Account reconciliation doesn’t have to be time-consuming and labor-intensive. That’s because financial reconciliation software exists to streamline the entire process from start to finish, connecting data systems, performing transaction matching, and automating reports.
We’re going to take a look at our top automated reconciliation tools by sharing their features and weighing their pros and cons.
Let’s get started.
Why is Financial Reconciliation Important?
What is Financial Reconciliation Software?
How to Know if You Need Financial Reconciliation Software?
What is the Best Financial Reconciliation Software?
What are the Benefits of Financial Reconciliation Software?
Before we dive into the best reconciliation software, it’s useful to note why financial reconciliation is so important in the first place.
Your business’ month-end close process, budgeting, and forecasting all rely on having accurate financial figures in hand.
Account reconciliation helps to make sure that:
Financial reconciliation software automates the process of account reconciliation. The solution will connect your various systems, centralize all data, perform transaction matching, and track, validate, and report balances. You can choose between on-premise options or cloud-based software.
With financial reconciliation software, you no longer suffer from key person dependencies, bottlenecks, or the risk of inaccurate or lost data.
By having accessible information in real-time, your accounting and finance team can save time, increase accuracy, and add greater value to the business by being able to offer strategic insights.
It’s safe to say that every business, regardless of size and transaction volume, will benefit from using automated reconciliation software.
Wondering if that holds true for you? Well, if your financial close process tends to take time or if there are pain points in being able to prepare financial statements, then automated reconciliation software will reshape how you execute your month-end close process.
Rather than having to spend countless hours searching for statements and account balances, the best reconciliation software will have it ready to go at your fingertips, no matter where you may be. From start to finish, every step is fluid, ensuring that you can complete your account reconciliation processes with ease, without any worry of missing crucial deadlines.
Along with time-savings, you can remain confident that data is secure and accurate, thereby decreasing compliance risk as well.
By now, the upsides of using financial automation software is probably clear. So, let’s take a look at eight of the best financial reconciliation tools on the market.
SolveXia is a financial automation platform that removes the need for spreadsheet-driven data. By connecting your existing systems, SolveXia is able to automate key finance functions, including: rebate management, account reconciliation, expense and payment management, APRA reporting, and more.
With SolveXia, you will be able to execute processes 85x faster with 90% fewer errors. SolveXia enhances team productivity by way of automating reporting, data processing, and reconciliation tasks.
By doing so, your team can free up their time to focus on high-level tasks, such as analysis and exceptions investigations.
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Rating: 4.7/5
Oracle NetSuite is a cloud-based accounting software that delivers account management functions in its suite of applications for project management, ecommerce, human resources, CRM, and ERP/financials.
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Rating: 4/5
Intuit Quickbooks is a financial planning and analysis (FP&A) software that’s aimed at small business owners and freelancers. To expand the range of Quickbooks, you can integrate the solution with any of Intuit’s products.
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Rating: 4.4/5
Blackline is a cloud-based, account reconciliation platform that is dedicated to streamlining the reconciliation process.
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Rating: 4.5/5
Xero’s accounting software is designed for small businesses, bookkeepers, and accountants.
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Rating: 4.3/5
FloQast is an accounting automation platform that is made for large organizations.
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Rating: 4.6/5
OneStream offers a management platform for corporations to automate reconciliation and leverage the power of AI.
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Rating: 4.6/5
Adra by Trintech is a financial close software that is best for account reconciliation.
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Rating: 4.5/5
With financial reconciliation software in play, businesses are able to:
Rather than spending days or weeks searching for data and then performing transaction matching, automated reconciliation software can complete transactions in minutes. As a result, your finance team can be more productive and free up time to focus on value-add tasks.
With real-time data and data validation, financial reconciliation software improves financial reporting accuracy. By doing so, companies can remain confident that the information they have is the most-up-to-date and correct single source of truth.
Rather than having to guess how the company is faring, you will have real-time access to visual dashboards and reports to make decisions moving forward.
Since financial statements and reports are regulated, particularly for publicly traded companies, it’s important that all data is accurate. Manual account reconciliation is error-prone, so by automating the process, you can remove the risk of mistakes.
At the same time, you can ensure that you meet your month-end close deadlines because you will no longer have to worry about delays or any key man dependencies.
Knowing you need financial reconciliation software is the first step. By performing research and finding the solution that is right for you, you can select the best software for your business’ needs.
The great thing about our top pick SolveXia is that it is easy-to-use for all, quick to implement, and versatile for more than just your financial reconciliation use cases. With SolveXia, businesses can boost process completion by 85x and reduce mistakes by 90% or more. Want to see SolveXia in action?
Book a 30-minute call to see how our intelligent software can give you more insights and control over your data and reporting.
Download our data sheet to learn how to automate your reconciliations for increased accuracy, speed and control.
Download our data sheet to learn how you can prepare, validate and submit regulatory returns 10x faster with automation.
Download our data sheet to learn how you can run your processes up to 100x faster and with 98% fewer errors.
Download our data sheet to learn how you can run your processes up to 100x faster and with 98% fewer errors.
Download our data sheet to learn how you can run your processes up to 100x faster and with 98% fewer errors.
Download our data sheet to learn how you can run your processes up to 100x faster and with 98% fewer errors.
Download our data sheet to learn how you can run your processes up to 100x faster and with 98% fewer errors.
Download our data sheet to learn how you can run your processes up to 100x faster and with 98% fewer errors.
Download our data sheet to learn how you can manage complex vendor and customer rebates and commission reporting at scale.
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