5 Best Bank Reconciliation Software

Financial Automation
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You’re not new to the process of bank reconciliation. If you’re reading this, you’ve likely dealt with the pains that come along with the monthly process. Your solution resides in bank reconciliation software.

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To help you get started with the best automated bank reconciliation software for your business, we’ve compiled a list of the top 5 products on the market. It’s time to talk about account reconciliation tools!

Coming Up

1. What is Bank Reconciliation?

2. What is Bank Reconciliation Software?

3. What are Features of Bank Reconciliation Software?

4. What are Benefits of Bank Reconciliation Software?

5. What is the Best Bank Reconciliation Software?

6. Game-Changing Automation Awaits

What is Bank Reconciliation?

Bank reconciliation is the accounting process that compares bank statements to internal data, such as the general ledger, to ensure that balances match up. It’s a process that can be performed as frequently as desired, but at the very least, it’s always part of the financial month-end close process.

When performed manually, bank reconciliation runs the risk of errors because of the heavy amount of data. This is even more concerning when your business is dealing with a high volume of transactions and multiple payment processors (i.e. PayPal, Stripe, Worldplay, and the like). The risk grows with more transactions and added payment processors. Most companies are leveraging the benefits of bank reconciliation software to streamline and hasten the otherwise time-consuming, but necessary, process.

What is Bank Reconciliation Software?

Bank reconciliation software aims to automate the financial close process through a centralised system. Users of the software are able to review general ledger balances in real-time, carry data into upcoming periods from prior periods, and automatically compare records across internal and external documents.

When the bank reconciliation process is completed, it won’t run the risk of being stuck on someone’s desk for approval. Instead, the system sends the reconciliation documents over to the approver for signoff. Through every step, the system stores an audit trail that can be reviewed at any time and on an as-needed basis.

What are Features of Bank Reconciliation Software?

Bank reconciliation software is stacked with valuable features. Here’s a look at what you can expect to have at your fingertips:

1. Transaction Matching

Bank reconciliation software automatically matches transactions so that your team doesn’t have to manually sift through records. This not only maximises accuracy, but it also saves your team time.

2. Issue Management

The best bank reconciliation software will notify its users when it comes along with an issue, such as an exception, roll forward situation, or any similar discrepancy. It may call for a manual rectification of the issue, but the software will be able to alert your team member when it’s necessary.

3. Classifications

Bank reconciliation software may offer the capability to assign type classes that serve as an attribute during the matching process. These classes can either be added automatically or set up manually.

4. Reporting

When unmatched records arise, bank reconciliation software can create reconciliation statement reports. This makes it easy to review historical reporting and compare differences between each period’s financial statements.

What are Benefits of Bank Reconciliation Software?

The benefits of bank reconciliation software are far-reaching. Since it’s a process that takes place on a recurring basis, the advantages of bank reconciliation software are sure to continuously transform your business for the better.

Here’s a look at what you stand to gain by implementing automated bank reconciliation software:

1. Save Time

Automatic reconciliation is naturally faster than manual reconciliation. The time savings mean that your team has more time to allocate to high-value tasks and responsibilities such as serving as strategic advisors for the business.

2. Reduce Errors

No matter how seasoned an accounting department is, mistakes are inevitable. This is especially the case when there is a high volume of transactions and the use of multiple payment processors. Automatic reconciliation can not only shine a spotlight on human errors, but it can also work to prevent them through algorithmic precision.

3. Minimise Fraud

Since bank reconciliation software works quickly and accurately, it can help to spot and reduce fraud before it causes bigger problems within your business.

4. Employee Satisfaction

Manual reconciliation quickly becomes repetitive and tiring. This can lead to employee fatigue and frustration. With automatic reconciliation deployed, your team no longer has to be burdened by the hardships of account reconciliation because the system takes care of it. This leaves staff free to work on high value insight driven tasks.

5. Greater Transparency

Since account reconciliation often moves through multiple hands, it can easily become stuck in the process or delayed. With bank reconciliation software, every responsible and relevant party has access to see the current status of the financial close process. This makes it easy to meet deadlines and optimise each person’s time given the visibility.

What is the Best Bank Reconciliation Software?

With these features and benefits in mind, let’s take a look at five of the best bank reconciliation software products available to your business.

1. SolveXia

As a low code automation platform for finance automation, SolveXia can be used to automate account reconciliations and so much more. The enterprise-grade software offers data processing, audit trails, reporting, process automation, along with more functionalities.

In terms of performing bank reconciliation, SolveXia can ingest data in any format and structure it for quick and easy transaction matching, even for the most complex of transactions and high volume. When the software encounters exceptions, you’ll be notified to correct and make adjustments.

With the option to run on the cloud and integrate with your legacy systems, SolveXia’s low-code/no-code solution means that you can be up-and-running with automation in less than 30 minutes.

Beyond the processes that SolveXia can automate, you can also use its data enrichment and data transformation functions to reap deep insights from your data. These analytics are easy to review in customisable dashboards and automated reports.

2. BlackLine

BlackLine’s cloud financial close software system features financial close process management and accounting automation functions.

Teams that use BlackLine for reconciliation can access workflows, standardised templates, and links to procedures within the software. With cloud-based dashboards, users can monitor the process and gain real-time visibility from anywhere.

3. Xero

Built as an online accounting software, Xero uses suggested matches to help streamline the reconciliation process. Its interface allows for online accounting, invoicing, tracking inventory, paying bills, and of course, bank reconciliation. The tool is designed for mid to large-size businesses and offers unlimited users on every plan.

4. Sage

Sage Business Cloud Accounting is bank reconciliation software that has an automatic bank feed. It supports unlimited transactions and is relatively easy to set up and use.

The software runs on a subscription basis and uses artificial intelligence (AI) to learn from your categorizations. However, Sage doesn't allow you to view any outstanding transactions after reconciliation is performed.

5. QuickBooks

QuickBooks for small business provides accounting tools that run the range from reconciliation to payroll and everything in between.

Companies that use QuickBooks can reconcile monthly bank account statements against its QuickBooks Online check register to make sure that transactions align. The system also stores an audit log to be able to find errors and review transaction history during the reconciliation process.

Download Now: Reconciliation Data Sheet

Game-Changing Automation Awaits

Bank reconciliation software streamlines the month-end close process and prevents manual errors. With growing transaction volume and increased use of multiple payment processors, performing reconciliation takes more time and is fraught with its fair share of challenges.

WIth bank reconciliation software like what SolveXia offers, your team can maximise their productivity and minimise their pain points.

Request a SolveXia demo to see the software in action today!

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