Recruiter's Glossary

Examples: Revenue Cycle • Bank Reconciliation • Segment Reporting

Reconciliation

Term from Accounting industry explained for recruiters

Reconciliation is a fundamental accounting process where financial records are compared and matched to ensure they are accurate and complete. It's like double-checking that your personal bank statement matches your checkbook, but on a larger business scale. Accountants use reconciliation to verify that two sets of records (like company books and bank statements) match up correctly, spot any differences, and fix errors. This is crucial for maintaining accurate financial records and preventing fraud. When you see this term in a resume, it usually means the person has experience in checking and maintaining accurate financial records.

Examples in Resumes

Performed daily reconciliation of bank accounts totaling over $10M in transactions

Led monthly reconciliations for accounts payable and receivable

Implemented automated account reconciliation processes that reduced error rates by 40%

Typical job title: "Reconciliation Specialists"

Also try searching for:

Accountant Staff Accountant Reconciliation Analyst Accounting Specialist Financial Analyst Accounts Payable Specialist Bookkeeper

Where to Find Reconciliation Specialists

Professional Associations

Online Communities

Job Boards

Example Interview Questions

Senior Level Questions

Q: How would you handle a complex reconciliation where there's a significant unexplained variance?

Expected Answer: A senior professional should explain their systematic approach to investigating discrepancies, including reviewing historical patterns, checking for timing differences, and coordinating with other departments to resolve issues. They should also mention documentation and control procedures.

Q: Tell me about a time you improved a reconciliation process?

Expected Answer: Look for answers that demonstrate leadership in implementing more efficient processes, such as automation tools, better templates, or improved procedures that saved time and reduced errors.

Mid Level Questions

Q: What steps do you take to ensure accuracy in the reconciliation process?

Expected Answer: Should describe their process for matching transactions, investigating discrepancies, and maintaining proper documentation. Should mention cross-checking sources and following up on unmatched items.

Q: How do you prioritize multiple account reconciliations?

Expected Answer: Should explain how they organize work based on deadlines, account importance, and risk levels, while maintaining accuracy across all reconciliations.

Junior Level Questions

Q: What is bank reconciliation and why is it important?

Expected Answer: Should be able to explain that it's comparing bank statements to internal records to ensure all transactions are recorded correctly and identify any discrepancies.

Q: What documents do you need to perform a basic reconciliation?

Expected Answer: Should mention bank statements, general ledger, supporting documentation like receipts or invoices, and any relevant internal reports.