20 Best Account Reconciliation Software Reviewed In 2024
10 Best Account Reconciliation Software Shortlist
Here's my pick of the 10 best software from the 20 tools reviewed.
Our one-on-one guidance will help you find the perfect fit.
Account reconciliation software is a valuable asset for any company. With the right software, teams can significantly reduce errors and save time during reconciliation. However, finding the right account reconciliation software can be challenging, especially with so many available options.
Using my experience with finance and accounting software, I tested and compared several of the top account reconciliation software available. From there, I compiled my results into in-depth reviews to help you find the best software for your unique needs. I’m confident you’ll discover your next account reconciliation software in the list below.
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Best Account Reconciliation Software Summary
This comparison chart summarizes pricing details for my top account reconciliation software selections, helping you find the best one for your budget and business needs.
| Tools | Price | |
|---|---|---|
| FloQast | Pricing upon request | Website |
| Prophix | Pricing upon request | Website |
| Cube | Pricing upon request | Website |
| Planful | Pricing upon request | Website |
| Multiview ERP | Pricing upon request | Website |
| ReconArt | Pricing upon request | Website |
| Trintech | Piricing upon request | Website |
| ART | Pricing upon request | Website |
| SolveXia | Pricing upon request | Website |
| Fiserv | Pricing upon request | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareHow To Choose Account Reconciliation Software
It’s easy to get bogged down in long feature lists and complex pricing structures. Here's a checklist of factors to remember to help you stay focused as you work through your unique software selection process.
| Factor | What to Consider |
| Scalability | Will the software grow with your business? |
| Integrations | Does it integrate with your existing systems? |
| Customizability | Can you tailor it to fit your team’s needs? |
| Ease of Use | Is the software user-friendly? |
| Budget | Does it fit within your financial constraints? |
| Security Safeguards | Are your data and transactions secure? |
Best Account Reconciliation Software Reviews
Below are my detailed summaries of the best account reconciliation software that made it onto my shortlist. My reviews review each tool’s key features, pros and cons, integrations, and ideal use cases to help you find the best one.
FloQast is an accounting transformation platform designed for accountants to optimize workflows and manage the close process. Its primary user base comprises accounting teams across various industries, focusing on close management, reconciliation, and compliance functions.
Why I picked FloQast: The platform automates many manual accounting processes, making your team's work more efficient. You can track progress, collaborate easily across teams, and ensure compliance with audit standards. Its design means you won't need IT support to get started, and it integrates smoothly with your existing tech stack.
Standout features & integrations:
Features include automated reconciliations, real-time progress tracking, and compliance tools. You can also shift roles from preparers to reviewers using AI, making your close process faster.
Integrations include NetSuite, Sage Intacct, Oracle, QuickBooks, Xero, Workday, BlackLine, and Microsoft Dynamics 365.
Pros and cons
Pros:
- Professional development resources
- Enhances remote work
- Easy integration
Cons:
- Dependence on AI
- Limited customization
Prophix provides automated account reconciliation software designed to streamline the financial close process for finance teams. Its primary functions include real-time transaction matching, customizable workflows, and centralizing documentation for better audit readiness.
Why I picked Prophix: Prophix offers features that enhance the accuracy and efficiency of your financial close process. Automated transaction matching reduces errors, while customizable workflows help you identify and address bottlenecks. Real-time reporting gives your team immediate insights into reconciliation progress, and centralized documentation makes responding to auditor requests easier.
Standout features & integrations:
Features include automated transaction matching, customizable workflows, and real-time reporting. These features help your team enhance accuracy, reduce errors, and gain immediate insights into the financial close process. Centralized documentation improves audit readiness and governance.
Integrations include SAP, Oracle, Microsoft Dynamics, Sage, QuickBooks, NetSuite, Infor, BlackLine, and Xero.
Pros and cons
Pros:
- Real-time reporting
- Customizable workflows
- Automated transaction matching
Cons:
- Limited mobile access
- Initial setup complexity
Cube is a flexible FP&A platform designed to streamline financial planning and analysis by integrating with existing spreadsheets and automating data processes. It serves finance teams across various industries, addressing inefficiencies in planning and reporting.
