Reconciliation Software

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Showing 1 - 20 of 64 products
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Showing 1 - 20 of 64 products

Sage Intacct

Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide financial reporting and operational i...Read more

25 recommendations

Multiview ERP

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 en...Read more

4.40 (10 reviews)

25 recommendations

Striven

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 mana...Read more

4.84 (19 reviews)

22 recommendations

Adaptive Planning

Workday Adaptive Planning, founded in 2003, provides a web-based system for budgeting, forecasting and reporting. The solution is suitable for a wide variety of company sizes. Delivered over the Web in a software-as-a-service (Saa...Read more

15 recommendations

AccuFund Accounting Suite

AccuFund is an online accounting and financial reporting solution designed specifically for the nonprofit industry. Integrated into one, AccuFund's Accounting suite helps nonprofit organizations and government agencies report fund...Read more

4.33 (43 reviews)

13 recommendations

DataRails

DataRails is an FP&A solution made to help FP&A departments revolutionize their manual, excel-based processes, and provide driver-based insights into all aspects of the business. The DataRails cloud-based solution allows you ...Read more

5.00 (16 reviews)

12 recommendations

Divvy

Divvy is a free cloud-based accounting and expense management solution for businesses. Key features include managing payments and subscriptions, building strategic budgets, automated expense reports and virtual cards. Divvy t...Read more

10 recommendations

Blackbaud Financial Edge NXT

Financial Edge NXT is a cloud accounting solution from Blackbaud that provides transparency across teams, security, compliance, and reduces the need for manual processes. The system is a fund accounting solution that provides a ge...Read more

10 recommendations

Petrofly

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, o...Read more

No reviews yet

9 recommendations

Infor CloudSuite Financials

Infor CloudSuite Financials is a solution suite that provides financial functionality coupled with a source-to-settle supply management offering. The solution is role-based, mobile responsive and delivered in the cloud. It deliver...Read more

3.08 (6 reviews)

4 recommendations

Software pricing tips

Read our Reconciliation Software Buyers Guide

Subscription models

  • Per employee/per month: This model allows you to pay a monthly fee for each of your employees.
  • Per user/per month: Users pay a monthly fee for users—normally administrative users—rather than all employees.

Perpetual license

  • This involves paying an upfront sum for the license to own the software and use it indefinitely.
  • This is the more traditional model and is most common with on-premise applications and with larger businesses.

Rated best value for money

PayIt

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 hundred...Read more

5.00 (3 reviews)

4 recommendations

Nimble Property

Nimble Property is a Hotel Accounting and Operational Software that enables Property Management System (PMS) Integration and works on Automation. It also provides bookkeeping services to the full-service and limited-services hotel...Read more

4.00 (1 reviews)

3 recommendations

Bizview

Anual budget and forecast processes involve exporting data into multiple Excel spreadsheets sent back and forth between contributors and approvers. It’s easy to lose control of these time-consuming, frustrating, and error-prone pr...Read more

No reviews yet

2 recommendations

OneStream XF

OneStream XF is a market-leading CPM 2.0 solution that unifies and simplifies financial consolidation, planning, reporting, analytics and financial data quality. Modernize financial processes, replace multiple legacy applications,...Read more

4.84 (50 reviews)

1 recommendations

DataServ SaaS AP Automation

For over 26 years, DataServ has delivered cloud-based AP and AR automation solutions to mid-sized to global Fortune 500 clients in the wholesale and distribution, manufacturing, healthcare, retail, and financial services industrie...Read more

4.50 (14 reviews)

1 recommendations

Spreadsheet Server

Connect your ERP to Excel in real-time. insightserver works as an intuitive Microsoft Excel add-on, providing live data from 140+ Financial Systems into Excel for reporting and analysis, including drill-down. Empower users to...Read more

4.36 (14 reviews)

1 recommendations

Banyon Fund Accounting

Banyon Data has 37+ years experience developing fund accounting software for the public sector. The software is a great fit for small to midsize entities looking to enhance budget tracking and make the overall accounting process ...Read more

No reviews yet

1 recommendations

QuickBooks Online Advanced

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 b...Read more

Sage 300 Construction and Real Estate

Sage 300 Construction and Real Estate, formerly Sage Timberline Office, provides contractors, developers, and property managers with the most complete solution for managing the entire project or property lifecycle with confidence,...Read more

Deltek Vision

Deltek Vision is a cloud-based project-based solution for professional services firms that is available for cloud or on-premise deployment. It combines project accounting, resource management, project management, time/expense mana...Read more

Popular Reconciliation Software Comparisons

Buyers Guide

Last Updated: June 17, 2021

Accurate 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 is 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.

Common features of reconciliation software

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.

What type of buyer are you?

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.

Benefits and potential issues

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.

Key considerations for purchasing reconciliation software

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. Our "total cost of ownership" calculator can help you analyze the cost considerations. Also, modern cloud-based systems often offer security that is as good as most on-premise solutions, or better.

Market trends to understand

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.
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