20 Best Account Reconciliation Software & Tools for 2024

What is Account Reconciliation Software?

Account reconciliation software automates the reconciliation process by compiling data, checking for errors, matching transactions, updating entries, and validating account balances. It ensures internal documents and external systems are aligned, notifying your team of any discrepancies for prompt resolution. Using the best account reconciliation software enhances accuracy, efficiency, and reliability in your financial operations.

Importance of Financial Reconciliation Solutions

Financial reconciliation software is evolving to tackle high-volume, manual reconciliations and the need for accuracy. Without the right technology, these tasks can be overwhelming. Modern account reconciliation software efficiently manages large data volumes, ensuring clear ownership, risk categorization, and a single source of truth. They automate balance sheet reconciliations using data from multiple sources, allowing staff to focus on exceptions. Common features include balance certification via workflows, exception and variance reporting, and attaching supporting documentation.

These reconciliation tools also support complex group structures with automated multi-entity elimination, intercompany review, and reporting. New capabilities include AI/ML-driven automated journal entries for unreconciled balances, enhancing assurance. The best reconciliation software now emphasizes streamlined decision-making, operational excellence, and financial risk mitigation. For a thorough account reconciliation software comparison, it’s essential to evaluate features that align with your business needs.

Key Market Trends Shaping Account Reconciliation Softwares

Advantages of AI and ML in Financial Reconciliation

Controllers are turning to AI and ML to simplify tasks like downloading statements and using complex spreadsheets for transaction matching. Their goal is to reduce manual work and focus on strategic tasks. Vendors are enhancing AI/ML to automate daily reconciliations. ML learns from past decisions to offer suggestions, while AI improves error detection and trend analysis. Controllers should review software for reconciliation capabilities carefully to ensure they support complex use cases and transaction rules.

Efficient Matching for Large Volumes of Data

Controllers need efficient ways to reconcile large data volumes without compromising quality. Many struggle with complex spreadsheets, prompting vendors to develop software tools for bank account reconciliation with unlimited storage and peak performance flexibility. Controllers should prioritize complex reconciliation needs when evaluating capabilities and ensure vendors can demonstrate successful large-scale data matching and synchronization. They should also consider licensing structures based on transaction volume.

Simplified User Experience with Low-Code Platforms

Financial reconciliation can be complex and frustrating, but modern solutions offer user-friendly self-management features. Low-code platforms provide easy interfaces for configuration without needing professional developers, appealing to accountants used to working with spreadsheets. Controllers should explore software tools for bank account reconciliation with improved user experience, saving time and costs by enabling direct platform management. Access to sandbox environments is recommended for thorough evaluation.

Streamlined Data Handling with Open APIs

Poor data connectors pose risks in fast-paced industries. Vendors are adopting software for reconciliation with data-agnostic solutions that support continuous data sourcing from various external sources through open APIs. This automation eliminates traditional file transfers. Continuous data access allows users to drill down into reconciliation items for detailed analysis, such as viewing transaction-level details from a general ledger total. Controllers should address potential data compatibility issues to ensure smooth integrations.

20 Best Reconciliation Software of 2024

1. HighRadius

HighRadius Account Reconciliation software automates the reconciliation process, reducing errors by 70% and accelerating financial close by 40%. Utilizing AI and machine learning, it matches transactions, identifies discrepancies, and ensures compliance with regulatory standards. Real-time dashboards and advanced analytics provide comprehensive visibility, improving productivity and accuracy. Seamlessly integrating with existing ERP systems, HighRadius enhances financial integrity and operational excellence.

PROS

• Automate reconciliation process with accurate AI/ML-powered matching across data sources.
• Get list of active GL accounts for reconciliation, with variances and certification status per task.
• Track and monitor tasks for audits with customized workflow.
• Automated feedback loop to reduce false positives.
• View anomalies marked by the Anomaly engine as a work list.
• Automated suggestions for resolution and correcting journal entries.

CONS

• Designed specifically for accounting professionals, HighRadius Financial Close is ideal for small businesses, mid-market users, and enterprise companies. It is not intended for personal finance use.
• While it suits all accounting teams, those new to accounting may experience an additional learning curve.

