QuickBooks Online: Best overall bank reconciliation software

QuickBooks Online is an all-in-one cloud-based accounting software that helps businesses manage different processes, including bank reconciliation, invoicing, project accounting and inventory management. It provides a systematic approach for reconciling bank accounts and has a unique feature called the Undeposited Funds account to streamline the reconciliation process further.

Why we chose it:

We believe QuickBooks Online is overall best because its bank reconciliation software comes in a complete bookkeeping software package. Businesses that need to reconcile bank accounts typically require other accounting features, such as invoicing and income and expense tracking, so we recommend using QuickBooks as an all-in-one solution.

Pricing

• Simple Start: $30 per month for 1 user.
• Essentials: $60 per month for up to three users.
• Plus: $90 per month for up to five users.
• Advanced: $200 per month for up to 25 users.

All of the aforementioned plans include bank reconciliation. You may sign up for a 30-day free trial or purchase right away and receive a 50% discount for three months.

Features

• Bank feeds: QuickBooks Online allows you to connect your bank and credit card accounts, so transactions flow into your register automatically.
• Undeposited funds: This unique feature allows you to combine multiple checks and cash payments before depositing them into your bank account.
• Manual transaction import: If you’re uncomfortable connecting your bank account, you have the option to upload your bank data manually.
• Access to QuickBooks ProAdvisors: You can enlist the help of a QuickBooks ProAdvisor if you need help with any tasks, including reconciliation.

Pros

• Has excellent automatic transaction matching features.
• Allows you to reconcile bank accounts even in the entry-level plan.
• Provides reconciliation reports to see cleared and uncleared items.

Cons

• Can be expensive for those who only need bank reconciliation.
• Doesn’t provide phone support unless you upgrade to the Advanced plan.
• Doesn’t support other reconciliation types like intercompany reconciliations.

For more information about the software’s reconciliation tool and other features, head to our detailed QuickBooks Online review.

Xero: Best for scalability

Xero, such as QuickBooks Online, is a general bookkeeping software with built-in bank reconciliation features. Its reconciliation tool is not as robust as that of QuickBooks Online, but it provides an easy and efficient way to reconcile your accounts. Xero is affordable and easy to use, and you can set up an unlimited number of users in all its plans.

Why we chose it: 

The best thing about Xero is that it allows you to add as many users as needed without incurring additional costs. This makes it ideal for businesses with large teams dedicated to reconciling accounts, such as retail chains with multiple stores. Additionally, we find it easy to use because it uses a side-by-side layout when reconciling transactions — making it easy to match transactions and find items that haven’t been recorded yet.

Pricing

• Early: $15 per month.
• Growing: $42 per month.
• Established: $78 per month.

You can try any plan for free for 30 days.

Features

• Automatic bank feeds: Just like QuickBooks, you can connect your bank accounts for automatic transaction import.
• Bank rules: You can set up custom rules to categorize and reconcile transactions based on specified criteria like transaction amounts and dates.
• Split transactions: If needed, you can split transactions into multiple categories.

Pros

• Uses a side-by-side layout for easy matching of transactions.
• Has additional accounting features, such as inventory and fixed asset management.
• Is more affordable than other similar software.

Cons

• Doesn’t allow you to enter ending balances of checking accounts.
• Doesn’t group multiple checks and cash in a single deposit.
• Lacks live chat and phone support.

Learn more about the program in our comprehensive Xero review.

NCH Express Accounts: Best free bank reconciliation software

NCH Express Accounts is a locally installed accounting software with a free version that you can use for bank reconciliation. Although it’s not as full-featured as QuickBooks Online and Xero, it can be sufficient for businesses with lower transaction volumes. It has a free plan, but you can upgrade to a paid version to access additional features, such as billing, invoicing and check printing.

Why we chose it: 

If you don’t need to reconcile accounts frequently, then you may find NCH Express Accounts a good fit. You may do well with its bank reconciliation features as long as you don’t require detailed line items and complete visibility to specific transactions. This makes it a great option for small businesses with simple financial transactions, such as a retail store with daily sales and regular bank deposits.

