Bank Reconciliation Software

Get the best bank reconciliation software for your business. Compare product reviews, pricing below. Read our buyer’s guide for more help.

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BlackLine Screenshot
BlackLine
★★★★★
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(1)
BlackLine is a cloud financial close solution that helps drive continuous improvement across your finance and accounting organization. THe software provides an accurate and effective account reconcliation process that helps produce high-quality and…
Client OS
Web
Deployment
Cloud Hosted
Xero Screenshot
Xero
★★★★★
★★★★★
(3)
Xero is an online accounting solution for small businesses that is known for its ease of use. See your cashflow in real-time with online billing, banking and accounting. Just login anytime, anywhere. Free trial, pay nothing until you’re ready; No setup…
Price Range
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Starting Price
$9/month
Client OS
Web
Deployment
Cloud Hosted
OneStream Screenshot
OneStream is a corporate performance management software aimed to help enterprises simplify their financial consolidation, planning, reporting, analysis, and data quality. OneStream is a CPM solution meant for use in all areas of your enterprise and is…
Price Range
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Client OS
Web, Windows, iOS, Android
Deployment
Cloud or On-Premises
CashMatching Screenshot
CashMatching bank reconciliation software from DataLog Finance helps automate the reconciliation of all entries such as accounting entires, bank entries, and more. The software aims to maximize the automatic reconciliation rate. The software is highly…
Client OS
Web
Deployment
Cloud Hosted
Cashbook Screenshot
Cashbook connects your bank accounts with your ERP software through cash application automation, accounts payable automation, and bank reconciliation automation. The software lets you allocate resources to value add functions, helps automate repetitive AP…
Price Range
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Starting Price
$3,000/user (perpetual license)
Client OS
Windows
Deployment
On-Premises
ReconArt Screenshot
ReconArt is a world class reconciliation software designed to work with a large variety of business scenarios. The software is intended to let you leverage the best practices involved with all aspects of reconciliation. The solution is 100% web-based and…
Price Range
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Starting Price
$300/month/user
Client OS
Web
Deployment
Cloud Hosted
Duco Screenshot
Duco is a data quality and reconciliation tool that helps normalize, validate, and reconcile any data in the cloud. The software helps your staff reconcile data within hours and can work for a start-up or a global corporation. Data can be loaded from…
Client OS
Web
Deployment
On-Premises
Bank Rec Screenshot
Bank Rec from Treasury Software helps quickly and easily reconcile all of your bank accounts by providing high-speed automated transaction management. Customized matching rules help free your staff from time-consuming tasks, and unmatched records can…
Price Range
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Starting Price
$99.95/month
Client OS
Windows
Deployment
Cloud Hosted
ReconNET Screenshot
ReconNET
★★★★★
★★★★★
(1)
The ReconNET reconciliation system can help you automate over 90% of your financial reconciliation and account balancing processes in a single system. With ReconNET, your staff can do more in less time and focus on resolving exceptions, not discovering…
Client OS
Windows
Deployment
On-Premises
Traverse Screenshot
Traverse
★★★★★
★★★★★
(3)
Traverse is an ERP system from Open Systems, Inc. (OSAS) offering enterprise accounting financial, operations, and sales functionality. Traverse provides comprehensive integration for key business processes, while offering the ability to scale from 5 to…
Price Range
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Starting Price
$100/month/user
Client OS
Windows, Web
Deployment
Cloud or On-Premises

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Bank Reconciliation Software Buyer’s Guide

What is Bank Reconciliation Software?

Bank reconciliation software helps automate the financial close process and replaces it with a centralized online system. Preparers using the software can retrieve real-time balances from a general ledger, carry information and open items from prior periods, and compare data from the bank statement and invoices. These account reconciliations can then be signed electronically by the preparer before being sent to a reviewer for approval. Once approved, the data can be stored in the software’s database as an audit trail.

Many account reconciliation software provides unified templates to highlight this reconciliation data and provide a layer of automation to grab financial data from your banks, general ledger, and other accounts. Users can upload supporting documents, leave comments, view company policies and procedures, and electronically view and sign off on bank reconciliations. Rules-based certification tools can help management monitor the process and create dashboard reconciliation reports that illustrate your company’s cash flow.

BlackLine Bank Reconciliation Software
Manage the integrity of your balance sheet with BlackLine.

Features of Bank Reconciliation Software

  • Account transaction matching: Match bank transactions and internal account transactions from multiple sources to each other. Establish matching rules specific to one account or company-wide. Can create matching transactions to solve differences within predetermined tolerances.
  • Reporting: Create reconciliation statement reports that list unmatched records. View suggestions for getting your account into balance. Store reports for future historical reporting and compare the differences in financial statements from previous periods.
  • Issue Management: Identify exceptions, track follow up attempts and roll forward issues into subsequent periods, and resolve via a manual matching clean-up method.
  • Classifications: Match records correctly by assigning appropriate type classes and using that as an attribute during the matching process. Classes can be user-defined or set automatically.
OneStream Financial Consolidations Bank Reconciliation Software
Handle financial consolidations with OneStream.

Benefits of Bank Reconciliation Software

Both large and small businesses will benefit from the use of reconciliation software. Automated algorithms, full bank and ERP integration, and in-depth reporting are a few of the immediate benefits offered to a company looking to implement bank reconciliation software. Larger businesses will benefit even greater as they begin to handle multi-entity accounting or multi-currency accounting, and require managing multiple bank accounts across different stores and regions.

Fully Automate Your Bank Reconciliation

Account reconciliation software provides a level of automation that relies less on manual input from your employees, leaving you more time to analyze reports and improve other areas of your business. Automation will lead to stronger compliance, decreased costs, and speed up the financial close process.

The controls embedded within reconciliation software will improve automation by decreasing the risk of errors. This is accomplished by ensuring all connected balance sheet accounts are reconciled (including new or recently added accounts), sending alerts to the appropriate users for approval or rework, template creation, and storing documents in the right place.

When it comes to inter-company transaction processing, bank reconciliation software will automatically post transactions across different entities at the same time. This will ensure your accounts always balance with one another. Other types of activities that can be automated include journal entries as well as the creation of checklists that can point your staff in the right direction at the month-end close.

CashMatching Bank Reconciliation Software
A list of reconciliations in CashMatching.

Standardize Your Reconciliation Process

Account reconciliation software will help optimize how your reconciliations are presented, which will help improve the quality and accuracy of your financial data. Many companies that perform manual reconciliations will deal with non-standardized methods. This means that their documentation is being recorded in a variety of formats and data is spread thin between different locations. This downside is in addition to the amount of manual labor that is required to perform the reconciliations, meaning their full-time employees are tied up from handling more important tasks.

Reconciliation software will enforce standardized rules for every reconciliation type. When it comes to auditing, bank reconciliation software will give a standardized presentation with your reconciliations and also provide a centralized document repository. Management staff handling approvals will be able to easily monitor the activity of the staff handling the reconciliations.

Cashbook bank reconciliation software
A list of reconciliations in Cashbook.

Reduce Errors and Enhance Internal Controls

Internal controls in your accounting process will assure your organization is being as effective and efficient as possible by providing reliable financial reporting and compliance with any laws, regulations, and policies. Balance sheet reconciliation software will compare your accounts and adequately explain differences between accounts.

The biggest benefit of the internal controls provided via account reconciliation software is the reduction of risk that is prevalent with manual paper-based methods. Electronic processes will help segregate duties between your staff, automatically sync with any accounting software or ERP systems, and detect missing or duplicated transactions.

ReconArt Bank Reconciliation Software Dashboard
View a dashboard of reconciliations in ReconArt.
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