Why I picked Cube: Cube lets you maintain your spreadsheets while reducing manual work, enabling faster and more accurate planning and reporting. Real-time performance tracking helps you stay on top of your financial data. Predictive forecasting using AI provides deeper insights into future trends. Robust data integration capabilities ensure that all financial data is unified and easily accessible.
Standout features & integrations:
Features include real-time performance tracking, AI-driven predictive forecasting, and robust data integration. You can maintain your existing spreadsheets while automating data processes. This makes financial planning and analysis more efficient and accurate.
Integrations include NetSuite, QuickBooks, Sage Intacct, Xero, Microsoft Dynamics, Salesforce, Google Sheets, Excel, Workday, and Anaplan.
Pros and cons
Pros:
- Adaptable across industries
- Real-time performance tracking
- Flexible spreadsheet integration
Cons:
- Dependence on Internet connectivity
- Limited customization options
Planful is a financial performance management platform designed for finance and accounting teams. It automates financial close processes, integrates various data sources, and supports compliance with GAAP and IFRS standards.
Why I picked Planful: The software automates the financial close process, reducing the time and risks involved in reporting. Data integration features allow connections to GLs, ERPs, and other systems. Compliance with multiple accounting standards ensures data integrity and transparency. Collaboration tools facilitate teamwork with a unified data set, enhancing efficiency in financial reporting.
Standout features & integrations:
Features include data integration, compliance with GAAP and IFRS, automation of financial close processes, collaboration tools, and custom reporting capabilities. These features help your team reduce close times, ensure data accuracy, and focus on strategic decision-making.
Integrations include Workday, NetSuite, Oracle, SAP, QuickBooks, Xero, ADP, Salesforce, Microsoft Dynamics, and Sage.
Pros and cons
Pros:
- Custom reporting
- Enhances collaboration
- Reduces close times
Cons:
- Limited customization options
- Steep learning curve
Multiview ERP is a financial ERP solution designed for accountants. It offers essential functions like general ledger, budgeting, and accounts payable. It serves various industries, including healthcare and finance, and is known for its user-friendly interface and reliable support.
Why I picked Multiview ERP: The software enhances financial processes and reporting capabilities and integrates well with other systems. You can transition from manual to automated accounting, significantly improving data analysis and month-end closing times. It’s also customizable, ensuring it meets your specific business needs. Furthermore, the implementation process is effective, with a responsive support team to assist you.
Standout features & integrations:
Features include general ledger, budgeting, accounts payable and receivable, and business intelligence. Your team will appreciate the dynamic reporting and automated workflows. Materials management and fixed assets are also part of the package.
Integrations include Multiview Cloud, Salesforce, Workday, Microsoft Dynamics 365, Epicor, SAP, Oracle, QuickBooks, NetSuite, and ADP.
Pros and cons
Pros:
- Detailed data analysis
- Scalable solution
- Customizable workflows
Cons:
- Complex interface
- Initial setup time
ReconArt offers a comprehensive reconciliation solution for finance teams to efficiently manage various financial reconciliation tasks. It primarily serves enterprises needing bank, credit card, account, position, holdings, and trade reconciliations.
Why I picked ReconArt: The solution supports multiple editions, all of which are web-based and compatible with any ERP or accounting system. Key features include automation of data import, matching, and reporting, giving your finance team control over journal entries and intercompany reconciliations. ReconArt also provides an API for seamless integration with other systems, ensuring it fits your existing workflows. Customer support is a priority, and the platform is designed with user privacy and data protection in mind.
Standout features & integrations:
Features include data import, matching, and reporting automation, support for multiple reconciliation types, such as bank and credit card reconciliations, and a financial close management platform. Your team can also benefit from the API integrations, which allow ReconArt to fit seamlessly into your existing systems.
