
QuickBooks Online Advanced
Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide financial reporting and operational insight...Read more
Workday Adaptive Planning, founded in 2003, provides a web-based system for budgeting, forecasting and reporting. The solution is suitable for a wide variety of company sizes. Delivered over the Web in a software-as-a-service (Saa...Read more
Abila Fund Accounting 100 (formerly Sage MIP) is designed to meet the financial management needs of nonprofit organizations and associations. This is one of the most widely-used fund accounting solutions on the market. ...Read more
AccuFund is 100% focused on serving nonprofits and government entities. The complete fund accounting financial management solution, available online or onsite, consists of a strong core system and modules that allow you to expand ...Read more
Blackbaud’s cloud fund accounting software Blackbaud Financial Edge NXT®️ provides transparency across teams, security, and compliance, and reduces the need for manual processes. The fund accounting software provides a general led...Read more
Multiview Financials is the flagship ERP system developed, sold, implemented, and supported by Multiview Financial Software. Multiview is designed for organizations ranging in size from rapidly growing small businesses to large en...Read more
Infor CloudSuite Financials is a solution suite that provides financial functionality coupled with a source-to-settle supply management offering. The solution is role-based, mobile responsive and delivered in the cloud. It deliver...Read more
Patriot Software offers accounting software for American businesses and accountants. Patriot's accounting software is affordable and easy to use for the non-accountant, but has powerful capabilities for accountants. Patriot Premiu...Read more
Banyon Data has 37+ years experience developing fund accounting software for the public sector. The software is a great fit for small to midsize entities looking to enhance budget tracking and make the overall accounting process ...Read more
QuickBooks Online Advanced is a cloud-based accounting solution that helps small to large enterprises manage expenses, projects, invoices and more. It comes with a centralized dashboard, which enables users to gain insights into b...Read more
Stripe Billing is a cloud-based solution that offers a varied set of unified APIs and tools that enable businesses to manage and accept payments online. Stripe Billing handles key payment functions, such as subscriptions, sto...Read more
For over 26 years, DataServ has delivered cloud-based AP automation solutions to mid-sized to global Fortune 500 clients in the wholesale and distribution, manufacturing, healthcare, retail, and financial services industries. Data...Read more
Gravity Software is an all-in-one cloud-based accounting application for mid-market businesses who’ve outgrown their current entry-level solution. Built from the ground up on the Microsoft Power Platform, Gravity provides business...Read more
24SevenOffice is a cloud-based Accounting and ERP system for small and mid-sized businesses. 24SevenOffice eliminates repetitive processes and greatly reduces the need to manually enter information. The system will also streamline...Read more
Accurate accounting is one of the most critical objectives for a business. It provides a realistic snapshot of the company's financial position by summarizing assets and highlighting financial risks. And of course, proper accounting also has implications for regulatory compliance. Reconciliation software verifies that accounting efforts are complete and correct, and that they conform to industry standards and legal requirements.
This guide will explain how reconciliation software helps businesses and nonprofit organizations verify transactions and prepare accurate accounting documents, such as balance sheets and income statements.
Here's what we'll cover:
Reconciliation software automates the account reconciliation process to create accurate, high-quality financial statements. It gives accountants a streamlined way to verify that their balance sheets are correct, appropriate, and compliant. The software receives information from banking institutions and compares it against internal records. Discrepancies are flagged for accountants to review and reconcile. This saves time and improves the accuracy of balance sheets, income statements, and related documents.
Many reconciliation software platforms are designed to support a specific industry, but most offer the following common features:
Bank reconciliation |
Compare accounting and other financial records with corresponding bank statements. |
Financial reporting |
Generate income statements and balance sheets to gauge performance and financial position. |
Document management |
Upload, store, and share financial documents in a common location where stakeholders can access them on premise or in the cloud. Secure these documents using industry-standard security features. |
ERP integration |
Connect reconciliation software with existing enterprise resource planning (ERP) systems through simple application programming interfaces (APIs). |
Multiple currencies |
Make calculations using various international currency systems. Incorporate past exchange rates for the most realistic financial picture over time. |
Data importing and exporting |
Exchange information and reports to and from the reconciliation software. Capture accounting data from other applications. Export reconciliation data and reports to other systems. |
Exception management |
Find, explain, and address financial anomalies that fall outside of expected values. |
Choosing the right reconciliation software solutions starts with identifying what kind of buyer you are. Most buyers fall into one of the following categories:
Small businesses: Most organizations with fewer than 100 employees are well served by purchasing reconciliation solutions that are part of a larger suite of accounting software. This integrated approach affordably centralizes most accounting processes such as budgeting, forecasting, billing, invoicing, and payroll.
Midsize and growing businesses: Many growing businesses find they are ready to upgrade their accounting platform to a more advanced solution. One affordable alternative to replacing an entire accounting platform is integrating specialized reconciliation software as a supplement to your existing accounting architecture. This approach provides better compliance tools without the expense of changing all your accounting processes.
Enterprises: Publicly traded companies and multinational firms often have complex compliance requirements. Best-of-breed reconciliation platforms offer tailor-made solutions to fit these needs. Alternatively, organizations with over 1,000 employees may benefit from a full-featured accounting or financial reporting platform that includes advanced reconciliation tools. Finally, it's worth considering platforms that integrate with enterprise resource planning (ERP) solutions.
Nonprofit organizations: Nonprofits and not-for-profit organizations must follow strict reporting compliance guidelines. Some reconciliation tools are designed to help. For instance, they can register unusual "income" sources such as gifts of stock or durable assets that are harder to accommodate using standard reconciliation or accounting solutions.
Reconciliation software is designed to offer the following key benefits over general accounting software:
Reconciliation software buyers may encounter the following issues during deployment:
Keep the following considerations in mind while choosing reconciliation software:
The following market trends are influencing the development of reconciliation software: