4 Best Accounting Reconciliation Software: How to Choose?

Accounting reconciliation software has a lot to offer to your business. Rather than having your accounting team scrambling to collect necessary data, cross-reference transactions by hand, and manually create reports, the best reconciliation software will manage the otherwise time-consuming (and error-prone) process for you.

Let’s take a look at four of the best account reconciliation software options to consider.

Coming Up

What is Accounting Reconciliation Software?

What are the Benefits of Accounting Reconciliation Software?

What are the 4 Best Accounting Reconciliation Software?

Why Use Accounting Reconciliation Software?

What to Look for in Accounting Reconciliation Software?

Wrap Up

What is Accounting Reconciliation Software?

Before we dive into the pros of the best reconciliation software and balance sheet reconciliation software, it’s best to first understand what accounting reconciliation software is and does.

Accounting reconciliation software automates the process of account reconciliation by connecting data, performing transaction matching, comparing account balances, and generating reports.

By utilising accounting reconciliation software, you can gain confidence in knowing that your reconciliations are highly accurate in order to produce intact and trustworthy financial statements. As a result, you’ll be ready to make informed business decisions at any point in time.

What are the Benefits of Accounting Reconciliation Software?

If you’ve automated any of your financial processes before, then you know there are a lot of benefits to be had. In the case of accounting reconciliation software, you’ll be able to:

1. Streamline the Process

When performing account reconciliation manually, there’s a high chance that the process will face bottlenecks when moving between responsible parties.

You also risk key person dependencies, where the entire process could come to a halt if the accountable person is out sick or on vacation (or even worse, leaves the company).

With automation software like SolveXia, the entire process is streamlined through automation so it will run through the entirety without any pause (and in less time).

2. Save Time

Speaking of saving time, automating this otherwise time-consuming and chaotic process will undoubtedly save your team time (and your business money). This is particularly true if you have a high volume of transactions from multiple payment providers like Apple Pay, World Pay, Paypal, Amazon, ebay and Stripe.

When you utilise accounting reconciliation software, the software connects to all your systems in real time and carries out the reconciliation in minutes. This frees up your accounting department to focus on high-value add tasks and strategic initiatives rather than data management.

3. Reduce Compliance Risk

With the aid of accounting reconciliation software, your data is more accurate and up-to-date. Therefore, so is your reporting, which helps to reduce risks and adhere to regulations.

4. Increase Visibility

As the process runs through the automation software, any person with access control can check in on its status. As a result, your organisation benefits from improved internal control and utmost visibility.

What are the 4 Best Accounting Reconciliation Software?

On your search to find the best accounting reconciliation software, you’ll come across countless viable options.

However, before implementing a new solution within your organisation, you’ll want to make sure you’ve taken into consideration all of the important features and factors. We’ll share more on how to evaluate accounting reconciliation software shortly.

Before we do, let’s review some of the top contenders:

1. SolveXia

SolveXia is a no code digital work platform designed for finance automation. As an enterprise-grade solution with enhanced security to protect your data, SolveXia maximises your productivity and streamlines your workflows.

The solution connects to your existing and legacy systems so that no data gets lost in the shuffle. With the ability to centralise and transform data in seconds, you’re able to execute account reconciliation in a fraction of the time that it would take to do so manually.

Along with the time savings, the system performs transaction matching that is accurate and removes the risk of manual error. If there are exceptions that arise during the transaction matching step, SolveXia will alert and notify your team to correct and adjust the exceptions. This is particularly useful if you use multiple payment providers.

Since the software is cloud-based, you can have it up-and-running in less than 30 minutes, provide access control to the users who require access, and keep the software updated at all times with no need to code or get IT involved.

Along with account reconciliation automation, SolveXia has advanced data transformation, enrichment, and management capabilities. This means that the software will transform your raw data into rich insights by way of advanced analytics.

With customisable dashboards and reports, any team member, stakeholder, or business leader will have the information they need at their fingertips to best understand the business’ status and make decisions accordingly.

Plus, SolveXia can also help you to execute rebates, revenue and expense management, expense analytics, regulatory reporting, and more.

2. Blackline

Blackline is a cloud-based financial close software that helps to manage the financial close process, accounting automation, and reconciliation. By implementing the software, you can standardise your reconciliation process and produce high-quality financial statements.

Like SolveXia, Blackline is an out-of-the-box solution, which means there’s no coding necessary or IT team required for setup.

Blackline integrates with your existing systems such as ERPs, CRMs, account payable apps and even legacy systems.

3. Xero

Xero is a cloud-based accounting software made for small businesses, personal finance, and mid to large sized businesses. The app has an easy-to-use interface and integrates with your systems.

You can use it to perform accounting tasks such as to prepare ledgers, create financial statements, and execute bank reconciliation. Xero uses encryption so that your data stays safe and secure.

4. Redwood

Noted to be one of the best all-around reconciliation software options, Redwood is a software that’s considered to be record to report (R2R). This means that the automation software will also provide packages for closing and reporting.

The cloud-based solution integrates with your existing systems and can be deployed on-premise, if preferred. The product has built-in business process management capabilities that also offers dashboards.

Why Use Accounting Reconciliation Software?

As you know, accounting reconciliation is a process that involves many moving pieces, people, and requires a lot of accurate data. Performing account reconciliation manually can set your team back and cause you to miss important deadlines.

With accounting reconciliation software, you can dramatically reduce the risk of errors and make the entire month-end close process easy to manage. You get the advantage of financial integrity and streamlined processes, which can transform your entire organisation for the better.

Accounting reconciliation software also protects your data with bank-grade security and ensures compliance. With increased internal control and transparency, business leaders, owners, and stakeholders get to alleviate their own worries by knowing that their most important financial processes are being handled properly.

What to Look for in Accounting Reconciliation Software?

As promised, we’re going to share our tips and best practices for you when you’re comparing multiple accounting reconciliation software options.

There are certain features to look out for and ensure that you are readily available in your selection. These include:

1. Integrations: You’ll want to make sure that the software can integrate with the systems you’re already using. This is crucial because your data already exists, so you don’t want to lose any of what you need when introducing a new system.

2. Usability: These software-as-a-service solutions offer a way to transform your business without needing an entire IT team or coding capabilities. You’ll want to look for a solution that is easy-to-use. For example, a reconciliation tool like SolveXia has a library of pre-built workflow templates that help you execute your financial processes immediately through automation. Alternatively, if you wish to design your own workflow, you can do so using its drag-and-drop functionality.

3. Security: Check the security components of your chosen software. When you select a cloud-based software, the security updates are automatically pushed through the system, so you never have to worry about your data’s safety again.

4. Scalability: While you can find a software that handles account reconciliation alone, it’s more cost effective and beneficial to choose a solution that helps automate multiple financial processes. Additionally, you’ll want a software that can handle a high volume of transactions and grow with your business.

Wrap Up

Accounting reconciliation software will help your business to close its books more rapidly and with greater accuracy. Since it is a repetitive and necessary (and possibly even regulated) process, it should be a high priority to streamline so that your business can operate with efficiency. Once you select a software solution, you will reap the benefits immediately.

If you wish to see how an accounting reconciliation tool like SolveXia can automate your complex financial processes and provide advanced analytics, click here to request a demo. Our team is ready to assist!