2. Quickbooks

QuickBooks is accounting software that helps with tasks like creating invoices, processing payroll, managing bills, and preparing taxes. It comes in both desktop and cloud versions, making it suitable for different types of businesses to handle their finances efficiently.

PROS

• Matching transactions on your bank or credit card statement with what’s in your records.
• Automatically importing transactions from banks and credit cards.
• Finding mistakes like missing transactions or incorrect amounts compared to your statements.
• Keeping your financial data updated in real-time.
• Supporting reconciliation in multiple currencies.

CONS

• Good for small businesses with basic needs, according to user reviews.
• Customization options for things like invoices and reports are limited.
• Users mention problems like system crashes when files get too big or during heavy use with lots of transactions or users.
• Might not be the best choice for businesses with strict financial rules.

3.Sage Intacct

Sage Intacct is cloud-based software for managing finances and accounting. Its reconciliation features simplify complex financial tasks, ensuring they are accurate and compliant.

PROS

• Sage Intacct automatically matches incoming transactions, making reconciliation easier.
• With over 350 integrations with third-party apps, Sage Intacct users can access needed data without time-consuming exports.
• Sage Intacct provides a real-time view of overall finances, which can be easily cross-checked with supporting documents during account reconciliation.

CONS

• Sage Intacct is not affordable for small to medium-sized businesses, so they will need to find other options.
• Platforms like Sage Intacct are harder to learn compared to beginner-friendly software like QuickBooks.
• Although Sage Intacct is very customizable, some users might find its customization options limited.

4. Xero

Xero is straightforward yet robust accounting software ideal for medium to large businesses. One of its key benefits is that all plans allow unlimited users. Xero automatically brings in bank transactions daily, sets rules to match them with invoices, groups similar transactions, and streamlines the reconciliation process.

PROS

• Automatically identifies and removes duplicate bank statement entries.
• Easily uploads multiple invoices at once.
• Customizable tools for creating financial reports.
• Secure features like data encryption and multi-factor authentication.
• Unlimited users on all plans, each with customizable permission settings.

CONS

• Can’t input ending balances for checking accounts.
• Doesn’t combine multiple checks and cash into one deposit.
• Doesn’t offer live chat or phone support.

5. FloQast

FloQast is an accounting automation tool with strong features for account reconciliation. Controllers, analysts, and others in the finance department can use FloQast to handle reconciliation risks, choose which processes to automate, and manage all account reconciliation from one place.

PROS

• Produces balance sheet reconciliations that are ready for audits.
• Reviewers and managers can see the progress of reconciliations in real-time throughout the month-end process.
• Users can add documents and comments to support reconciliations, enabling workflows within the product.

CONS

• Limited currency conversion in the Flux tool.
• You can’t edit multiple entries at once.
• The folder structure follows calendar years, which might not match your business’s fiscal years.

6. Trintech Cadency

Trintech Cadency is a financial close and automation app that includes account reconciliation. It makes the financial close process easier, handling everything from account reconciliations to journal entries. It also offers reporting and analytics features.

PROS

• Automation makes the financial close process faster and more accurate.
• Reporting and analytics give insights into financial performance and trends.
• The scalable application meets the needs of organizations of different sizes.

CONS

• Implementation can take a lot of time and resources.
• The high cost might be too much for smaller businesses.
• Cannot directly connect to ERP data without third-party bots.
• Cannot view invoice-level details from the ERP in Cadency.
• Dashboards and workflows are fixed, leading to many workarounds or companies stopping the use of their Balance Sheet Overview dashboard.

7.Multiview ERP

Multiview ERP claims to be the most advanced financial ERP software available. Their mission is to eliminate the stress of month-end closing. The platform helps accounting teams become more efficient with automation, real-time data access, and other features.

PROS

• Multiview ERP’s automations allow teams to focus on tasks that need human input.
• Multiview’s general ledger module is a great foundation for other financial processes like account reconciliation.
• Setting up the tool is quick and easy.

CONS

• Exporting data in the correct format can be difficult.
• Some users don’t have a dedicated customer success representative, making it hard to fully utilize the platform.
• The reporting features are weaker compared to other platforms unless customized.

8.OneStream 

The OneStream platform helps with financial planning, reporting, and consolidation. It provides a complete set of tools for financial consolidation and reconciliation, budgeting, forecasting, reporting, and analysis.

