5+ best bank reconciliation software

Tashreef Shareef
by Tashreef Shareef
Windows & Software Expert
Tashreef Shareef is a software developer turned tech writer. He discovered his interest in technology after reading a tech magazine accidentally. Now he writes about everything tech from Windows to iOS and streaming services... Read more
Affiliate Disclosure
  • Bank reconciliation software is a dream come true to anyone running a small business.
  • As always, there is more than one option on the market and this might generate some confusion.
  • But we're here to help! Check out these best reconciliation tools that you can use to improve your workflows.
  • From automated reconciliation software to accounting services, you'll find your productivity booster for sure here.
automated reconciliation tools

Manual reconciliation is a tried-and-tested method and more than half of the companies in the US still take this approach. However, this it’s prone to human errors, unlike bank reconciliation software.

What’s more, automated reconciliation will take one of the most time-consuming tasks in the accounting department and make it faster and more efficient.

But, not every company is ready to make the switch yet. The prime reasons being the costs and the time it will take for the employees to get familiar with the new technology.

One way to know if your business would benefit from reconciliation tools is to start assessing your business needs.

Once done, evaluate the available software options and then focus on the training part as the rollout of the new automated system begins.

There are many reconciliation tools available on the market today. So which should you choose for your business? That’s where we step in.

This article will help you find the best bank reconciliation software to modernize your finance and accounting areas and boost your productivity.

What is the best bank reconciliation software?

QuickBooks

When it comes to balancing checks, creating invoices, reconciliations, or pretty much any other accounting action, few tools can come close to this bank reconciliation software.

Just like balancing your checkbook, you need to review your accounts in QuickBooks to make sure they match your real-life bank and credit card statements.

Admittedly, unlike some of the other entries on our list, this service does not feature automated reconciliation software.

However, one great thing about QuickBooks is the added documentation that will teach you how to do pretty much anything. This includes guides that will teach you how to reconcile your accounts so they match your bank and credit card statements.

Here’s how to use QuickBooks:

  1. Get your bank or credit card statements.
  2. Use the Reconcile option in Tools, then choose the account you’re aiming at.
  3. Examine your transactions in the dashboard to compare whatever you had on the paper with what you already have in the tool.

Quickbooks shows, under the same screen, the type of transaction, the date, the amount, and the account. Pre-approved transactions from the bank appear as already checked by QuickBooks.

QuickBooks

QuickBooks

Use QuickBooks to easily reconcile your accounts and keep track of all your transactions.

Free trialVisit website

TurboTax

account reconciliation tools turbotax

TurboTax focuses mainly on filing tax returns for small businesses. One of the best things about it is that it’s free to use for certain operations.

These include filing your federal and state taxes, importing your return from a previous year from similar tax software, or offering guidance in case of an audit.

This is not automated reconciliation software. Nevertheless, it’s very easy to use. To reconcile your accounts, you have a dedicated Balance Sheet option under the Federal Taxes menu.

Here you have to manually update existing accounts or enter new ones and make sure the entries match the amounts in your books.

Another advantage is that you can use TurboTax together with QuickBooks and import your balance sheet from there. Here’s one powerful combo that will produce the ultimate bank reconciliation software.

TurboTax

TurboTax

Use this free and easy software to deal with both federal and state taxes, plus reconcile your accounts.

Free trialVisit website

FreshBooks

Freshbooks reconciliation tool

Bank reconciliations are just one aspect of a much broader spectrum known as finance and accounting. Luckily enough, FreshBooks can handle pretty much everything related to financing.

It doesn’t matter if you own a small company or a multinational enterprise, FreshBooks will do an excellent job by organizing all of your business transactions.

One key aspect of this bank reconciliation software is that it is simple and intuitive. Thus, you’ll spend less time on paperwork and impress your clients with how professional your invoices look.

It also automates plenty of tasks like invoicing, organizing expenses, tracking your time, and following up with clients in just a few clicks.

Get FreshBooks

BlackLine Account Reconciliations

reconciliation software blackline

BlackLine is an automated reconciliation software that will allow you to control and streamline this challenging process. It is a cloud-based solution with an intuitive interface specifically designed for performing account reconciliation.

The reconciliation tools it offers include standardized templates, approval, and reviews, procedures, policies, and workflows for preparation. What’s more, the integration option allows you to store supporting documents on the cloud.

