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Multiview Financials is the flagship ERP system developed, sold, implemented, and supported by Multiview Financial Software. Multiview is designed for organizations ranging in size from rapidly growing small businesses to large enterprises across North Ame...Read more about Multiview ERP
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Deltek Costpoint is an enterprise resource planning (ERP) and management solution designed to meet the requirements of midsize and large enterprise businesses. The solution primarily assists government contractors, professional service firms, and not-for-p...Read more about Deltek Costpoint
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Striven is a cloud-based enterprise resource planning (ERP) solution suitable for many industries and organizations of all sizes. It offers features for accounting, inventory management, human resources, customer relationship management (CRM), project mana...Read more about Striven
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Divvy from BILL is a spend and expense management solution that gives small and midsize businesses the credit they need and helps them save time and money by automating expense reports, budgets, and reimbursement processing — all in one place. Our free sof...Read more about BILL Spend & Expense (Formerly Divvy)
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Workday Adaptive Planning is the only native-cloud planning solution that empowers finance to configure sophisticated, driver-based models with ease, analyze unlimited scenarios on the fly, and use AI and machine learning (ML) to create predictive forecast...Read more about Workday Adaptive Planning
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AccuFund is 100% focused on serving nonprofits and government entities. The complete fund accounting financial management solution, available online or onsite, consists of a strong core system and modules that allow you to expand as your needs evolve. Acc...Read more about AccuFund Accounting Suite
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Sage Intacct operates within the Sage Business Cloud portfolio as a comprehensive cloud-based financial management software, expertly designed to bring rich financial and operational insights to a variety of businesses. Recognized for its robust accounting...Read more about Sage Intacct
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Focus X is an all-inclusive enterprise resource planning (ERP) system that helps you connect every aspect of your business operations. From production to supply chain, customer relationship management to inventory and human resources, it records and stores...Read more about Focus X
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Datarails is a financial planning and analysis platform that automates financial reporting and planning, while enabling finance teams to continue benefiting from the familiar spreadsheets and financial models of Excel. Automating these time-consuming man...Read more about Datarails
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Purpose-built to meet the needs of the modern nonprofit, educational organization, and government agency, MIP Fund Accounting® empowers organizations to track by fund, manage restrictions based on unlimited funding sources, and meet complex reporting requ...Read more about MIP Fund Accounting
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Spreadsheet Server is a modular-based reporting solution that automatically pulls live ERP data directly into a Microsoft Excel spreadsheet. It is an innovative and comprehensive solution designed to transform the way businesses handle financial reporting....Read more about Spreadsheet Server
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Petrofly is a modern, flexible, and advanced software company that primarily focuses on the Oil and Gas industry. Petrofly offers, but is not limited to, production management, accounting, interest partner management, analytics, optimizations, simulations ...Read more about Petrofly
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Ramp is the corporate card and spend management solution that helps mid-market companies accelerate growth without compromising on their finances. Issue physical and virtual cards from Ramp to enable cardholders to request spend and approve requests in rea...Read more about Ramp
Lightyear is an industry-leading cloud platform providing intelligent automation solutions for large SMEs & Enterprise level Purchasing & Accounts Payables processes. Designed to work across all industries, our end-to-end approvals workflows are up to 80%...Read more about Lightyear
Agiled is an all in one business management platform. It comes with built-in CRM, HRM, Financial Management, Project Management and Time Tracking. Users can manage all of their business in one place and provide a client portal access to their customers. ...Read more about Agiled
Phocas is a team of passionate professionals who are committed to helping people feel good about their data. Our software brings together organizations’ most useful data from an ERP and other business systems and presents it in a way that makes it easy to ...Read more about Phocas Software
Patriot Accounting offers accounting software for American businesses and accountants. Patriot Accounting is affordable and easy to use for the non-accountant, but has powerful capabilities for accountants. Patriot Accounting includes the ability to trac...Read more about Patriot Accounting
Create. Send. Get Paid. Invoice Ninja is the leading small-business platform to invoice, accept payments, track expenses & time tasks. Designed for freelancers and small to medium size businesses, Invoice Ninja is a suite of apps to help you get paid. In...Read more about Invoice Ninja
Stripe Billing is a cloud-based solution that offers a varied set of unified APIs and tools that enable businesses to manage and accept payments online. Stripe Billing handles key payment functions, such as subscriptions, storing cards and direct payo...Read more about Stripe Billing
OneStream is how today’s Finance teams can go beyond just reporting on the past and Take Finance Further™ by steering the business to the future. It’s the only enterprise finance platform that unifies financial and operational data, embeds AI for better de...Read more about OneStream
QuickBooks Online Advanced is a cloud-based accounting solution that helps small to large enterprises manage expenses, projects, invoices and more. It comes with a centralized dashboard, which enables users to gain insights into business trends and organiz...Read more about QuickBooks Online Advanced
RouteOne is an auto dealer accounting solution that helps automotive dealerships manage sales, financial channels, leads, campaigns and more via a unified platform. The integrated accounting system allows employees to handle online payments, balance sheets...Read more about RouteOne
PayIt is a software as a service (SaaS) provider of digital government services and payments. Through cloud-based technology, PayIt’s platform simplifies doing business with government agencies of any size by consolidating hundreds of services and payments...Read more about PayIt
Accurants is a cloud-based accounting solution designed for small businesses and freelancers. Key features include modules for time tracking, project management, invoicing and expense tracking. Accurants allows users to invoice customers and receive p...Read more about Accurants
SmartConcil is a web-based platform that helps businesses of all sizes automate financial reconciliation and conduct Big Data analytics. The platform streamlines the reconciliation process by automatically collecting, cleaning and sanitizing all financial ...Read more about SmartConcil
This detailed guide will help you find and buy the right reconciliation software for you and your business.
