Account reconciliation is the most important process of any business. Although business is specific and has its procedure, it requires following a standard procedure of matching transactions across ledgers and bank statements to assure the financial accuracy of all the accounts. Reconciliation software is used to maximise their productivity and save enough time for other tasks.
The main function of account reconciliation software is to centralise the financial process and automate it for businesses. The software brings out all the data from the general ledger and compares it with bank statements and invoices. It allows them to reconcile accounts quickly. After that, the software enables the user to electronically sign off on the completion and share it with the approver for the final check. After checking and approving, the software stores the approved data in the centralised database and offers a secure audit trail to your business.
The majority of the software allows the teams to upload supporting documents, view company policies, electronically sign off on reconciliation, and leave comments if required. It also allows the controls to set up the processes and gate them between employees for audit and compliance requirements with a dashboard or a visual representation of current financial standards.
Let’s take a look at the best account reconciliation software.
Best Account Reconciliation Software
1. Intuit QuickBooks Online
![QuickBooks Online](https://lawfinances.com/wp-content/uploads/2023/11/QuickBooks-Online.webp)
Details:
- Invoice and Payment
- Track Expenses
- Manage Bill
- Project Management
- Tax Deduction
- Task Management
This software is most convenient for small businesses. Intuit QuickBooks offers four monthly plans that will cost between $15 to $100. It also provides a separate Self-Employed plan starting from $7.50 per month. Users will also get discounts if they skip the 30-day free trial.
The software has multiple features suitable for every type of small business, be it a startup or an established company. Users will get access to tools and reports required for accounting purposes. It will also upgrade your plan as per the scale of your business. Everything is available here, from creating custom invoices to various forms for the company’s branding.
With easy setup and use, the users can run their accounting software. Although this software has some pros and cons like –
Pros
- Easy setup and convenient to use for anyone.
- Customisable invoices and forms.
- Plans under budget.
- Fantastic inventory management plans.
Cons
- Limited number of followers on other than advanced plans.
- Sacrifice the 30-day trial for a discount on any plan.
- Extra costs on automatic time tracking feature.
2. Xero
![Xero](https://lawfinances.com/wp-content/uploads/2023/12/Xero.webp)
Details:
- Invoice and Payment
- Claim Expenses
- Bank Connection
- Project Management
- Bank reconciliation
- Capture data
It is a cloud-based accounting software that integrates with more than 1000 apps. The software gives new customers the leverage of a 30-day free trial. It has three plans ranging from $13 per month, $37 per month, and $70 per month. Every plan gives access to specific features that users can select according to their business requirements.
Xero comes with robust reporting tools and gives report customisation options, basic inventory tracking in all the plans, and a convenient mobile app that makes everything so handy.
When you start working with Xero, you must activate your account by providing business details and connecting your bank accounts to select electronic payments for online invoices. It has the following pros and Cons.
Pros
- Affordable pricing plans
- Unlimited users and clients
- Online tutorials and support to learn complex systems the users
- Online tutorials and support to learn complex systems the users
- Free 30-day trial.
Cons
- Multiple learning curve
- Limited quotes and invoices to 20 per month on the lowest-priced plan.
- Various currencies are only available for the highest subscription tier.
3. Sage Intacct
![Sage Intacct](https://lawfinances.com/wp-content/uploads/2023/12/Sage-Intacct.webp)
Details:
- Dashboards and Reporting
- Intelligent General Ledger (GL)
- Accounts Payable
- Accounts Receivable
- Multi-Entity Insights
- Task Management
Another cloud-based financial management and accounting suite automates complex financial processes. It includes payroll, tax, flings, and inventory management. It focuses on various industries like construction, real estate, financial services, professional services, and nonprofits.
This software does not offer any free trial, and pricing varies according to the request and the demand of the business.
The best part of this app is simplifying tedious and repetitive financial tasks like tracking budget planning, fund accounting, expense management, financial reporting, etc. The software also allows the users to collaborate in the cloud and communicate over texts within the software.
Here are some pros and cons of this software that are given below.
Pros
- Automate workflow and revamp their management strategies.
- Offers standard accounting software
- Customised workflow and automated fixed asset management.
- Tracking and billing feature for nonprofits with multiple subscription options for businesses.
Cons
- No upfront pricing
- Learning curves for new users with no accounting background.
