best reconciliation software

Which Are The Best Reconciliation Software in 2024 !

by Reconcify

Are you tired of trying to match every single transaction and ensure your books are right? This is a common challenge for many companies and can be detrimental to their survival. That’s why finding the best reconciliation software is crucial. 

Reconciliation is more than just revenue assurance. It is a basic accounting process that involves comparing two sets of records or accounts to ensure they are consistent and accurate. This practice helps identify errors, discrepancies or fraudulent activities in financial transactions.

The digital world has blessed us with more options than ever before in 2024. But how do you choose the one that suits you best when there are so many alternatives available? Well, here's where we come in a list of the top 10+ reconciliation software available!

Keep reading to find out which software could be your business’s new best friend. 

What is Reconciliation?

Reconciliation refers to the comparison of two sets of records to verify their accuracy and consistency. In other words, this accounting task confirms that the amount of money leaves an account only when it has been spent, thus ensuring no transaction goes unaccounted for.

It has various purposes such as error identification, fraud detection as well as maintaining correct financial statements. Through reconciliations, both organizations and individuals can ensure that each deal is recognized and recorded appropriately, thereby enhancing transparency in finance reporting.

What are the Types of Reconciliation?

There are several types of reconciliation which serve different functions within broader financial management systems:

  • Bank Reconciliation: Compares a company’s internal financial records with those from its bank to establish balance agreement as well as transaction consistency. This method helps detect differences arising from transactions  such as  bank charges; deposits still in transit or checks yet presented for payment among others.

  • Account Reconciliation: Focuses on validating general ledger balance  of   accounts by confirming their accuracy and validation. The account is reconciled with the third-party and other supporting documents.

  • Credit Card Reconciliation: Similar to bank reconciliation, but specifically involves matching credit card statements with internal records to identify unauthorized charges, double charges, or refunds not properly accounted for.

  • Vendor Reconciliation: Involves comparing a company’s records of purchases and payments with the invoices and statements received from vendors. This is crucial for verifying that all goods and services received have been billed and paid for correctly.

  • Customer Reconciliation: Ensures that all payments received from customers match the sales invoices issued. This type is vital for businesses that extend credit to customers, helping to track outstanding receivables and ensuring payments are received and recorded accurately.

  • Intercompany Reconciliation: This type is used by organizations with multiple subsidiaries or divisions to ensure that all transactions between these entities are accounted for correctly. It helps in eliminating double counting and ensuring the financial integrity of the parent company’s consolidated financial statements.

Best Reconciliation Software of 2024

Whether you are a small business owner seeking to simplify your financial processes or a large corporation aiming to enhance your financial integrity, the following list showcases the leading reconciliation software solutions that can transform your financial management practices.

1. Reconcify

Reconcify is a clear winner for the year 2024 as the best reconciliation software harnessing the power of Robotic Process Automation (RPA) and Artificial Intelligence (AI) to redefine how businesses handle their reconciliation processes. More importantly, Reconcify is a pure play reconciliation software focused on offering the sole functionality of reconciliation of various financial transactions.

By deploying Reconcify's advanced RPA and AI-enabled bot, companies can achieve unparalleled accuracy and efficiency in their financial reconciliations.

Best For: Reconcify is the ideal solution for businesses of all sizes looking to enhance their revenue assurance, reduce errors and associated costs, and manage large volumes of transactions swiftly. 

Its capabilities make it particularly suitable for sectors like D2C eCommerce, restaurant chains, and financial intermediaries, where precision and speed are paramount.

Key Features

  • Advanced Matching Algorithms: Utilizes AI to perform non-exact and pattern-based matching, ensuring high accuracy in reconciliation.

  • Configurable Rule Engine: Offers customizable rules to meet the specific reconciliation needs of each business, enhancing flexibility and control.

  • High Speed of Execution: Capable of completing complex reconciliations in seconds or minutes, significantly reducing the time and effort required for these tasks.

  • Handling Huge Transaction Volumes: Designed to efficiently manage data from millions of transactions across multiple data sources.

  • Multiple Data Sources and File Types: Supports assimilation of data through RPA bots or APIs and can read various file formats, including PDFs and images.

  • Powerful Computational Capabilities: Features a robust computation engine for carrying out advanced calculations at high speeds.

  • Data Protection and Security: Ensures the utmost protection and confidentiality of business data with advanced security features.

Pros and Cons


  • Automates reconciliation tasks: Reduces manual effort and errors, ensuring accuracy and efficiency.

  • Versatile application: Suitable for various reconciliation needs across industries, from marketplace and payment gateway reconciliation to commission and brokerage reconciliation.

