Account reconciliation software can sound intimidating, but really, it’s basic. You’re simply comparing your business records to what your bank says.
Whether it’s intimidating or not, though, the good news is that accounting reconciliation software does a lot of the work for you. The key is to find the right tool. This list can help you narrow down the options to reduce work for your team and stay on top of your incoming and outgoing payments.
- Xero: Best Overall
- Blackline: Best for New Businesses
- ReconArt: Best for Advanced Reconciliations
- Bank Rec: Best for Legacy System Migration
- AutoRek: Best for Financial Businesses and Service Providers
- ZarMoney: Best for Small Businesses
- Upflow: Best for Cash Flow Monitoring
| Software | Supported Processes | Free Trial? | Pricing |
| Xero | Account reconciliation, bank reconciliation, credit card reconciliation, and balance sheet reconciliation | Yes | Starts at $13 a month |
| Blackline | Account reconciliation, bank reconciliation, and balance sheet reconciliation | No | Pricing customized to business needs |
| ReconArt | Account reconciliation, bank reconciliation, credit card reconciliation, and balance sheet reconciliation | No | Pricing customized to business needs |
| Bank Rec | Account reconciliation, bank reconciliation, and credit card reconciliation | Yes | Starts at $199.95 per month |
| AutoRek | Account reconciliation, bank reconciliation, credit card reconciliation, and balance sheet reconciliation | No | Pricing customized to business needs |
| ZarMoney | Account reconciliation, bank reconciliation, and credit card reconciliation | Yes | Starts at $15 per month |
| Upflow | Bank reconciliation | No | Accounts receivable available for free; plans with other features starts at $440 per month |
7 Best Accounts Reconciliation Softwares
Xero: Best Overall
If you’re looking for a bank account reconciliation software free trial, Xero has you covered. You can try out all the features for 30 days with no commitment. Like what you see? Their account reconciliation software pricing starts at $13 a month.
One great thing about Xero as a reconciliation software is that it helps you stay on top of everything. Accounts are reconciled every single day, helping you keep an eye on things. The pricing also includes an unlimited number of users, so if you’re still growing, this is the solution that can easily take you from startup to mid-sized business and beyond.
Pros
- Daily import of bank transactions
- Unlimited users
- Free 30-day trial
- Rules let you match transactions on your terms
- Multi-currency support
Cons
- Reports not as user friendly as some competitors
- No free version
- Some reviews cite disappointment in customer support
Blackline: Best for New Businesses
If you’re kicking off your accounting processes, Blackline might be a great option. This accounts reconciliation software includes templates that help you set up a process that your accounting team can build on. You can even link to your policies and procedures to help your team keep up with any changes.
But the software has plenty of features to help mid-sized and larger businesses, as well. Workflow approval processes help you move items up the chain, automating the process to keep things from falling through the cracks. It also has a task management feature that lets managers assign specific duties to accounting team members.
Pros
- Group accounts by region and type
- Responsive customer support
- Templates make it easy to set up processes
- Link to policies to ensure everyone’s on the same page
Cons
- Integrations aren’t as sophisticated as some other tools
- No free version or free trial available
- Pricing only available via quote
ReconArt: Best for Advanced Reconciliations
Account reconciliation can be complicated and technical. ReconArt tackles the challenge, pulling everything together in one attractive package. It can handle even more advanced reconciliation rules while also automating data imports and exports.
But like many automated reconciliation software packages, ReconArt can be tough to implement. The interface isn’t as user-friendly as other tools, making it better for larger organizations that can have an IT team tackle implementation. It has an API that integrates with a wide range of enterprise resource planning solutions, as well as popular workflow automation tools.
Pros
- Wide range of software integrations
- Integrates with a variety of tools via API
- Can tackle more advanced automation
Cons
- Retracting erroneous entries can be tough
- Not beginner friendly
- No free trial or freemium option
- Pricing isn’t transparent
Bank Rec: Best for Legacy System Migration
Have you operated for a while on Excel spreadsheets or outdated account reconciliation software? If so, Bank Rec may have the features you need. You’ll simply download the software, import your entries, and connect to your bank to use the built-in transaction matching engine.