Last Updated on November 09, 2023Accurate accounting is one of the most critical objectives for a business. It provides a realistic snapshot of the company's financial position by summarizing assets and highlighting financial risks. And of course, proper accounting also has implications for regulatory compliance. Reconciliation software verifies that accounting efforts are complete and correct, and that they conform to industry standards and legal requirements.
This guide will explain how reconciliation software helps businesses and nonprofit organizations verify transactions and prepare accurate accounting documents, such as balance sheets and income statements.
Here's what we'll cover:
What are the benefits and potential issues reconciliation software?
What should you consider before purchasing reconciliation software?
Reconciliation software automates the account reconciliation process to create accurate, high-quality financial statements. It gives accountants a streamlined way to verify that their balance sheets are correct, appropriate, and compliant. The software receives information from banking institutions and compares it against internal records. Discrepancies are flagged for accountants to review and reconcile. This saves time and improves the accuracy of balance sheets, income statements, and related documents.
Many reconciliation software platforms are designed to support a specific industry, but most offer the following common features:
Bank reconciliation | Compare accounting and other financial records with corresponding bank statements. |
Financial reporting | Generate income statements and balance sheets to gauge performance and financial position. |
Document management | Upload, store, and share financial documents in a common location where stakeholders can access them on premise or in the cloud. Secure these documents using industry-standard security features. |
ERP integration | Connect reconciliation software with existing enterprise resource planning (ERP) systems through simple application programming interfaces (APIs). |
Multiple currencies | Make calculations using various international currency systems. Incorporate past exchange rates for the most realistic financial picture over time. |
Data importing and exporting | Exchange information and reports to and from the reconciliation software. Capture accounting data from other applications. Export reconciliation data and reports to other systems. |
Exception management | Find, explain, and address financial anomalies that fall outside of expected values. |
Choosing the right reconciliation software solutions starts with identifying what kind of buyer you are. Most buyers fall into one of the following categories:
Small businesses: Most organizations with fewer than 100 employees are well served by purchasing reconciliation solutions that are part of a larger suite of accounting software. This integrated approach affordably centralizes most accounting processes such as budgeting, forecasting, billing, invoicing, and payroll.
Midsize and growing businesses: Many growing businesses find they are ready to upgrade their accounting platform to a more advanced solution. One affordable alternative to replacing an entire accounting platform is integrating specialized reconciliation software as a supplement to your existing accounting architecture. This approach provides better compliance tools without the expense of changing all your accounting processes.
Enterprises: Publicly traded companies and multinational firms often have complex compliance requirements. Best-of-breed reconciliation platforms offer tailor-made solutions to fit these needs. Alternatively, organizations with over 1,000 employees may benefit from a full-featured accounting or financial reporting platform that includes advanced reconciliation tools. Finally, it's worth considering platforms that integrate with enterprise resource planning (ERP) solutions.
Nonprofit organizations: Nonprofits and not-for-profit organizations must follow strict reporting compliance guidelines. Some reconciliation tools are designed to help. For instance, they can register unusual "income" sources such as gifts of stock or durable assets that are harder to accommodate using standard reconciliation or accounting solutions.
Reconciliation software is designed to offer the following key benefits over general accounting software:
Create specialized financial documents: Export balance sheets and income statements that follow specialized formats based on industry, region, organization type, and many other variables.
Import real-time data from banking institutions: Compare company financial records against digital bank statements to spot mistakes, oversights, and irregularities. This feature provides extremely accurate information for superior bank reconciliation reports.>
Reconciliation software buyers may encounter the following issues during deployment:
Changing banks may complicate reconciliation efforts: Reconciliation software typically imports bank data, but adding or switching financial institutions can delay this process. Finding a platform with good customer service can streamline financial service transitions.
Setup can be tricky: Some platforms offer deeper report customization options. This added flexibility is useful, but some reviewers report that the process can be difficult at times. The best ways to overcome this potential obstacle are to select platforms with extensive documentation and support, and to leave your team enough time to set up the software. Overall, buyers seem to agree that the benefits of customized reports are worth the extra effort.
Keep the following considerations in mind while choosing reconciliation software:
Select reconciliation software that addresses unique industry needs. For instance, nonprofit organizations may need a way to reconcile grants and donations. Manufacturers may need to report depreciation of fixed assets. If your industry has specialized reconciliation and reporting needs, look for a solution built to accommodate them.
Companies can deploy reconciliation software using on-premise and cloud-based systems. Cloud options often have lower up-front costs; however, the costs of both deployment options eventually converge. Also, modern cloud-based systems often offer security that is as good as most on-premise solutions, or better.
The following market trends are influencing the development of reconciliation software:
The continuing rise of digital payments is increasing the complexity of banking reconciliation. With so many ways to make and receive payments, many companies are discovering that reconciliation is more complicated now than ever. Modern reconciliation software can accommodate a wider range of revenue and payment channels, which saves accountants lots of manual effort and time.
Identity theft and banking fraud are becoming more prevalent and sophisticated. Reconciliation software is another line of defense against theft. Continually comparing bank transactions against known revenue and expenses detects irregularities immediately.