances match across systems, ensuring there are no discrepancies. This process typically compares internal accounting records against external sources, such as bank statements, supplier invoices, or credit card reports. In manual workflows, reconciliation can be time-consuming and prone to human error. AI-powered tools like Luca AI automate this by matching transactions in real time, flagging mismatches, and suggesting corrections. Regular reconciliation helps businesses maintain accurate balance sheets, comply with auditing standards, and detect fraudulent activity early. Automating the process not only reduces labor costs but also ensures continuous financial accuracy, which is critical for decision-making, tax preparation, and stakeholder reporting.