PROS

• Cuts down manual work and mistakes, making sure everything is accurate and efficient.
• Works for different reconciliation needs in various industries, like marketplace, payment gateway, commission, and brokerage reconciliations.
• Speeds up the reconciliation process, helping businesses handle large numbers of transactions easily.

CONS

• Users might need a short adjustment period to integrate and optimize the tool within their current workflows smoothly.
• Dashboards come with a learning curve.
• OneStream is one of the most expensive solutions on the market.

9. BlackLine

BlackLine Account Reconciliations software is offered as a stand-alone solution or as part of a broader suite. Its single codebase platform with connectivity to a variety of data sources enables multiple, complex use cases.

PROS

• Automated matching of transactions.
• Automatic import of general ledger and sub-ledger balances.
• Integrated segregation of user responsibilities.
• Real-time reconciliation status updates via cloud-based dashboards.
• Customizable rule-based workflows.

CONS

• According to customer reviews, the initial setup and implementation process can be intricate and lengthy.
• Some users report crashes and slow performance when processing large data volumes.
• User reviews suggest that the platform could be more intuitive and user-friendly.

10. Oracle NetSuite

Oracle NetSuite is a cloud-based system for managing business operations. It includes tools to streamline operations, especially financial management. Reconciliation is an essential part of how NetSuite handles finances

PROS

• Automated bank reconciliation matches ledger accounts with bank statements.
• Automatically matches transactions to bank and credit card statements.
• Provides real-time visibility into financial transactions and account statuses.
• Allows custom rules and workflows for reconciliation processes.
• Integrates with other software modules like accounts receivable and inventory management.

CONS

• Building reports can be complex.
• Learning to use all of NetSuite’s capabilities can feel overwhelming due to its extensive features.
• Some users have found that NetSuite lacks as much support documentation or learning resources compared to other platforms.

11. AutoRek

AutoRek is a cloud-based automation platform that works with your existing systems and allows for complex, custom matching rules. It can reduce operating costs by 50% and reconcile data in any format. The platform scales with growing companies and offers detailed exception management.

PROS

• Data templates so users can load complex file from various sources.
• High-volume data migration.
• Automated cash allocation.

CONS

• Steep learning curve.
• May be cost-prohibitive for smaller organizations.
• Complicated integrations.

12. Reconcify

Reconcify is a smart tool that uses AI and RPA to automate difficult and large-scale reconciliations. It has a strong rule engine that lets you set up complex rules and a fast computation engine that handles advanced calculations quickly. With features like API integrations and OCR, it fully automates the reconciliation process from start to finish.

PROS

• Reporting and analysis tools to track account balances, transactions, and reconciliations.
• Can connect with other financial systems and data sources to simplify and automate the reconciliation process.
• Both on-premise and cloud versions have the same features.

CONS

• Needs an Excel add-in to work within Excel and can be difficult to learn.
• Dashboard visuals are not as good as other solutions like Power BI.
• May require advanced technical knowledge, including VB coding.
• Implementation may require significant time and resources, depending on complexity.
• Pricing may be prohibitive for small businesses.

13. Oracle Arcs

Account Reconciliation in Oracle Fusion Cloud EPM manages global reconciliations, providing real-time performance visibility and verification. It improves efficiency by automating tasks like high-volume transactions and variance analysis.

PROS

• Manages tracking and performance of reconciliations with automated workflows, integrated document repository, and configurable auto-reconciliation rules.
• Automates high-volume reconciliations, supporting multiple data sources and match rules, with an auto match engine capable of matching over a million transactions per minute.
• Identifies outliers and requires explanations for unexpected balance changes, with configurable periods for variance analysis.
• Offers prebuilt and customizable reconciliation formats, adaptable to various account types and business practices.
• Provides dashboards for operational and compliance monitoring, enabling process analysis and immediate action on errors and delays.

CONS

• Journals need to be created manually and hence takes up a lot of time.
• Does not support bulk posting of journals.

14. Redwood Software

Redwood software provides automation solutions for financial tasks like balance sheet reconciliation and close management. Finance and accounting teams in mid-sized to large companies.

PROS

• Includes built-in business process management (BPM) and informative dashboards.
• Has built-in auditing with logs for every step in the process.
• Prioritizes security with a single-tenant design and full encryption.

