Accounts reconciliation is tiresome, whether you are a solopreneur, a small business owner, a freelancer, or the head of a large enterprise. Not many people will claim to like comparing bank statements and invoices for long hours only to run into unexpected errors. Financial closing is complicated to begin with, and when done manually, it can consume your time and expose you to mistakes.
You can say goodbye to your accounting troubles using an automated tool designed to cater to your accounting needs. The best accounts reconciliation software in 2023 has features that ease financial closing by providing a centralized online system. Instead of keeping records manually and adding up numbers every month- or year-end, let automated reconciliation and technology take over and do a faster, better job.
Solid accounts reconciliation software will automate the process of keeping expense records in a general ledger, retrieving real-time balances, accessing details from previous records and comparing information from invoices and bank statements. It saves your time but more importantly, it keeps your transaction records accurate and transparent.
Once the accounts reconciliation is done, you can approve it electronically and keep the record securely in an online database. Since accounts reconciliation software gets all the data from your bank accounts directly, you can rest assured there will be no discrepancies in the figures. Through tools, we will soon recommend, you can count on maintaining perfect audit trails as the software will catch missing or duplicate entries.
Accounts reconciliation software provides additional functionalities like uploading supporting statements and receipts. You can gain real-time visibility into your cash flow through dashboards. You can learn about your overall performance through detailed financial reports. Since historical data is maintained, you can always compare previous statements to chart your business trajectory. These tools enable you to manage multi-currency and multiple bank accounts from a unified dashboard.
Are you ready to reduce errors, maintain complete financial records, and improve your bottom line? Explore our list of best accounts reconciliation software in 2023 to choose the best option for yourself.
Part A - Individual Product Overview
A robust accounts reconciliation software can improve the accuracy, speed and efficiency of your accounting system. As the tool automates the reconciliation process, you can streamline your daily operations and improve your business performance. You can rely on this tool to get more work done in less time.
We will now explore our top six list of the best accounts reconciliation software. We explain their top features, integrations, pricing, and customer reviews, among other aspects. This thorough investigation will help you make an intelligent decision when choosing the software for yourself.
1. ZarMoney
Product Overview
ZarMoney is a cloud-based accounts reconciliation software that automates your financial closing process. It offers valuable features that enable you to track expenses and maintain accurate financial records in an online database. All the incoming and outgoing costs are updated in real time, ensuring your records stay up to date.
Through ZarMoney, you can count on automated systems for importing bank transactions into your dashboard, where you can edit or approve them accordingly. This accounts reconciliation software also enables you to connect to more than 9,600 financial institutions across the United States and Canada, so you are unlikely to face problems importing records. Once the details are imported, you can review them and just click once to match the bank transactions with your records.
The tool identifies discrepancies, and duplicated or missing entries as well as keeps your books reconciled, saving you a lot of hassle. With ZarMoney, you can gain real-time insights into your cash position and take the right action at the right time.
Features
- 1099 preparation
- Accounts receivable transactions
- Accounts payable transactions
- Online payment processing
- Aging tracking
- Approval process control
- Bank reconciliation
- Billing
- Invoicing
- Cash management
- Check to process
- Chart of accounts
- Funds transfer
- Contact database
- Contingency billing
- Customer statements
- Customizable invoices
- Connection with over 9600 banks
- Multi-login
- Warehouse management
- Inventory tracking
- Multi-location support
- Multi-currency support
- Automated taxation
- Custom tax order
- Journal entries
- Profit and loss statements
- Alerts and reminders
Top Three Features
The top three features of ZarMoney include:
1. Accounts Reconciliation
ZarMoney allows you to conduct automatic account reconciliation. All it takes is a single click, and you can reconcile your bank statements with your invoices. Any discrepancies and errors are identified by the tool, ensuring your records are straight at all times.
2. Bank Synchronization
With ZarMoney, you can connect to more than 9600 banks and conduct multiple kinds of transactions without worrying about missed records. You can easily view, edit, approve and reconcile details from your bank transactions. The bank feeds are synchronized with your dashboard, allowing you to import transaction records. You can view, edit, approve, and reconcile details from your bank transactions.
3. Automated Tax Calculation & Payment
ZarMoney reduces the chances of error in tax calculation by automating the entire process. You no longer have to manually add or apply taxes as this software computes and implements tax on each sale. You can adjust the setting to match the location and tax zone. Consequently, your year-end tax filing becomes easier.
Price Plans
- Entrepreneur: $15 / month / 1 user
- Small Business: $20 / month / 2 users
- Enterprise: $350 / month / 30+ users
- Free trial
Pros
- The tool has a modern user friendly interface, enabling ease of access for new users
- It is scalable, allowing you to expand its capabilities by switching to advanced plans
- The reporting feature provides detailed and visual financial reports, bringing you up to date on your performance
Cons
- The app does not offer a free plan
Integrations
- AutoEntry
- PayPal
- Stripe
- Google Calendar
- QuickBooks Payment
- Braintree
- CyberSource
- Authorize.Net
- Gusto
- Mailchimp
- Zapier
- Shopify
Average Rating from Top 3 Software Directories
ZarMoney’s average rating, according to the top three software directories, stands at 4.73.
Testimonials
Here are some testimonials from users of the app:
Customer Support Options
- Knowledge Base
- FAQs/Forum
- Phone Support
- Email/Help Desk
- Chat
- 24/7 (Live rep)
Support Platforms
- Web
- Mac
- Windows
- Linux
- Chromebook
Bottomline
ZarMoney upgrades your accounting process thoroughly through the power of automation. It introduces efficiency and accuracy into your accounts reconciliation system, freeing up your hours so you can focus on other tasks. You can count on this tool to keep comprehensive records, conduct single-click bank reconciliation and gain clear insights into your financial condition.
Bottomline
ZarMoney upgrades your accounting process thoroughly through the power of automation. It introduces efficiency and accuracy into your accounts reconciliation system, freeing up your hours so you can focus on other tasks. You can count on this tool to keep comprehensive records, conduct single-click bank reconciliation and gain clear insights into your financial condition.
2. Blackline
Product Overview
BlackLine provides a comprehensive accounting solution to your financial needs. It automates repetitive processes, allowing you to conduct several tasks in minimal time. You can use this accounts reconciliation software to implement internal controls in your system, manage your tasks, and conduct accounts reconciliation, transaction matching, and journal entries.
Through BlackLine, you can oversee multiple accounts. It allows you to compare data from various systems and locations to reconcile account balances on all your balance sheet accounts. You can also delegate tasks to your team members; it mainly comes in handy when you want to define duties for your accounts team. Since this software comes integrated with task management functionality. The dashboard reflects your financial status and task progress in real-time.
In addition, the tool offers detailed supporting document repositories as well as financial reporting. This means you can keep all essential files in one centralized location while gaining overview of your financial status at a glance.
Features
- Accounts Receivable
- Audit Trail
- Bank Reconciliation
- Billing & Invoicing
- Budgeting/Forecasting
- Cash Management
- Consolidation/Roll-Up
- CPA Firms
- Fixed Asset Management
- Fund Accounting
- General Ledger
- Income & Balance Sheet
- Payroll Management
- Profit/Loss Statement
- Tax Management
Top Three Features
The top three features of BlackLine include:
1.Balance Sheet Integrity
BlackLine manages your balance sheets independently without demanding heavy input from you. It uses the power of automation for the reconciliation of general ledger balance sheet accounts, credit cards, cash, and bank statements. Since it requires minimal manual intervention, you can expect no chances of errors and saved time.
2. Accounts Reconciliation
BlackLine automates the accounts reconciliation process, bringing accuracy to your financial statements. The entire system is streamlined to provide the relevant accounts professional to check and verify the integrity of your balance sheets. This feature makes it easier and quicker to compare your general ledger and bank data to find any existing discrepancies. Since every function is performed from a unified platform, it is convenient to keep track of all activity.
3. Close Process Management
BlackLine standardizes the process of accounts reconciliation and period-end closing processes. The automated system decreases the time you and your team need to spend on this task. Furthermore, with accurate and professional systems, you can experience marked improvements in cycle times and financial integrity. You can use the tool to track finance and accounting-related tasks, ensuring greater transparency and reliability. You can incorporate this system into your ERP infrastructure, reducing the hassle.