- Not convenient for small businesses
- Provides technical support
4. FreshBooks
![FreshBooks](https://lawfinances.com/wp-content/uploads/2023/12/FreshBooks.webp)
Details:
- Accept Payments Online
- Accounting and Taxes
- Client Communication
- Project Management
- Team Management
- Business App
FreshBooks is the best software for small businesses or freelance businesses. It is very common to juggle between multiple clients, payment deadlines, invoices, and whatnot for these businesses. But with FreshBook accounting software, it is easy for solo business owners and freelancers to stay organised and keep track of payments.
The company is based in Toronto and is now popularised in more than 160 countries. Primarily, it focused on solutions for managing invoices and grew to become an accounting product.
The software has a 30-day free trial, and the paid subscriptions cost around $17 monthly. It has 4 paid plans: lite, plus, premium, and select. In select subscriptions, the users can customise the plan and pricing. But, mostly, the plans depend on the business’s scale, complexity, and size.
Pros
- Easy to use for everyone
- Affordable pricing
- Simple accounting software, especially for freelancers, solopreneurs, and small businesses.
- Double-entry accounting report features.
Cons
- Not a good option for large businesses
- Additional costs to add a team member
- There are a few customisation options.
5. Zoho Books
![Zoho Books](https://lawfinances.com/wp-content/uploads/2023/12/Zoho-Books.webp)
Details:
- Create customized invoices
- Create professional quotes
- Fetch your bank transactions
- Customer Portal
- Monitor inventory
- Accept simple, swift and secure online payment
Businesses already using other Zoho applications for inventory, invoicing, or customer relationship management will find Zoho the best option for them. The software is cloud-based and affordable to automate the business’s workflow. Strong invoicing capabilities, solid inventory management, and a convenient mobile app increase the reliability of the software.
There are many paid plans for this software with a free trial. The free trial plan is only for businesses with less than $50,000 in annual revenue. Zoho is capable of eliminating tedious, error-prone tasks and streamlining operations.
Small businesses can blindly trust this software as it is easy to manage due to automated processes and helps business owners develop custom functions using a scripting language. You can also use it as schedule reminders and additional notifications to decrease the chances of errors.
Pros
- Convenient to use
- Tech-savvy business owners are going to love this software as it includes scripting language and code custom functions.
- Automate financial functions.
Cons
- Coding features can be hectic for people who need to be more techy.
- Limited third-party integrations.
6. Cube Software
![Cube](https://lawfinances.com/wp-content/uploads/2023/11/Cube.webp)
Details:
- role-based permissions
- budget control
- custom templates
- data visualization
- scenario planning
- collaboration
It is a spreadsheet-native cloud-based FP&A platform. It helps to improve the budget and forecasting of the company accurately and make it automated. Cube software is undoubtedly a great option for enhancing financial processes, but paying more than $20K per year takes a lot of effort.
This software mainly focuses on small businesses, medium-sized businesses, and startups. It helps to automate and consolidate financial data into ‘one source’ of truth. It also saves time pulling data, reporting, and the month-end close. The software is best for users who work on Google Sheets users as it is the only software that caters to Google Sheets natively.
Pros
- Automation of month-end reporting
- Benefits the entire company
- The best option for FP&A teams.
Cons
- Complaints about one-size-fits-all FP&A solution.
- Analysis of limited dimensions hampers
- Slow importing processes
- No drill-down capabilities
7. Blackline
![Blackline](https://lawfinances.com/wp-content/uploads/2023/12/Blackline.webp)
Details:
- Account Reconciliations
- Task Management
- Invoicing & Compliance
- Intercompany Balance & Resolve
- Credit & Risk Management
- Team & Task Management
Blackline is a cloud-based platform designed to automate and maintain organisations’ financial and accounting processes. It enhances the efficiency, accuracy, and effectiveness of the business. It includes tasks like financial close management, account reconciliations, intercompany accounting, and other related activities.
Talking about the pricing of Blackline, it should be mentioned on their official website. The costs of each plan depend on different business factors like the size of organisations, the number of users, and specific requirements and features required. However, they offer a subscription-based pricing model varying from standard to premium.
Blackline is best for all business sizes looking forward to automating their business and simplifying their financial processes.