  • Enhanced operational efficiency: Speeds up the reconciliation process, enabling businesses to handle large volumes of transactions effortlessly.

  • Can be easily integrated with any accounting or ERP software


  • Users may have to keep a brief adjustment period for seamlessly integrating and optimizing the tool within their existing workflows.

    2. QuickBooks

    Users may have to keep a brief adjustment period for seamlessly integrating and optimizing the tool within their existing workflows.

    QuickBooks is one of the most popular accounting software for small businesses. One reason behind its wide acceptance is that it caters to many industries starting from farming, real estate agents down to law firms and restaurants.

    Best For: QuickBooks is a great option if you need an automated reconciliation tool that will simplify your business’ financials including inventory reconciliation.

    Key Features

    • QuickBooks simplifies the process of reconciliation so that bank transactions can be easily matched with recorded transactions in QuickBooks hence time saving and minimizing errors.

    • It has features that assist in efficiently managing your stock by keeping track of movements as well as quantities.

    • Has got an app for mobile devices letting you keep tabs on your finances even while on the move though not as feature-rich as some rivals’.

    • Automates repetitive tasks such as payment reminders thus enhancing efficiency.

    Pros and Cons


    • Has a simple user interface making it accessible to individuals who do not have any accounting background.

    • Has extensive features for creating professional-looking invoices, bank feeds, reporting and more.

    • It scales pretty well accommodating between 1 and 25 users depending on the pricing plan chosen.


    • This can be rather costly for small businesses which are struggling to keep afloat in the current economic conditions.

    • Some clients find it a little difficult to contact customer support.

    Pricing: There is QuickBooks online with plans that range from 30 dollars per month to 200 dollars per month depending on the number of users and what features are included in each individual package bought by the client. 

    3. Sage Intacct

    Sage Intacct is one of the best reconciliation software options for small business accounting in 2024 due to its ability to streamline and automate financial management tasks. 

    Best for: Small businesses engaging in complex financial processes such as reconciliation, need advanced functionality such as multi-entity consolidation, project accounting, inventory management or similar operations related to core financial management activities. 

    Key Features

    • Automating invoice processing is one way that Sage Intacct eliminates manual work thus reducing errors and maintaining good relations with suppliers’ networks.

    • Invoice review and authorization ensures proper financial control and compliance across various departments within an organization.

    • With multi-entity consolidation ability, project accounting capabilities alongside inventory management module, Sage Intacct offers one stop solution for sophisticated finance requirements.

    • Provides a single view reconciliation suitable for businesses with sales through multiple platforms.

    • Allows organizations generate insightful reports useful in taking strategic actions.

    Pros and Cons


    • Rather than being bogged down by mundane tasks like reconciling transactions manually, Sage Intacct ensures teams spend less time analyzing more problems that matter most.

    • The automation feature makes the whole process much simpler leading to reduction of errors made during data entry thereby enhancing efficiency.


    • Sometimes, the site becomes slow and it may take a new user some time to familiarize themselves with the interface.

    • The mobile app could be more accessible for financial management on the go by adding more features.

    Pricing: Sage Intacct has a custom pricing model that is tailored to your business’ unique needs and complexity level. For instance, you are not charged for additional capabilities or functionalities that you do not require in order to pay only for what you need. 

    4. Xero

    Best for: Xero is ideal for medium to large businesses in need of a strong web-based accounting package with many features. It has unlimited users, and thus an excellent option for growing companies.

    Key Features

    • Xero boasts a wide range of features which include automatic bank feeds, invoicing, expense tracking, multi-currency support and extensive reporting capabilities.

    • It’s customer account reconciliation process, allows bulk reconciliation of bank transactions and simplifies the accounting process for businesses that have high volumes of transactions.

    • An Inventory Plus system by xero is particularly notable if your business has extensive inventory needs as it supports management across multiple locations and channels.

    Pros and Cons 


    • Real-time financial data is provided by Xero through its automated bank transaction imports & live updates that are vital for informed decision-making.

    • The software boasts an extensive third-party integration ecosystem which goes beyond basic accounting to cover areas such as ecommerce and time tracking among others.

    • Mobility, flexibility and easy-to-use interface once familiarized with it coupled with strong security measures form part of this product offering by xero since it is cloud based.


    • Users have reported a steep learning curve with some saying that the mobile app could be more functional.

    • Pricing increases have been a concern for some users, and there is no phone support, only email, which may result in slow responses.

    Pricing: Xero’s pricing strategy caters to different stages of business growth with three main pricing tiers. 

    • The starting point plan costs $15/user/month which offers basic features. 

    • With $42/user/month on the Growing plan all limitations are removed including unlimited invoicing, quotes and bills. 

