5 Best Account Reconciliation Software 2024

Account reconciliation is an absolutely necessary function to ensure your finances are in order, but it shouldn’t drain your accounting team of its valuable time and energy. The best account reconciliation software makes this repetitive and critical process seamless, efficient, and accurate, to name a few benefits. 

We’re going to see what a difference account reconciliation automation can make for your team by drilling into the details and reviewing five of our top picks. 

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What is Account Reconciliation Software?

Account reconciliation software is technology that automates the reconciliation process by compiling necessary data, checking for errors and discrepancies, performing transaction matching, updating entries and validating account balances. 

The software is used to ensure that account balances from internal documents and external systems are in alignment. If not, the software notifies your team so that proper investigation and updates can take place. With the use of reconciliation software like SolveXia, you can speed up manual processes by 100x and reduce errors by 90%. 

What is the Best Account Reconciliation Software? 

With plenty of data reconciliation techniques and technologies to streamline them for you, it’s no wonder why it can be difficult to choose a software for your business. There’s a lot of research required, so we’ve compiled our best account reconciliation software options here to give you a head start. 

1. SolveXia

SolveXia is a low-code finance platform that automates your spreadsheet-driven data and manual processes. With SolveXia implemented, finance and accounting teams are able to effortlessly unify data across systems and spreadsheets to run processes without human intervention or involvement from IT teams. 

SolveXia is able to ingest data in any format and perform transaction matching on the spot. Rather than having your team spend time inputting data, they can use their time wisely to analyze insights and provide suggestions. 

With data transformation and enrichment capabilities, SolveXia can be used for any type of reconciliation, as well as rebate management and commission calculations. 

Its cloud-based, drag-and-drop interface makes usability a breeze. SolveXia can handle your most simple to most complex critical finance functions, including: reconciliation, expense management, regulatory reporting, revenue management, and more. 

Plus, SolveXia integrates with your existing tech stack and performs reconciliation in minutes rather than days or weeks. Should any exceptions arise, the software will provide alerts so your staff can speedily review and rectify any unmatched transactions. 

Pros:

• Data ingestion and matching with complex rules and across systems/spreadsheets 
• Improved efficiency through automation so accounting teams can focus on investigating exceptions rather than data entry 
• Easy-to-use drag-and-drop interface
• Smart matching capabilities to reconcile complex scenarios, including many-to-many and one-to-many relationships 
• Data persistence that eliminated timing delays so investigations are simpler to perform 
• Once implemented, no need for IT team 
• Cloud-based accessibility with secure access controls 
• Customizable dashboards and reports, including executive-level dashboards 
• Grants access to real-time data with utmost accuracy 
• Highly customizable with one-to-one, one-to-many, and many-to-many matching 
• Library of pre-built templates to automate workflows 
• Scalable solution 

2. ReconArt

Dedicated to automating account reconciliation, ReconArt’s single-solution tool offers a web-based reconciliation software. 

With the option to host on-site as well, ReconArt is geared to assist with various types of reconciliation, including: credit card reconciliation, balance sheet reconciliation, variance analysis, bank reconciliation, and the like. 

Pros:

• The solution can be up-and-running within 6 weeks 
• Requires minimized IT support and boasts a user-friendly interface 
• Offers key metrics reporting 

Cons:

• Difficulty pulling back uploaded data
• Lacks sophistication in being able to handle complex match rules 

3. Xero

Xero is a cloud-based software for accounting automation. For companies looking to automate more than just reconciliation, Xero provides expense tracking and invoice automation, too. 

Users can complete the reconciliation process more quickly and accurately, as well as access reports to better understand the company’s financial position. Additionally, Xero offers integration capabilities, so you can link it up with some of your existing tools and online services. 

Pros:

• Cloud-based software supports accessibility 
• Real-time synchronization with bank data 
• Able to add unlimited users to promote collaboration 

Cons:

• Some users report a steep learning curve to fully utilize effectively 
• May face slower response times, especially when processing a high volume of sales 
• Customer service is hard to reach 

4. Sage

Sage is a financial management and accounting software that is designed to automate key finance functions, including: bank reconciliation, expense tracking, financial reporting, payroll management, bookkeeping, invoicing and billing, and analytics, to name a few. 