If you’re doing an account reconciliation software comparison, Bank Rec’s 30-day free trial can come in handy. You’ll get all the features with that trial so you can give the product a full test drive. The $199.95 plan includes up to five users, but if you use Microsoft SQL Server, you’ll likely want to go for the Enterprise edition of Bank Rec, which shortens setup time. Enterprise plans start at $299.95 and support up to seven users.
Pros
- Free trial available.
- Microsoft SQL-compatible version available
- DIY setup
Cons
- Can be pricey for smaller companies
- Less efficient with multiple record creation
- Setup may be difficult for businesses without IT departments
AutoRek: Best for Financial Businesses and Service Providers
Businesses that deal with regulatory compliance should look at AutoRek, which is accounting reconciliation software with a focus on the following regulatory compliance types:
- Markets in Financial Instruments Directive (MiFID)
- Financial Conduct Authority’s Client Asset Sourcebook (CASS)
- Central Securities Depositories Regulation (CSDR)
AutoRek promises to automate 99 percent of your reconciliation processes, helping save time and reduce errors. The built-in rules are designed so that your business can tweak them as needed, making it one of the more scalable account reconciliation software offerings.
Pros
- Helps with MiFID, CASS, and CSDR compliance
- One-on-one implementation help provided
- Software demo available on website
Cons
- Limited training options
- 24/7 support not available
- No free trial or transparent pricing available
ZarMoney: Best for Small Businesses
Small businesses need reconciliation software, too. ZarMoney is designed as an all-in-one accounting solution, helping with invoicing, managing bills, making online payments, and providing quotes and estimates. Simply connect to your bank and transactions will be imported automatically, helping you keep your account reconciliation up to date.
ZarMoney’s account reconciliation feature updates transactions in real-time to ensure you’re always getting the most up-to-date picture of your business’s finances. Pricing starts at $15 monthly, but you may want to upgrade to the Small Business tier, which costs $20 each month and allows up to two users, with the ability to add additional users for $10 monthly each.
Pros
- Simple, affordable pricing structure
- Two-week free trial available
- Easy-to-use interface
Cons
- Limited features
- Limited integrations
Upflow: Best for Cash Flow Monitoring
Cash flow is essential to any business. Upflow helps you keep an eye on things, monitoring your cash flow and giving you insights into how quickly your invoices are being paid so that you can identify areas for improvement.
What makes Upflow a valuable accounts reconciliation software, though, is its automation. You can customize workflows to make sure you’re keeping an eye on what matters. The goal is to keep you on top of things so that you can keep cash coming in.
Pros
- Forecasting helps predict future issues so you can resolve them
- User-friendly interface
- Dashboard makes it easy to identify outstanding payments
Cons
- Invoicing isn’t as fully featured as competitors
- Users report some features crash occasionally
Methodology
Account reconciliation can take a variety of forms, so you need to find account reconciliation software that meets your unique needs. Keeping that in mind, we took a look at a variety of solutions, from all-in-one invoicing tools to software that focuses heavily on account reconciliation.
In addition to checking out the features on each vendor’s website, we also looked at customer reviews. Businesses are often very open about the strengths and weaknesses of each platform, making it easier to do an account reconciliation software comparison.
If you’re in the market for account reconciliation software, it’s important to stop and think about what features you need. When free trials aren’t an option, solutions providers will often provide a software demo upon request. During this trial, they’ll help you determine whether the software might be able to help your business.
FAQs
What is balance sheet reconciliation software?
Balance sheet reconciliation software compares the information on your business’s general ledger to what the bank records state. It may also compare it to the invoices that apply to a ledger’s entry. The goal is to identify any discrepancies to ensure your financial information is as accurate as possible.