This bank reconciliation software maintains proper segregation of duties. In return, this reduces the possibility of human error in a paper-based manual spreadsheet. T

The users can see the details of account reconciliation, add text fields and upload supporting documentation. You can also follow up on the completion status in the dashboard or in a quick preview.

Get BlackLine Reconciliation Software 

ReconArt Reconciliation Solutions

get reconart reconciliation software

ReconArt combines bank reconciliation software with a management suite. It is a cloud-based solution that helps to streamline your finance and accounting reconciliation process. And it does so while increasing productivity.

When it comes to reconciliation tools, ReconArt’s solution is one that definitely pops out. And there a good reason for this. Its powerful functionalities allow you to operate at new levels of efficiency.

You can automate routine and high volume scenarios, or schedule activities and actions. It can also automate data mapping, imports, extraction, and enrichment process. Furthermore, it allocates codes for automated reconciliation status, adds item exceptions, sends alerts and notifications, and more.

Other benefits of this automated reconciliation software include the ability to recapture and redirect team bandwidth, reduce time-to-complete windows, increase accuracy and decrease risk.

Get ReconArt Reconciliation Software

Xero

reconciliation software xero

Xero is ideal for Startups, small and medium-sized enterprises (SMEs). The cloud-based account management solution can also be used on smartphones via the app or through a web client.

Xero is more than just an automated reconciliation software. It offers the tools to process invoices and quotes, manage inventory, purchase orders, bills, and expenses, and more. Plus, you can import data from your other management solutions via third-party app integration.

Thus, you can further customize the Xero experience by integrating it with services like PayPal, Shopify, Expensify, Deputy, Gusto, Squarespace and more for point-of-sale, time tracking, e-commerce and so on.

The online dashboard allows you to monitor cash flow with charts and graphs, customize reports, see details about your bank accounts and credit card, follow up on outstanding invoices, monitor your sales and specific parts of the business.

For the reconciliation process, Xero automatically imports bank transactions every working day, sets up rules to automatically match bank transactions to invoices, creates routines, groups similar transactions, and more.

But there is more to Xero than a suite of reconciliation tools. You can also track project times and spendings, create and check inventory items, pay bills, and run unlimited payroll across all states using Gusto.

Get Xero

Statement Matching

Statement Matching is a cloud-based automated reconciliation software solution available for Windows computers. It is ideal for startups, SMEs, agencies, and enterprises.

Statement Matching comes equipped with reconciliation tools, it can keep track of credit notes, payment dues, miss-posting, and send notifications and alerts.

Unlike other bank reconciliation software that require you to upload suppliers’ documents, Statement Matching takes it one step further. Thus, it allows suppliers to access and reconcile their own statements, view the status of the invoices, and leave comments via the online portal.

The software reconciles the statements by company and vendor using the invoice date, number, amount, and currency details. You can also use it with cross-company and cross-vendor in case the supplier has multiple accounts on your system.

Get Statement Matching 

Bank Rec (Treasury Software)

treasury software reconciliation tool

Bank Rec is an automated reconciliation software that allows you to perform high-speed automated matching with predefined rules. For each account, you can select matching rules such as issue-to-issue, check-to-check, and user-defined.

The Reconciliation Wizard offers reconciliation reports that satisfy the Sarbanes-Oxley 404 act. It can also generate period-sensitive reconciliation reports that include historical data. Everything can be exported to Excel if necessary.

Using exception reporting, you can identify why a record didn’t match with your ledger. Furthermore, you can track unmatched items and resolve the problem using the Point and Click option.

Bank Rec uses Type Classes as an attribute during matching to achieve the highest possible rate. You can import Excel and CSV files or simply copy and paste them for easier imports. It also supports BAI files, SQL insertion, and QuickBooks integration.

Bank Rec is an offline software that can free your employees from the time-consuming manual reconciliation task and allow them to focus only on exceptions.

Download Bank Rec

Automated reconciliation software can help you with data availability, different data formats, lack of transparency, data matching issues, and data complexity, that often create problems during transactional matching.

These reconciliation tools will surely help you improve your workflows and make your staff more efficient with fewer human errors.

Frequently Asked Questions

  • The most popular accounting software might not necessarily suit your needs. Most offer the same basic functions, and then each comes with particular extra features. So it’s better to try them out.

  • A lot of developers in the domain offer dedicated tools for accountants or dedicated features that allow business owners to share the books with their accountants.

  • The reconciliation process can be done manually, but we recommend you use bank reconciliation software in order to eliminate human error.

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