Price Plans
- Price is available on a custom quote
- No free trial
Pros
- It is easy to use
- The feature of providing accounts summary is very handy
- The data storage option enables safe and accessible recordkeeping
Cons
- The implementation of this software can be a time-taking and complicated process
- It can be slow if you use it to manage several accounts
- Lack of visibility into plans available, making it an inconvenient process for some
Integrations
- Primaseller
- Planful
- TeraVina
Average Rating from Top 3 Software Directories
BlackLine’s average rating, per the top three software directories, stands at 4.4.
Testimonials
Here are some testimonials from users of the app:
Customer Support Options
- Phone Support
- 24/7 (Live rep)
- Knowledge Base
- Email/Help Desk
- Chat
Support Platforms
- Web
Bottomline
BlackLine automates your accounting processes. At the same time, it offers task management capabilities. Combined, this tool enables you to manage and streamline your accounting functions for maximum productivity. The app does not provide a free trial. You can, however, contact their team to learn more.
3. Xero
Product Overview
Xero is an web based intuitive accounts reconciliation software that provides multiple bookkeeping functionalities. This app can automate your reconciliation process while improving accuracy and transparency. Using this tool means automating your invoicing system and accepting online payments. All the records are continually updated on the cloud.
You can also use Xero to manage multiple accounts since this software automatically connects to your bank accounts, importing feeds through a secure channel to ensure updated financial records. You do not have to enter data manually. This directly reduces chances of erroneous information while also decreasing the time you have to spend on maintaining a financial trail.
The app is intelligent, which means it improves continually, tailoring itself to your requirements. For instance, it makes suggestions about your expenditures when you are reconciling accounts, which you can complete with just a few clicks. The dashboard is visual and user-friendly; you can refer to it any time and get an updated view of your performance.
Features
- 401(k) tracking
- ACH payment processing
- Accounts payable & receivable
- Automated quoting & billing
- Bank reconciliation
- Billing & Invoicing
- Budgeting
- CPA firms
- Currency conversion
- Customer statements
- Customizable invoices & reports
- Financial analysis
- Income & balance sheet
- Multi-channel management
- Online invoicing & payments
- Real-time reporting
Top Three Features
The top three features of Xero include:
1. Automatic Bank Feeds
You can automatically connect your bank account to Xero. The tool enables you to add and manage multiple streams and accounts. The transactions done through your performances are recorded in your Xero database automatically and securely. You can gain complete visibility of incoming and outgoing money, and ensure your bank connections remain safe and secure at all times.
2. Account Reconciliation
With Xero, you can reconcile your accounts with just a few clicks. Since the bank feeds are automatic, you get real-time insights into your financial condition on the dashboard. You can use the information and categorize your transactions daily for a smooth workflow. With your accounts reconciled regularly, no backlogs, and your accounts will remain updated.
3. Strong Security
Xero imports all your bank transactions from your accounts automatically and securely. The connection is private and reliable. Furthermore, the information sent by Xero is encrypted, which means there are no risks of unauthorized access to your financial records.
Price plans
- Free trial
- Starter - $22 / month
- Standard - $35 / month
- Premium - $47 / month
Pros
- It is user-friendly and easy to implement
- It offers a mobile app, allowing you to use it from anywhere
- It is affordable
Cons
- Delivery dockets system can be cumbersome
- The automatic bank feeds capability can sometimes glitch
Integrations
- PayPal
- Mailchimp
- Google Forms
- Shopify
- Eventbrite
- Stripe
- HubSpot CRM
- Zoho CRM
- Zapier
- Squarespace
Average Rating from Top 3 Software Directories
Xero’s average rating, per the top 3 software directories, stands at 4.3.
Testimonials
Here are a few customer reviews to give you an overview of the user experience:
Customer Support Options
- Email/Help Desk
- Chat
- Knowledge Base
- FAQs/Forum
- 24/7 (Live rep)
Support Platforms
- Web
- Android
- iPhone
- iPad
Bottomline
Users find Xero; an accounts reconciliation tool, easy to implement in their daily financial operations. In addition to performing account reconciliation, it also helps you conduct bookkeeping in a convenient manner. Since it is a cloud-based tool and also has a mobile app, you can easily access it remotely or on the go.
