Tilikuminen

Tilikuminen is a Finnish term that broadly refers to the process of financial reconciliation and accounting, particularly concerning the closing of accounts at the end of a fiscal period. It encompasses the verification, balancing, and reporting of financial transactions to ensure accuracy and compliance with accounting standards. This involves comparing records from different sources, such as bank statements, invoices, and internal ledgers, to identify and resolve any discrepancies.

The primary goal of tilikuminen is to present a true and fair view of an entity's financial position. This typically includes preparing financial statements like the balance sheet and income statement. For businesses, it is a crucial part of their annual reporting process, often required for tax purposes and for providing information to stakeholders. In a broader sense, tilikuminen can also refer to the general practice of managing and accounting for money, both in personal and organizational contexts. The term implies a systematic approach to financial oversight and accountability.