Pros
- User-friendly interface
- Amazing scalability offerings
- Financial close management
- Seamless integration
Cons
- Strong configuration
- Pricing information is not available on the website
- Complex Custom report building
8. Oracle NetSuite
![Oracle NetSuite](https://lawfinances.com/wp-content/uploads/2023/12/Oracle-NetSuite.webp)
Details:
- Global Business Management
- Inventory Management
- Supply Chain Management
- Project Management
- Real-time Analytics
- Streamlined Order Processing
Oracle NetSuite is a well-rounded ERP software that offers amazing features. It is an all-in-one business management tool, including accounting management, inventory, supply chains, payrolls, HR, etc. Its excellent automation tools make Oracle a highly scalable solution for the most complex enterprise businesses.
Like Blackline, Oracle must also mention its pricing details on its official website. The pricing depends on what features and tools are required for the business. However, Oracle does charge an annual license fee apart from its monthly subscription fee.
The best feature of Oracle is its customisation capability. It allows your business to easily tailor the platform to match your business needs and preferences and can create your user interfaces and integrate them with other applications.
Pros
- Excellent automation features
- Support multiple languages and currencies
- Smooth integrations with other models of software.
- Multiple CRM, payroll, inventory, HR, and supply chain module options.
Cons
- Not convenient mobile apps
- There are no payroll options globally
- No trial or money-back guarantee.
- Additional fee charges for customer service.
9. ReconArt
![ReconArt](https://lawfinances.com/wp-content/uploads/2023/12/ReconArt.webp)
Details:
- Automation Capabilities
- Financial Close Management
- Accounts receivable
- Journal entries posting
- Tax Deduction
- Task Management
ReconArt offers a complete lifecycle application to its clients. It delivers best practices, a high grade of automation, and consolidation of several reconciliation practices in a single platform. This program’s intuitive and flexible feature reduces the overall cost of ownership and can be displayed as a single, fully web-based system.
Regarding pricing, it offers four edition packages: Essential Edition, Plus Edition, Certify Edition, and Enterprise Edition, which cost $1500, $3,000, and $1500 and are custom-based, respectively.
The software has many features like financial close management, variance analysis, high-volume transaction matching, and a comprehensive workflow around journal entry posting.
Pros
- Provide end-to-end automation
- High-volume transaction matching
- Approval workflows
- Customizability of software
Cons
- No mobile app
- Difficult to understand for new customers
- It could be expensive for small businesses or startups.
10. OneStream
![OneStream](https://lawfinances.com/wp-content/uploads/2023/11/OneStream.webp)
Details:
- Account Reconciliations
- Transaction Matching
- Task Manager
- People Planning
- Predictive Analytics
- Capital Planning
OneStream is best for corporate sectors to enhance performance management processes like planning, reporting, consolidation, and analytics in the cloud or on-premise. It minimises the learning curves and integrates the data simply by providing one location for all the financial requirements.
The pricing of the software varies from business to business. Its ease of use and convenient adaptive nature make the software a favourite to all.
Also, it supports its customers 24/7 via phone or email. A single-tier support model solves every problem, and a remote implementation consultant gives immediate solutions.
Pros
- Smooth planning, budgeting, and forecasting.
- Financial Data Quality
- Tax provision
- Predictive and profitability analysis.
Cons
- Additional charges on extra applications
- Multiple applications on one platform can be overwhelming.
- Complete customisation.
How do you choose the Best Account Reconciliation Software?
Most of the businesses are already clear about what software they want. They are already aware of the problems that must be solved and know which software is better to continue doing reconciliations. Unfortunately, not everyone is aware of the criteria that should be followed.
Thus, here are some important criteria to consider before selecting the software.
- Functionality of the software you want – Flexibility should be considered before selecting the software. The software you choose should allow you to decide on the crossover criteria and improve and change over time.
- Integration – The software should integrate with your current accounting software and data sources like banks, payment methods, credit cards, etc.
- Pricing – This is the most important factor to consider in further steps to automate your business. Before finalising the software, make sure you understand all the pricing and extra fees of the software.
- Technical Support – Technical support is important so that the designed training and consultation can focus on each module for each business to gain the highest scalability.
Conclusion
Generally, people focus on the business’s present rather than the future when selecting the reconciliation software for their business. But if you want a glorious future for your business, it is important to have a good vision for the future, too, with a good understanding of where you want to take your business and what you will get out of it. Here is a list of the 10 best options for account reconciliation software for your business and what criteria should be followed while selecting this software.