Are you in the market for reconciliation software solutions? Well, you’re in the right place because we are going to take a look at the best reconciliation software that’s worth your time and consideration.
We’ll also see how automated reconciliation tools can streamline your processes, improve accuracy, boost internal control, and overall aid in boosting your company’s productivity.
When it comes to the top of the line reconciliation software solutions, it can be hard to choose the best one for your needs.
That’s why we have created a list of our favorite data reconciliation software:
SolveXia is a digital work platform that is designed for financial automation. By implementing SolveXia within your organization, you can expect to complete your reconciliation processes 100x faster with 90% fewer errors.
SolveXia connects data from your existing systems and is able to ingest it in any format to then conduct transaction matching in minutes.
Rather than having to manually prepare data, your team can rather spend time reviewing and analyzing any discrepancies that the system will promptly alert them of.
Once SolveXia is set up and running, there’s no reliance on an IT team, and you can add new users right away. Say goodbye to siloed data, bottlenecks, and key person dependencies.
Importantly, SolveXia is able to handle complex matching scenarios with one-to-many and many-to-many relationships, so you can always rest assured knowing that your reconciliation rules are being followed.
Pros:
Oracle Netsuite is a cloud-based software that offers real-time reporting, customizable dashboards, and automated billing solutions. Given the software’s scalability, it can be a useful tool for enterprises looking to automate many functions with one tool.
Pros:
Cons:
Sage is an accounting software that delivers an integrated reconciliation feature as one of its solutions. It can also be used to send quotes and invoices and track income.
Pros:
Cons:
As another accounting software, Quickbooks also offers reconciliation capabilities for invoice reconciliation and bank reconciliation.
Pros:
Cons:
Based in New Zealand, Xero’s accounting software connects with your banks, accepts payments, offers payroll solutions, and performs bank reconciliation.
Pros:
Cons:
Reconciliation is a primary finance function in which two sets of records are compared against each other to ensure accuracy and consistency. There are different types of reconciliation, which are based on what records you’re comparing, such as bank reconciliation, credit card reconciliation, intercompany reconciliation, and the like.
Reconciliation is an internal control so that companies can be sure their books match external statements, and in turn, their financial statements are right.
With a growing number of transactions taking place and the use of multiple payment processors, like Amazon, Worldpay, eBay, and more, automated reconciliation tools save time, improve accuracy, and make your accounting team’s job that much easier.
Reconciliation must be performed in businesses of every size because it verifies the integrity of financial statements.
Along with this key aspect, reconciliation is also performed to:
Account reconciliation software streamlines the otherwise manual and time-consuming process of reconciliation.
By automating every step of the way, account reconciliation software matches transactions in minutes rather than hours or days, notifies your team of exceptions or discrepancies, syncs transactions and data in real-time, and completes reconciliation much faster than humans possibly can by hand.
Reconciliation software solutions like SolveXia offer customizable reporting features, operate in the cloud so are accessible from anywhere, and securely connect and store your data so you no longer have to rely on spreadsheets.
Reconciliation software solutions are popular for good reason.
Once up-and-running, they bring with them a host of benefits, including:
Choosing the right reconciliation software requires knowing what to look for.
Here are some of the key features that you’ll want to find in the solution that you decide to go with:
Reconciliation should take place at least every month during the financial close process. A reconciliation software can help move the financial close process along, document every action that has been taken, and generate reports as needed.
The crux of reconciliation is transaction matching. Find a tool that allows you to set matching rules for each account and enables the classification of records.
The point of these solutions is so that your team no longer has to manage the process manually. Automated reconciliation leverages artificial intelligence (AI) and machine learning (ML) to handle highly complex data with accuracy and speed.
You should be able to receive detailed reports that can compare historical records and enable capabilities to better forecast the future.
When discrepancies have been noticed, the system should roll the issue forward until its resolution has taken place. You’ll also want the software to notify and alert your team of said issue so that investigation can take place.
The best reconciliation software offers the ability to create your own matching rules and provides flexibility so you can adjust rules based on different data sources.
Up-to-date information is critical for decision-making, so the reconciliation software should be able to merge and manage data from various sources.
With customizable dashboards, every party gets to quickly access the information they need in real-time with utmost accountability. A single source of truth by way of a visual dashboard makes the information easy to digest.
There may be times that you need a helping hand, so look for software that offers resources and customer support.
Whether an internal or external auditor wishes to take a look at your process, the system should be able to deliver an audit trail that is easy to pull and securely stores all actions and data.
Of course, security is a primary consideration since you’re dealing with sensitive financial data. The best software is constantly updated and improved upon to protect your information.
The solution shouldn’t slow down with transaction volume growth. Automated reconciliation software like SolveXia never sacrifices quality, no matter how many transactions need to be matched.
Automated reconciliation software will help your business in many ways. You’ll also notice improved employee satisfaction as your team will no longer be stuck manually comparing records.
Instead, they’ll spend their time on high-level tasks as the reconciliation software does the time-consuming and repetitive work.
You’ll be able to:
The real question we should be asking is, “What are you waiting for if you’re not already using reconciliation software solutions?”
Reconciliation software like SolveXia will improve your business and provide seemingly immediate ROI. You’ll be able to conduct reconciliations as frequently as you wish, which can reduce fraud, mistakes, and improve real-time decision-making capabilities.
Request a demo to see how easy it can all be!
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.
Learn how you can avoid and overcome the biggest challenges facing CFOs who want to automate.