4. Upflow
Product Overview
Upflow is an accounting solution through which you can perform multiple bookkeeping functions. One of these is account reconciliation. The app enables you to offer payment options to your customers and tracks all incoming bills. It also sends reminders and alerts to your clients in case of overdue invoices. The next step is empowering you to reconcile your bank accounts with a single click.
Through Upflow, you can streamline your workflow as well as cash flow. You can manage your customer relationship effortlessly. With its intuitive and customer-friendly reminder system, your clients start paying you on time. Overpayments go down exponentially. You can update your account data with smooth cash flow and single-click reconciliations of all invoices. You can expand the tool’s functionality and upgrade your billing system through external integrations.
Features
- ACH payment processing
- Automated notices
- Billing & invoicing
- Customer statements
- Data security
- Debit/credit card processing
- In-house collections
- Invoice management
- Mobile payments
- Online payments
Top Three Features
The top three features of Upflow include:
1. Multiple-channel Payment
Through Upflow, you can allow your client flexible payment options. They can choose from multiple payment methods and specify their decision. This process is easy to offer and costs no extra or hidden fees. You can activate payment methods on your dashboard in a few clicks, allowing your customers greater convenience and the chance to get paid faster.
2. Automatic Reconciliation
Upflow allows you to easily track all your incoming and outgoing expenses and reconcile your transactions. You do not have to enter details about the cash flow since the app imports the required information quickly. All you have to do is review the records and reconcile the statements with a single click.
3. Payment Dispute Management
With Upflow, you can learn when you get paid. Your clients can let you know the payment date through the summary page, and if they have confusion, they can raise a dispute or pose queries online. You can answer questions, resolve payment disputes and keep track of unpaid invoices.
Price Plans
- Accounting software - $0
- Credit card processing - $0.30 + 2.9% per transaction
- Bank payment/ACH processing - 1% per transaction ($1 minimum fee)
Pros
- he process of implementing this app into your financial system is time-efficient
- The app is compatible with web browsers, allowing you ease of access.
- It offers good functionality at an affordable rate
Cons
- It does not have a lot of third-party integrations at present
- You might find the tool hard to use at the start
- The customization options are limited
Integrations
- Quickbooks
- Xero
- NetSuite
- Stripe
- Chargebee
Average Rating from Top 3 Software Directories
Upflow’s average rating from the top 3 software directories stands at 4.76.
Testimonials
Here are a few customer reviews to give you an overview of the user experience:
Customer Support Options
- FAQs/Forum
Support Platforms
- Web
Bottomline
Upflow provides a convenient solution for your accounts reconciliation system. With greater control and visibility over your bills and invoices and integrated payment methods, you can count on a reliable way to reconcile your accounts.
5. ReconArt
Product Overview
ReconArt is a web-based reconciliation tool that provides individuals and companies with an automated system to manage their financial processes. Since the software is web-based, users can access quickly and view, edit and work on their financial records from anywhere and at any time. The range of features on offer is extensive as well. This app can match transactions and exceptions, account reconciliation, financial analysis, period-end closing, and more.
You can rely on ReconArt to perform a wide range of reconciliation processes, including bank, credit card, and balance sheet reconciliation. You can import and export data and perform multi-sided reconciliation and complex matching. It also helps you oversee your account receivable and payable reconciliation. Furthermore, it is a scalable tool, which means you can expand its functionalities.
Features
- Accounts Receivable
- Bank Reconciliation
- Fund Accounting
- Sales Reconciliation
- Credit Card Reconciliation
- Financial Close Services
- Integration with ERP system
Top Three Features
The top three features of ReconArt include:
1.Bank Reconciliation Software
ReconArt automates the bank reconciliation process from start to finish. It imports your bank transactions into the app database and matches the individual transactions with internally-saved information. Performing checkbook reconciliation, it ensures that the financial data in your database matches with bank information. Since this tool can handle a large volume of data.
2. Account Reconciliation
ReconArt centralizes your AP and AR reconciliations on a single dashboard. It matches your account receivables with open invoices. It also matches your vendor statements with the internal record of account payables. All these processes are completed through an automated system, reducing the time you have to spend on the task. As a result, you will gain quick visibility into your aging analysis and process improvement. You can also identify discrepancies on time and update your general ledger.