    • Established Plan costs $78/user/month providing more advanced functionalities like multi currency handling or project tracking required by organizations demanding better financial control systems for their operations.

    5. Nomentia

    Nomentia is an outstanding financial software solution that is good for companies specializing in payment gateway reconciliation.

    Best for: Nomentia is a perfect match for large, medium and small enterprises that are looking for strong treasury and cash management systems. This tool can be very beneficial to businesses seeking to streamline their finance and treasury operations both with ecommerce and payment gateway reconciliations.

    Key Features

    • Nomentia excels at matching bank statements with transaction data, simplifying the reconciliation process. This is especially important for e-commerce platforms dealing with large volumes of transactions.

    • Companies are able to customize their reconciliation rules in order to improve the accuracy and efficiency.

    • By detecting discrepancies, fraudulent payments as well as ensuring compliance with regulatory standards Nomentia ensures high security thus mitigating possible risks associated with these situations.

    • In addition to reconciliation activities, Nomentia offers a range of tools such as payment automation, liquidity management, cash flow forecasting among others which allows organizations to have a comprehensive approach towards managing finances.

    Pros & Cons


    • The solution offers a wide variety of functions related to various areas of financial management.

    • There is a lot of customization available in relation to reconciliation processes.

    • Enhanced security features coupled with compliance adherence


    • Potential users face difficulties accessing pricing details making it hard gauge costs upfront.

    Pricing: Nomentia does not disclose pricing information on its website but operates on the basis of subscription models. Those interested should contact Nomentia directly in order to get information about the particular pricing plan they need.

    6. Blackline

    BlackLine is considered to be one of the best reconciliation software, as it ensures accuracy and precision in all account reconciliation processes. Its internal control system gives a clear view of each financial transaction taking place within an organization thereby making it an essential tool for any business that wants to streamline their accounting workflow.

    Best for: 

    • Startups: Provides tools that help them manage their accounts effectively.

    • SMBs (Small and Medium-Sized Businesses): Provides scalability and flexibility as they grow.

    • Agencies: Features are designed around complex agency needs.

    Key Features

    • Custom Data Fields: Allows for tailored data entries to meet specific business requirements.

    • Reconciliation Summary: Offers a complete view of reconciliation efforts for easy review and management.

    • General Ledger: Supports effective general ledger management, aiding in the accurate recording of financial transactions.

    • Reporting: Provides comprehensive reporting tools for in-depth financial analysis and decision-making.

    • File Import: Facilitates the smooth importation of financial data from multiple sources.

    • Accounts Payable: Enhances the efficiency and accuracy of the accounts payable process.

    Pros and Cons


    • Offers robust features for a comprehensive approach to account reconciliation.

    • Supports a wide range of financial operations, from reporting to accounts payable.

    • Enhances organizational efficiency and financial accuracy with advanced automation.


    • Not suited to larger enterprises.

    Pricing: BlackLine's pricing details are available upon request. Interested businesses can contact BlackLine directly to get a customized quote that fits their specific needs, ensuring they receive a tailored solution for their reconciliation and financial management requirements.

    7. ZarMoney

    ZarMoney's commitment to offering detailed financial insights, combined with its automated reconciliation tool, makes it a strong contender for businesses looking to enhance their revenue assurance and financial management processes in 2024.

    Best for: ZarMoney shines as a comprehensive solution for businesses seeking robust report generation capabilities, coupled with advanced reconciliation tools and inventory management. Its standout features cater to a wide range of financial management needs, including detailed financial reporting and seamless bank integration.

    Key Features

    • ZarMoney's reporting capabilities are extensive, offering over 40 built-in reports and more than 1,000 customizable options. This range supports detailed financial tracking, compliance with regulations through accounts receivable reports, and 1099 reports.

    • The software connects with over 9,600 financial institutions in the U.S. and Canada, simplifying bank reconciliation by matching transactions automatically. This eliminates the tedium associated with manual reconciliation, making it a valuable feature for small businesses.

    • ZarMoney offers real-time inventory tracking across multiple locations, a feature not commonly found in non-ERP platforms. This allows for efficient management of stock levels, pricing, and sales and purchase histories.

    Pros and Cons


    • Extensive reporting and customization options aid in revenue assurance and regulatory compliance.

    • Supports automatic bank transaction matching, enhancing the reconciliation process.

    • Real-time inventory management across multiple locations.


    • Lack of a free version and mobile app may limit access for some users.

    • Limited third-party integrations compared to competitors like QuickBooks.