CONS

• Currently supports only English, but they might add more languages for broader use.
• Some errors might be hard for business users to understand without IT knowledge.

15. CCH Tagetik

CCH Tagetik is an all-in-one business intelligence and accounting software that improves financial and operational planning. It speeds up the consolidation and closing process, and helps users analyze results, create models, and compare the financial impact of various business scenarios.

PROS

• Financial reporting can be done using Excel or Power BI.
• It is flexible, allowing both high-level and detailed analysis.
• CCH Tagetik clearly describes processes, making it easy for users to know their status and the next steps they need to take.

CONS

• Error messages can sometimes be too vague for basic users to understand and fix the issue.
• There are challenges in implementing the transaction matching module, especially with connectivity (API vs. FTP).
• CCH Tagetik does not offer an easy way to restore old data sets (fact tables and dimensions) without keeping outdated dimension values in the current application.

16. Prophix

Prophix is a software that helps organizations manage their finances. It automates and simplifies tasks like budgeting, forecasting, reporting, and combining financial data.

PROS

• Easily set up your company structure (legal entities, sectors) in the platform for easy and automated consolidation.
• Centralizes global financial reporting and planning functions.
• Has a knowledgeable customer-facing team with accounting backgrounds.

CONS

• Acquired Sigma Conso in 2021, a European company specializing in financial close management, which is not integrated into Prophix, possibly causing integration challenges.
• Users need to find creative ways to reduce processing time, which can lead to more manual work.
• If you are used to Excel, it can be challenging to transfer your Excel work to Prophix.

17. LucaNet

LucaNet is a CPM software designed for finance teams to speed up financial close and consolidation, planning, and reporting. Unlike some FP&A software that meets all the needs of a finance department, LucaNet focuses more on consolidation and financial close. This makes it an excellent tool for closing the books at the end of the month or year.

PROS

• LucaNet allows users to work together on financial close tasks in real time, making teamwork more efficient and reducing mistakes.
• LucaNet includes integrated workflows that automate tasks to simplify the financial close process.
• LucaNet offers thorough data analysis and reporting features.
• LucaNet supports multi-currency conversion and translation.

CONS

• LucaNet has few options for connecting with other systems, which makes it harder to customize processes and automate some tasks.
• LucaNet is adopted more slowly compared to some competitors because of low awareness and understanding of the software.

18. Vena

Vena is a tool designed to help finance, accounting, and operations teams make their financial planning, budgeting, forecasting, and reporting easier. It also assists with managing financial close, consolidating financials, and reconciling accounts.

PROS

• Easy-to-use Excel interface helps everyone in your organization learn quickly and start using the tool.
• Connects directly with your ERP and GL systems, including data from sub-ledger systems like Fixed Assets, Accounts Payable, and Accounts Receivable.
• Comes with ready-made templates for common and special reconciliations, such as prepaid expenses, fixed assets, bank accounts, and bad debt.
• Ensures secure control over tasks through automated workflows and detailed audit trails.

CONS

• Might not have a direct connector to your GL/ERP system, but it does offer a public API.
• The user interface could be improved with better fonts and colors.
• Some extra training might be needed to become familiar with the account reconciliation function.

19. Solvexia

SolveXia is a low-code finance platform designed for industries like financial services, retail, healthcare, and travel. It automates spreadsheet-driven data and manual processes, allowing finance and accounting teams to effortlessly unify data across systems and spreadsheets.

PROS

• Reconciling activities can be done quickly, reducing the time and effort spent.
• Improved control over the process is achieved through status dashboards and workflows.
• The platform’s adaptability allows it to handle both simple and complex matching rules for data, including fuzzy logic matching.

CONS

• Since SolveXia is highly customized, exact pricing details may take longer to determine due to necessary consultations for accurate pricing. This may delay the initial setup.

20. Excel®

Excel is still widely used for account reconciliation because people are familiar with it and it is flexible. Although it doesn’t have the advanced features of specialized reconciliation software, Excel can still work well for small businesses with simpler reconciliation needs.

PROS

• Easy to learn because the interface is familiar.
• Highly customizable to fit specific reconciliation needs.
• No extra cost for Microsoft Office users.