3. Credit Card Reconciliation
ReconArt provides a wide-ranging solution for your credit card reconciliation needs. Whether it is vendor payment, sales transaction or employee reimbursements, this tool automatically matches transactions on your credit card statements to the details in the internal ledger. It can also check with bank statements, corporate expense systems and point-of-sale or e-commerce applications, if you use any, to ensure nothing is missed. As a result, you can speed up your transaction processing, resolve any issues as they arise, and have all the required financial information available at your fingertips.
Price Plans
- Essentials - $1500 / month / 5 users
- Plus - $3000 / month / 10 users
- Certify - $1500 / month / 10 users
- Close - $2500 / month / 20 users
- Enterprise - Available at a custom quote
Pros
- It standardizes the matching process
- It automates complex reconciliation processes, saving your time
- It is intuitive
Cons
- The support options are limited
- It can be difficult to learn for new users
- It has limited features and does not offer a free trial
Integrations
- NetSuite
Average Rating from Top 3 Software Directories
ReconArt’s average rating, per the top three software directories, stands at 3.7.
Testimonials
Here are some testimonials from users of the app:
Customer Support Options
- 24/7 (Live Rep)
Support Platforms
- Web
Bottomline
ReconArt is a user-friendly but technically advanced accounts reconciliation software. You can use this tool to manage a global customer base, and deal with financial processes whether they are small or enterprise-scale. You can explore the tool in detail to determine whether it matches your needs or not.
6. OneStream
Product Overview
OneStream provides a consolidated financial system through a user-friendly interface. This accounts reconciliation tool offers extensive features like financial planning, data quality, and more. It simplifies complex accounting tasks for general users. It can also expect greater accuracy in your financial records through this app.
It presents information in graphs, charts and grids, enabling you to comprehend and convey financial details to stakeholders transparently. With OneStream, you can keep track of all your expenses on a unified dashboard. You can also maintain audit control and match your performance against determined targets.
Features
- "What If" Scenarios
- Access Controls/Permissions
- Ad hoc Reporting
- Asset Lifecycle Management
- Audit Trail
- Bank Reconciliation
- Budgeting/Forecasting
- Cash Management
- Consolidation/Roll-Up
- Dashboard
- Data Import/Export
- Data Visualization
- Financial Analysis
- Financial Reporting
- Forecasting
- Income & Balance Sheet
- Key Performance Indicators
- Multi-Company
- Multi-Department/Project
- Predictive Analytics
- Profit/Loss Statement
- Real Time Data
- Scenario Planning
- Scorecards
- Strategic Planning
- Version Control
Top Three Features
The top three features of OneStream include:
1. Transaction Matching
With OneStream, you can easily verify financial data from various sources by matching it against your internal records. You can import your bank data into the dashboard on a weekly, monthly, or even daily basis and perform splitting and data stacking to support the matching process. As you match your transactions, you gain timely updates about discrepancies, which allows you to resolve them on time. A quicker reconciliation process means you can count on an accelerated and accurate financial closing system. You can import your bank data into the dashboard on a weekly, monthly, or even daily basis and perform splitting and data stacking to support the matching process.
2. Account Reconciliation
OneStream introduces complete accuracy into your financial and accounting processes. It automates account reconciliation and aligns it with financial reporting. The CPM software means you do not have to manually enter or match information. Trial balances and balance sheets can be overseen on a single dashboard, reconciled and the process moved to the next step of financial close.
3. Financial Close and Consolidation
OneStream simplifies the complex process of financial close and consolidation. You no longer have to keep excel or spreadsheets. Replace the manual system with a modern and sleek unified platform that automates the financial process entirely. You get load data, perform reconciliation and get financial insights automatically. Validate pre- and post-load records, catch errors on time, and resolve data quality problems to close faster.
Price Plan
- Starting from $100,000, depending on usage
- No free trial
Pros
- It is user-friendly
- The customer support is responsive
- The tool is highly customizable so you can build it to suit your needs
Cons
- The report scheduling feature is cumbersome
- The information presented is not highly visual. Thus, some users might find it difficult to comprehend the details.