Integrations include NetSuite, SAP, Oracle, Microsoft Dynamics, QuickBooks, Sage, Xero, Workday, BlackLine, and Kyriba.
Pros and cons
Pros:
- Strong customer support
- Emphasis on data protection
- Supports multiple reconciliation types
Cons:
- Complex setup
- Learning curve
Trintech is a provider of financial close and account reconciliation software designed to enhance efficiency and accuracy in financial processes. It caters primarily to finance professionals and shared service centers, offering solutions like account reconciliations, transaction matching, and financial reporting.
Why I picked Trintech: Unlike other account reconciliation tools, Trintech integrates with major ERP systems like Oracle and SAP, which means you can easily connect it to your existing financial setup. The Adra platform is great for mid-sized organizations, while Cadency is tailored for larger enterprises, ensuring that no matter the size of your company, there's a solution for you. Tools like ReconNET and Frontier help manage reconciliation processes, reducing manual tasks and minimizing risks. You’ll also find features for audit compliance and robust reporting analytics, which provide valuable insights for better decision-making.
Standout features & integrations:
Features include account reconciliations, transaction matching, close task management, journal entry automation, intercompany accounting, and audit compliance. You’ll also benefit from reporting analytics that give you insights into your financial processes. The integration with ERP systems ensures that your financial data is always up-to-date and accurate.
Integrations include Microsoft Dynamics, Oracle, SAP, Workday, BlackLine, ServiceNow, Salesforce, NetSuite, QuickBooks, and Xero.
Pros and cons
Pros:
- Specialized platforms for various business sizes
- Strong reporting analytics
- Supports audit compliance
Cons:
- Customization can be limited
- Requires technical knowledge
ART is an automated solution designed for account reconciliation and variance analysis. It aims to enhance the month-end close process for accounting teams. Accountants and finance professionals utilize it to automate reconciliations, improve audit efficiency, and strengthen control environments during financial closes.
Why I picked ART: ART offers real-time tracking, allowing you to monitor the progress of reconciliations and closings at any time. Its intuitive design, created by accountants for accountants, addresses common pain points in financial processes. With quick deployment, you can set it up within weeks, minimizing business disruption. The platform also includes free customer support and educational resources like webinars and demos.
Standout features & integrations:
Features include real-time tracking, smoother audits, and quick deployment. You can monitor reconciliation progress, reduce audit time, and implement the tool rapidly. ART's design and free customer support make it easy for your team to use without additional costs.
Integrations include Oracle, SAP, NetSuite, Microsoft Dynamics, Sage, QuickBooks, Intacct, BlackLine, Workday, and Xero.
Pros and cons
Pros:
- Webinars and demos
- Free customer support
- Real-time tracking
Cons:
- Basic audit trails
- Limited reporting templates
SolveXia is a reconciliation automation software designed to reduce human error and improve the accuracy of financial processes. It helps organizations streamline their reconciliation tasks, allowing for better resource allocation.
Why I picked SolveXia: SolveXia automates reconciliation processes, supports complex data matching rules, and provides workflow dashboards for better control. It integrates data from various sources, significantly reducing manual workload. The software enhances visibility into reconciliation status and allows for real-time error tracking. With its centralized data management, SolveXia minimizes risks associated with manual spreadsheet handling.
Standout features & integrations:
Features include automated reconciliation processes, complex data matching rules with fuzzy logic, workflow and status dashboards, and unified reconciliation across systems. You can set rules-based workflows to identify discrepancies and manage exceptions. SolveXia’s intuitive interfaces and real-time error tracking make controlling financial processes easier.
Integrations include SAP, Oracle, Microsoft Dynamics, QuickBooks, Xero, Sage, Salesforce, Zoho CRM, Microsoft SQL Server, MySQL, PostgreSQL, and Tableau.
Pros and cons
Pros:
- Real-time monitoring
- Automates complex reconciliations
- Easy to scale
Cons:
- Limited customization options
- Requires some technical knowledge
Fiserv is a financial services technology provider specializing in mobile banking, payments, and integrated digital solutions. Its main user base includes large enterprises, small businesses, financial institutions, fintech companies, and the public sector.
