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Top 10 Bank Account Reconciliation Software

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The GoCardless content team comprises a group of subject-matter experts in multiple fields from across GoCardless. The authors and reviewers work in the sales, marketing, legal, and finance departments. All have in-depth knowledge and experience in various aspects of payment scheme technology and the operating rules applicable to each. The team holds expertise in the well-established payment schemes such as UK Direct Debit, the European SEPA scheme, and the US ACH scheme, as well as in schemes operating in Scandinavia, Australia, and New Zealand. See full bio

Last editedNov 20212 min read

Do your business bank accounts match your financial statements? Bank account reconciliation is an important component of business accounting, but manual reconciliation is both time-consuming and prone to error. The best accounting software for bank reconciliation automates the process for quicker, easier bookkeeping. We’ve rounded up the top picks in this accounting software comparison.

QuickBooks

You’re probably already familiar with QuickBooks online, one of the biggest names in accounting and financial record keeping software. It’s designed to streamline an array of processes including invoice creation and report generation. Although QuickBooks doesn’t come with automated reconciliation as a feature, it does give you a clear overview of all your accounts. This allows you to verify that financial reports match your real-life bank statements using the ‘Reconcile’ option under Tools.

Xero

Xero is user-friendly accounting software ideal for small and medium-sized businesses. This cloud-based bank account reconciliation software can also be used to process invoices, manage your business inventory, and track expenses. It also easily integrates with numerous third-party apps including GoCardless to enable payments and monitor cash flow in real time. Your bank transactions are automatically imported each day for quick, easy reconciliation.

Sage

There are numerous versions of Sage to suit different business sizes and industries. For example, Sage Intacct is designed to serve small and midsize firms with financial reporting, bank account reconciliation, and cash management. Its open API structure enables third-party integrations with numerous apps, keeping your financial data in one handy place.

FreshBooks

FreshBooks’ bank reconciliation tools include automatic matching between multiple accounts. However, this all-purpose bookkeeping software can also help small businesses take on everything from invoicing to expense tracking, project management, and issuing automated email reminders to clients.

Zoho Books

Zoho Books comes with built-in bank reconciliation tools to match up transactions. You can get started by choosing the period for reconciling accounts, whether it’s for a specific accounting period or at the end of each month. Users can access these features through the Banking module, clicking through to the Reconcile Account function under Settings. You can also add additional reconciliation details as needed with uploaded files.

AutoReconcile

While many of the accounting software bank reconciliation tools above come as part of a general bookkeeping package, AutoReconcile is more specific in its function. It fully automates the statement matching process, showing errors in real time so that you can catch and correct them easily.

Workday

At the other end of the spectrum is Workday Adaptive Planning, a cloud-based software used for budgeting, financial forecasting, and reporting. It can handle accounting needs not only for start-ups but also non-profit organisations and global corporations alike. Reconciliation is a core feature of this online tool, in conjunction with other everyday admin tasks.

Deltek Vision

Like the other accounting software for bank reconciliation on this list, Deltek Vision is entirely cloud-based. It also blends project management features with real-time expense reports, using data to create useful graphics and custom alerts. This helps keep all your projects on track, ensuring expenses match up not only in your bank accounts but also in your accounts.

BlackLine

Intuitive and user-friendly, BlackLine automates the reconciliation process with standardised templates and reviews. It offers workflows to prepare statements and policies to keep the team organised. You can store supporting documents using its integration option, which helps lay the groundwork for tax preparation.

Accurants

Accurants rounds out our accounting software comparison. This cloud-based software is specifically designed for freelancers and small businesses, with features for invoicing and expense tracking. It also helps with project management in addition to bank reconciliation. There are three pricing plans to choose from, each with online support provided to help you stay on track.

By keeping better track of your financial accounts using accounting software, you can cut down on admin time and ensure all records are both accurate and up to date.

We can help

GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.