Pros:

• Unlimited users allowed 
• Audit trail and accountant access 
• Can integrate with roughly 40 apps 

Cons:

• Steep learning curve 
• May be costly for some
• Lacks a global search function 

5. Quickbooks

As a popular small business accounting solution, Intuit’s QuickBooks supports bookkeeping, record-keeping and accounting needs. Within the realm of accounting, it offers a robust solution that is able to integrate with existing software, including in-house payroll. Since it isn’t designed for large enterprises, it is hard to scale. 

Pros:

• Relatively easy to learn and use 
• Cost effective pricing 
• Accessible via mobile devices 

Cons: 

• System crashes 
• Limits number of users 
• Made for small businesses, so lacks features for enterprise-grade needs 

Why is Account Reconciliation Important?

Account reconciliation is incredibly important for businesses of every size because it is a means to make sure that your financial statements and records are accurate. 

Account reconciliation helps to prevent mistakes on the balance sheet and detect fraud early on. For publicly traded companies, the accuracy of financial statements is regulated, and thus, mistakes can create costly damage. 

For private companies, it is still of utmost value to have correct financial statements and to know the company’s financial position to make informed business decisions. 

What are the Benefits of Account Reconciliation Software?

The account reconciliation process is ongoing and tends to take place as part of the monthly financial close process. 

When done manually, it is time-consuming and error-prone, which is why so many companies take advantages of the many benefits that come along with using account reconciliation software like SolveXia, such as:

1. Accuracy 

Manual and repetitive processes tend to result in mistakes. The addition of account reconciliation software prevents these mistakes from taking place so you can be confident in your data and financial statement’s accuracy. 

2. Time Savings

Data collection, transaction matching, and reporting take a lot of time and effort. Solutions like SolveXia help complete account reconciliation and transaction matching in minutes, rather than days or weeks. 

3. No Bottlenecks 

Say goodbye to bottlenecks, delays, and key person dependencies when you implement finance automation software in your business. Every workflow runs smoothly, and there’s no risk of information slipping through the cracks, being lost or stuck on a desk, or relying on a single person to get the job done. 

How to Choose the Best Bank Reconciliation Software?

There are a few things to look out for when searching for the best bank reconciliation software for your needs, namely: 

• Functionality: Seek a tool that is easy-to-use, no matter one’s technical abilities 

• Features: Ensure it has the features you need that align with your business goals 

• Scalability: Find  solution that can grow with your business as transaction volume increases 

• Customer Support: For the times you need help, is there customer support or resources available at your disposal? 

• Integration: the chances are high that you’re already using technology and systems in your business, so it’s optimal that the new solution will be able to work with your existing tech stack. 

• Pricing: The budget is also a factor in determining what solution is an option. Check to see how many users are included based on the pricing provided. 

When Do You Need Account Reconciliation Software?

There’s no doubt every business has a lot to gain by implementing account reconciliation software. This is especially true if you are facing:

1. Increased Transaction Volume

When businesses first start, it may be possible to conduct account reconciliation by hand because the volume of transactions is manageable. 

However, as the volume of sales grows, so does the need for automation software. Consider your current volume and think about how your accounting will take place in the future as you grow. 

2. Errors in Statements

Have you noticed any mistakes in your financial statements? If you see errors, it’s certainly time to automate! 

3. Compliance Risks

If you’re operating in a highly-regulated business, it’s crucial to protect your business’ interests by adhering to standards. 

4. Time-Consuming Processes

Does your account reconciliation process take your accounting team days or weeks to complete? Are they fed up having to manually search for necessary data to complete their tasks? Account automation solutions like SolveXia saves your team time and money. 

What are the Best Features of Account Reconciliation Software?

Every account reconciliation software has its own fair share of features, pros, and cons. Some of the most important features to seek out are:

• Cloud-based so you can access information from wherever you are
• Reporting capabilities based on each user to be able to review the information that’s relevant to their respective role
• Matching techniques that are customizable 
• An easy-to-use interface
• Scalable solution that can grow with your business without having to sacrifice effectiveness 

Closing Thoughts

The best account reconciliation software can dramatically enhance your business’ productivity and your finance team’s satisfaction levels. Since account reconciliation is a must-do activity, you can consider automated account reconciliation to be a must-have solution. 

Reconciliation Software like SolveXia is user-friendly, scalable, cost effective, and also makes it easy to automate other critical finance functions, alongside account reconciliation. Want to see how it works in action? We invite you to request a demo.