Why I picked Fiserv: Fiserv offers omnichannel commerce solutions like Carat that drive commerce across multiple channels. Its integrated digital banking platforms enhance customer relationships for banks and credit unions. Clover, an all-in-one system, provides small businesses with tools to accept payments and manage operations. The Developer Studio allows for the creation of apps leveraging fintech innovations.
Standout features & integrations:
Features include omnichannel commerce solutions, integrated digital banking platforms, and all-in-one systems for small businesses. You can also create apps with embedded fintech solutions, and there’s a commitment to supporting minority-owned businesses with a $50 million investment.
Integrations include Microsoft, SAP, Oracle, Salesforce, AWS, Google Cloud, IBM, Apple Pay, PayPal, and Venmo.
Pros and cons
Pros:
- Flexible fintech tools
- Customizable solutions
- Supports multiple sectors
Cons:
- Requires technical knowledge
- Steep learning curve
Other Account Reconciliation Software
Here are some additional account reconciliation software options that didn’t make it onto my shortlist but are still worth checking out:
- Nanonets
Best for AI-driven automation
- Vena
Can Software Help Small Hotels?
- BlackLine
Best for reconciliation automation
- Sage Intacct
Best for global standard compliance
- OneStream
Best for financial reconciliation integration
- NetSuite
Best for real-time financial visibility
- Xero
Best for small businesses
- QuickBooks
Best for live bookkeeping assistance
- IBM Cognos Controller
Best for financial automation
- Oracle Fusion Cloud
Best for internal controls
Account Reconciliation Software Selection Criteria
When selecting the best account reconciliation software for this list, I considered common buyer needs and pain points like ensuring data accuracy and reducing manual effort. I also used the following framework to keep my evaluation structured and fair.
Core Functionality (25% of total weighting score)
- Automate transaction matching
- Generate reconciliation reports
- Identify discrepancies
- Integrate with financial systems
- Ensure compliance with accounting standards
Additional Standout Features (25% of total weighting score)
- AI-assisted intelligent matching
- Real-time dashboards
- Customizable reconciliation templates
- Automated alerts for discrepancies
- Multi-currency support
Usability (10% of total weighting score)
- Intuitive user interface
- Minimal manual intervention
- Comprehensive user documentation
- Customizable user workflows
- Accessibility across devices
Onboarding (10% of total weighting score)
- Availability of training videos
- Pre-built templates for quick setup
- Interactive product tours
- Access to chatbots for instant help
- Regular webinars for ongoing education
Customer Support (10% of total weighting score)
- 24/7 customer service
- Dedicated account managers
- Community forums
- Extensive knowledge base
- Multi-channel support options
Value For Money (10% of total weighting score)
- Flexible pricing plans
- No hidden fees
- Value-added features for the price
- Free trial or demo availability
- Discounts for long-term contracts
Customer Reviews (10% of total weighting score)
- Overall satisfaction rating
- Ease of use feedback
- Customer service responsiveness
- Feature usefulness
- Frequency of software updates
Trends In Account Reconciliation Software
In my research, I sourced countless product updates, press releases, and release logs from different account reconciliation software vendors. Here are some of the emerging trends I’m keeping an eye on.
- AI and Machine Learning Integration: AI and ML are used to automate complex manual tasks, reducing manual effort.
- Real-Time Data Processing: Real-time data updates enable faster and more accurate account reconciliation processes.
- Enhanced Risk Management: Advanced risk management features are becoming common, allowing companies to proactively identify and mitigate financial consolidation risks.
- Predictive Analytics: Predictive analytics forecast potential time-consuming discrepancies and financial issues before they arise.
- User-Centric Interfaces: There’s a shift towards more intuitive and user-friendly interfaces, making it easier for non-financial staff to use these tools.
What Is Account Reconciliation Software?
Account reconciliation software is designed to automate and manage reconciling financial accounts. Accountants, financial analysts, and bookkeeping professionals generally use these tools to ensure accuracy in financial statements and detect discrepancies.
Automated matching, transaction categorization, and real-time data validation help maintain precise records and save time. These tools allow businesses to maintain financial accuracy and compliance.
Features Of Account Reconciliation Software
When selecting account reconciliation software, keep an eye out for the following key features:
- Automated reconciliation: Automates reconciling accounts, reducing the need for manual intervention and saving time.
- Transaction matching: Automatically matches high-volume transactions from different sources to ensure consistency and accuracy.
- Exception management: Identifies and highlights discrepancies or errors in reconciliations, helping users to quickly address issues.
- Compliance management: Ensures that reconciliation processes adhere to regulatory requirements and internal policies.
- Dashboard and reporting: Provides real-time insights and visualizations of reconciliation status and performance metrics.
- Workflow automation: Streamlines the approval and review processes by automating cloud-based workflows and task assignments.
- Audit trail: Maintains a detailed log of all financial activities, providing transparency and offering supporting documentation for audits.
- Multi-currency support: Handles reconciliations involving multiple currency formats, essential for international business stakeholders.
- Integration capabilities: Connects with other financial systems and tools to pull in transactional data and streamline the reconciliation process.
- User access controls: Manages user permissions and access levels to ensure data security and integrity.
Benefits Of Account Reconciliation Software
Implementing account reconciliation software provides several benefits for your team and your business. Here are a few you can look forward to.
- Time savings: Automates repetitive tasks, reducing the time staff spend on manual reconciliations.
- Error reduction: Minimizes human errors by automatically matching transactions and flagging discrepancies.
- Improved accuracy: Ensures precise financial records by consistently updating and validating data.
- Enhanced visibility: Offers real-time views of account statuses and reconciliation progress through dashboards and reports.
- Audit readiness: Keeps a detailed and accessible audit trail, making preparing for and passing audits easier.
- Compliance support: Helps meet regulatory requirements by maintaining accurate and up-to-date financial records.
- Workflow management: Facilitates better task assignment and tracking with built-in workflow tools.
Costs And Pricing Of Account Reconciliation Software
Selecting account reconciliation software requires understanding the various pricing models and plans available. Costs vary based on features, team size, add-ons, and more. The table below summarizes common plans, average prices, and typical features in account reconciliation software solutions.
Plan Comparison Table for Account Reconciliation Software
| Plan Type | Average Price | Common Features |
| Free Plan | $0 | Basic reconciliation, limited transactions, basic reporting, and email support. |
| Personal Plan | $10-$25/user/month | Standard reconciliation, unlimited transactions, advanced reporting, and chat support. |
| Business Plan | $30-$60/user/month | Automated reconciliation, multi-user access, detailed analytics, and priority support. |
| Enterprise Plan | $70-$150/user/month | Custom reconciliation workflows, integration with ERP systems, dedicated account manager, and 24/7 support. |
Account Reconciliation Software FAQs
Here are some answers to common questions about account reconciliation software.
How does account reconciliation software integrate with ERP systems?
Account reconciliation software often integrates seamlessly with ERP systems, allowing for the automatic import of financial data. This helps avoid manual data entry and reduces errors. Most software solutions offer APIs or built-in connectors to facilitate this integration.
Can account reconciliation software handle multiple currencies?
Yes, many account reconciliation software solutions support multiple currencies. This feature is crucial for businesses operating internationally, as it allows your team to reconcile accounts in different currencies without needing separate software tools.
How secure is account reconciliation software?
Account reconciliation software typically includes robust security measures such as data encryption, user authentication, and role-based access controls. These features ensure that sensitive financial data is protected from unauthorized access and breaches.
How does account reconciliation software handle discrepancies or errors?
The software usually flags discrepancies or errors during the reconciliation process. It provides detailed reports that help you identify and resolve these issues promptly. Some solutions also offer automated workflows to manage and correct discrepancies efficiently.
What’s Next?
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