- The dashboard requires further development to enable streamlined experience
- It is expensive as compared to other options
Integrations
- Microsoft Excel
- Microsoft Azure
- SAP BusinessObjects Business Intelligence
- CXO Software
Average Rating from Top 3 Software Directories
OneStream’s average rating, per the top 3 software directories, stands at 4.6.
Testimonials
Here are some testimonials from users of the app:
Customer Support Options
- Email/Help Desk
- FAQs/Forum
- Knowledge Base
- Phone Support
- 24/7 (Live Rep)
Support Platforms
- Web
- Android
- iPhone / iPad
Bottomline
OneStream can be used to accelerate and simplify your accounts reconciliation and financial close process. Match transactions, get data-based analysis, and ensure integrity with this tool. With most of your complex accounting systems automated, you can count on spending less time on manual admin tasks.
Part B - Table Comparison
|
ZarMoney |
Blackline |
Xero |
Upflow |
ReconArt |
OneStream |
|
|
Account Reconciliation |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
|
Accounts Payable |
✔ |
✔ |
✔ |
✔ |
✔ |
❌ |
|
Accounts Receivable |
✔ |
✔ |
✔ |
✔ |
❌ |
❌ |
|
Audit Trail |
✔ |
✔ |
✔ |
✔ |
❌ |
✔ |
|
Bank Reconciliation |
✔ |
✔ |
✔ |
✔ |
✔ |
✔ |
|
Billing & Invoicing |
✔ |
✔ |
✔ |
✔ |
❌ |
❌ |
|
Fund Accounting |
✔ |
✔ |
✔ |
❌ |
✔ |
❌ |
|
Income & Balance Sheet |
✔ |
✔ |
✔ |
❌ |
✔ |
✔ |
|
General Ledger |
✔ |
✔ |
✔ |
❌ |
✔ |
❌ |
|
Multi-currency support |
✔ |
✔ |
✔ |
❌ |
✔ |
✔ |
|
Customer Support on Phone |
✔ |
✔ |
✔ |
❌ |
✔ |
✔ |
|
Free Trial |
✔ |
❌ |
✔ |
✔ |
❌ |
❌ |
|
Pricing (Starting From) |
$15 |
Custom quote |
$22 |
$0 |
$1500 |
$100,000 |
Part C - FAQs
1. What is reconciliation of accounts?
Account reconciliation is a process through which two sets of records are checked and compared to ensure they match. Reconciliation of accounts also helps you ensure that the numbers in your general ledger are accurate and consistent.
2. What is accounts receivable reconciliation?
The reconciliation of accounts receivable refers to the process of matching the unpaid invoices or customer bills to the total accounts receivable amount mentioned in the general ledger. The comparison helps ensure that the figures in the public ledger for receivables are accurate and justified.
3. What is accounts payable reconciliation?
The reconciliation of accounts payables refers to comparing balances in such financial records as general ledger, dashboard, sub-ledger, or accounts payable aging report. The comparison shows you the due balance or outstanding bills you have yet to pay to your vendors and suppliers. This process of verification ensures that the payables account balance in the general ledger matches the detailed total of accounts payable.
4. Why should I use accounts reconciliation software?
Accounts reconciliation is a complex process. When done manually, it is time-consuming as well as error-prone. Using accounts reconciliation software can automate the system of comparing and verifying your incoming and outgoing bills. The tool catches errors and discrepancies and introduces accuracy into your financial records. An accounts reconciliation tool saves time, keeps your financial integrity intact, and helps you streamline your internal systems for improved efficiency.
Conclusion
This blog reviewed the top 6 accounts reconciliation software in 2023. We explored the tool in detail and shared its top features, integrations, price plans, customer support options and supported platforms. In addition, we shared reviews from customers to give you a quick glimpse into user satisfaction levels. The purpose of the detailed analysis was to bring you up to date with the functionalities you should look out for when purchasing an accounts reconciliation software. We hope you know where to start now.
As you can see, there are various options available in the market. A good accounts reconciliation tool can simplify your accounting system while making it faster and more accurate. You can pick a tool per your needs and your budget. However, we recommend trying out ZarMoney for its ease of access, rich features and affordability. Since this software offers a free trial, you don’t have to pay to try it out. So what’s stopping you? Start your hands-on exploration today to get better business outcomes in the future.