    Pricing: ZarMoney offers three plans, catering to different business sizes and needs. The Entrepreneur plan is priced at $15 monthly for a single user, the Small Business plan at $20 monthly for two users (with an additional charge for extra users), and the Enterprise plan starting at $350 monthly for at least 30 users. Each plan provides a comprehensive set of features with variations in user support and customization options.

    8. ReconArt

    Best for: ReconArt is ideal for large and medium-sized companies with many different types of reconciliations that they need to do vendor reconciliation. Available to various industries including banking, finance, investments, eCommerce among others, it provides a complete solution combining transaction matching, account reconciliation and financial close software. 

    Key Features

    • Processing of vast numbers of transactions is achieved through high volume transaction matching.

    • Variance analysis and financial close management streamline end-of-period activities.

    • Financial control and compliance is enhanced by journal entries along with approval workflows.

    • It can support a wide range of reconciliations in the likes of bank and credit card reconciliations as well as more intricate ones like intercompany and balance sheet reconciliations.

    Pros and Cons


    • Highly adaptable such that can be customized to meet particular business requirements.

    • Can be integrated with almost any software through ReconArt's API including its own internal bridge for NetSuite users thus enabling a seamless reconciliation process.

    • Automated complex reconciliations save time and reduce errors.


    • Steep learning curve for new users.

    • Limited intuitiveness when creating matching rules or pulling back imported data in case errors occur which leads to some difficulties.

    Pricing: With prices starting at $300 per month, ReconArt offers several pricing plans depending on the features required by the company and number of users. The product does not offer a free trial version or a freemium package which indicates that it is targeting the enterprise market.  

    9. Nanonets

    Nanonets helps businesses automate their inventory reconciliation process easily. This AI-driven software is especially useful for firms that need to connect data from multiple financial sources, automate repetitive tasks and handle documents quickly. 

    Globally, it has a client base of over 10K customers and happens to be known for its ability to convert unstructured data into actionable insights.

    Key Features

    • Bank statements, invoices and receipts among others can be automatically processed by Nanonets thereby saving time and reducing errors in manual data entry.

    • Data extraction is done through OCR (Optical Character Recognition) while rule-based matching facilitates transaction reconciliation across different systems.

    • Accountants can save time by automating the entire account reconciliation process from the point they key-in data until approval stages thus leaving more room for strategic work.

    • A single repository exists where supporting documentation can easily be accessed.

    Pros and Cons


    • It saves time using automation techniques reducing the risk of error with automated importation and matching of data.

    • Efficiency rise occurs coupled with real-time financial visibility therefore facilitating strategic planning as well as decision-making processes.

    • Ensures that there is an audit trail on reconciliations to meet regulatory compliance requirements.


    • For teams unfamiliar with AI-powered automation tools there might be a learning curve.

    • Given its advanced features, the cost may weigh heavily on smaller businesses or ones with limited budgets.

    Pricing: Nanonets offers bespoke pricing based on the needs of your organization. Interested parties should contact them so that they are briefed about their various capabilities in relation to their budgeting plans.

    10. SolveXia

    The software SolveXia was designed to cater for a variety of industries like financial services, retail healthcare and travel with a focus on providing strong reconciliation capabilities coupled with automation solutions.

    Key Features

    • No-code automation solution which automates financial processes including customer account reconciliation.

    • Ensuring data integrity and compliance by maintaining detailed audit trails and the safe handling of data.

    • Supports various types of reconciliations among them being customer account reconciliation with a view to achieve 100 times faster processing rate, reduce errors by 98%.

    Pros and Cons


    • Reconciling activities can be done quickly resulting in reduced time and effort spent on it.

    • Improved control over the process through status dashboards and workflows.

    • Adaptability of the platform enables it to serve both simple as well as complex matching rules for data including fuzzy logic matching.


    • Since it is highly customized; exact pricing details may take longer due to necessary consultations for accurate pricing thereby delaying initial setup.

    Pricing: SolveXia uses custom pricing models tailored towards individual organization’s specific requirements. A trial version is available before purchasing any product. For detailed pricing call SolveXia directly.

    Final Thoughts 

    Choosing the right reconciliation software is key for businesses looking to streamline their accounting and financial processes. The best reconciliation software not only simplifies the reconciliation process but also enhances accuracy, saves time, and reduces the potential for human error. This is crucial for businesses of all sizes, especially when dealing with complex financial data.

    While we've highlighted several leading solutions in the market in 2024, we encourage you to explore Reconcify, which stands out for its intuitive interface, comprehensive features, and flexibility to cater to various reconciliation needs. 

    Remember, the goal is to find a software that not only addresses your immediate needs but can also scale and evolve as your business grows. Take advantage of free trials and demos, ask the right questions, and ensure that the software you choose aligns with your business objectives.

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