CONS

• Manual data entry increases the chance of mistakes.
• Limited scalability can’t support growing organizations with complex reconciliation needs.
• Lacks real-time collaboration features found in cloud-based solutions.
• Time-consuming with no way to audit changes in cells.
• Limited visibility and controls.

How to Select the Best Reconciliation Software

Choosing the best reconciliation software for your business depends on your needs and priorities. However, certain features are important for any software that aims to make the reconciliation process easier. Here are the key features to look for:

Automated Data Importation:

The heart of reconciliation is all about data. The account reconciliation software effortlessly connects with your financial systems, like ERPs or non-ERP systems, and automatically pulls in transactions from bank and credit card statements, along with other financial records.

Duplicate Detection

An effective reconciliation solution employs advanced algorithms, including fuzzy matching and machine learning, to match transactions, create a list of unmatched transactions and identify duplicates that are not exact matches but are significantly similar. This technology evaluates various attributes of transactions, such as amounts, dates, and reference numbers, to detect and alert users to potential duplicates. This process ensures the accuracy of financial reports

Integration with ERP and Non-ERP Systems

The best reconciliation software should have APIs (Application Programming Interfaces) that easily connect with many ERP platforms like SAP and Oracle to non-ERP softwares like QuickBooks. This connection allows for automatic data transfer, ensuring accuracy and removing the need for manual data entry, which can lead to mistakes.

Custom Reconciliation Rules

Look for software that lets you create customizable business rules using conditional logic and scripting. This feature should allow users to set custom workflows with options to add multiple levels of approval. Being able to adjust these rules helps companies monitor high risk tasks

and unusual financial transactions smoothly while following internal controls. 

Handle Large Volume of Data

In a company, hundreds of transactions take place everyday. The software should be able to ingest and handle large amounts of data from different data sources which needs to be reconciled. Being able to reconcile on time will help companies close books on time.

User-Friendly Dashboards

Today’s account reconciliation software typically includes easy-to-use dashboards. These dashboards show a clear picture of your reconciliation progress, any transactions still pending, discrepancies, and other important metrics.

AI Based Anomaly Detection

AI based account reconciliation software identifies errors and omissions in the source ERP data thus promoting continuous close. This AI based software reduces false positives with automated feedback loop

Security Features

Important security features include encrypting data from start to finish, whether it’s moving or stored, to safeguard sensitive financial information. Controlling access based on roles, using multi-step authentication, and meeting local and international rules like GDPR and SOX are vital for keeping data safe and private.

Scalability

The software should be designed on a flexible structure, like cloud platforms, that can adjust resources easily to manage more work. This way, as more transactions come in, the software can keep running well without needing a lot more money spent on it.

Simplify Your Account Reconciliation Process With HighRadius

Making confident data-driven decisions and meeting reporting deadlines hinges on accurate reporting. Without the right tools, your business risks making decisions based on outdated or inaccurate data, missing deadlines, or not adhering to accounting standards.

HighRadius Account Reconciliation Software changes this narrative. Imagine a large hotel chain struggling with month-end chaos. They turned to HighRadius and achieved 97% automated reconciliation across 1700+ entries with AI based account reconciliation software. HighRadius’ account reconciliation software helped them get granular visibility into their accounting process so they could take complete control from transaction data gathering to data processing to reconciliation. They reduced the person-hours involved by ~60%.

HighRadius Account Reconciliation software leverages AI to efficiently match transactions, reducing reconciliation time by 30%. It provides out-of-the-box formulas, configurable matching rules, and templates to automate month-end transactions. The software prepares and posts journal entries directly into the ERP, automating 80% of the reconciliation process. It also supports audit and compliance with comprehensive audit trails.

In addition to reconciliation, HighRadius offers a robust anomaly management solution. This solution proactively identifies and addresses discrepancies and unusual patterns in financial data. By leveraging AI, it not only detects anomalies but also suggests corrective actions, ensuring data accuracy and integrity. HighRadius anomaly management automates 50the process of monitoring transactions by 50%. The software self-learns from the past data to increase the accuracy of detecting anomalies and resolve 70% of the anomalies while reducing false positives by 30%.. This enables businesses to maintain high standards of financial accuracy and compliance, further enhancing their decision-making capabilities.

In a competitive landscape, timely and accurate financial reporting is key. HighRadius ensures your financial processes are efficient and reliable, giving you the edge you need.