Definition
Bank Reconciliation
The accounting process of matching bank records to internal books — an early target for AI replacement.
From the episode “Stop Doing Your Own HR”Hear it on the podcast1 episode
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Related terms in Finance & Markets
AppealA request for a higher court to review a lower court's decision.APS (Attending Physician Statement)A clinician-completed summary used when an electronic record cannot be retrieved, common in insurance underwriting.Automated market maker (AMM)A decentralized-finance mechanism that creates liquidity by pooling assets and matching trades algorithmically rather than through a traditional order book.Backdoor consentGrobler's term for permission harvested through platform terms of service that users accepted without understanding the likeness implications.Big FourThe four largest accounting firms: PwC, EY, Deloitte, KPMG.Billable hourThe legacy law pricing model Logan is trying to retire.Broker-dealerA regulated entity licensed to transact securities on behalf of clients. Fairmint is working to add this registration.CAGRCompound annual growth rate; lithium demand grew roughly 30% annually over the past decade per Jeremy.