Pricing

NCH Express Accounts has a free desktop program for small businesses with five or fewer employees. Larger businesses may consider upgrading to any of the three paid plans:

• Express Accounts Basic: $139 for the standard edition.
• Express Accounts Plus: $195 for a fully featured, single-installation license.
• Express Accounts Plus Quarterly Plan: $10.83 per month for unlimited ongoing use of all professional version features and all upgrades, billed at $32.49 quarterly.

Features

• Manual import: You can’t connect your bank accounts to NCH Express Accounts, but you can upload your transactions manually.
• Immediate correction: You can create adjusting entries directly within the reconciliation process for transactions that are in your bank statement but haven’t been recorded in your books yet.
• Balance recalculation: You may use the “Recalculate Balances” tool if you find that your accounts are not balancing.

Pros

• Has a free version, which includes bank reconciliation.
• Lets you upload transaction files manually.
• Is easy to use — ideal for nonaccounting users.

Cons

• Doesn’t allow you to connect your bank accounts.
• Can’t combine multiple checks into a single deposit.
• Is not ideal for businesses handling a large volume of transactions.

ReconArt: Best for high-volume transaction matching

ReconArt is a complete end-to-end bank reconciliation software for businesses across various industries. Unlike QuickBooks Online, Xero and NCH Express Accounts, it is focused on automating the reconciliation process and has more extensive features, including high-volume transaction matching and advanced exception management.

Why we chose it:

ReconArt supports different reconciliation types, including bank statements, credit cards, Nostro and Vostro accounts, and even intercompany trades and positions. This makes it a great option for larger businesses with complex payment processing and multichannel transactions and those operating in specialized industries, such as banking and finance.

Pricing

• Essentials: $1,700 monthly for up to five users.
• Certify: $1,700 monthly for up to 10 users.
• Plus: $3,400 monthly for up to 10 users, includes two modules (Essentials and Certify).
• Close: $2,800 monthly for up to 20 users, includes your choice of two or more of ReconArt’s financial close management modules: Certification, Task Management, Variance Analysis and Journal Entries.
• Enterprise: Custom priced.

Features

• Matching and exception management: ReconArt identifies and reconciles corresponding transactions between different data sources automatically, such as bank statements, general ledger accounts and third-party resources. It also handles discrepancies or unmatched items that require manual review.
• Scheduler: You can schedule reconciliation tasks, data imports, matching runs and exception management activities at predefined times or intervals.
• Period-based closing and reporting: The software automates tasks involved in closing, such as reviewing reconciled transactions and adjusting balances as necessary, to ensure accurate records at the end of each period.

Pros

• Lets you create approval workflows.
• Offers high-volume transaction matching.
• Integrates with enterprise resource planning (ERP) tools like NetSuite.

Cons

• Is a bit expensive, especially for small businesses.
• Requires a steep learning curve due to its advanced feature set.
• Includes a variance analysis feature to help you resolve discrepancies easily.

BlackLine: Best for out-of-the-box reconciliations

BlackLine is also a specialized bank reconciliation program and, just like ReconArt, it supports the entire financial close management cycle. It offers a wide range of features, including account reconciliation, task management and financial close automation. In addition to financial management, its detailed audit retails and documentation support also help with compliance during edits.

Why we chose it: 

BlackLine provides plenty of standardized reconciliation templates to support common reconciliation types, but they can also be customized to your unique needs. These templates are available out of the box, so you can use them immediately without customization or setup. Some of the templates available include bank account, accruable item, schedule list, amortizable, associated account and general list templates.

Pricing

BlackLine’s prices are undisclosed on the provider’s website, so you contact its sales team to request a customized quote or detailed pricing information.

Features

• Automated matching: Unless you choose to reconcile transactions manually, you can set up rules and workflows to automate any bank, credit card, intercompany and other high-volume reconciliations.
• Task management: You can manage and track various task types, including month-end financial close checklists and prepared-by-client (PBC) checklists.
• Variance analysis: BlackLine calculates the flux or variance between budgets, forecasts and actuals automatically, allowing you to understand your business’ financials better.

Pros 

• Includes many standardized reconciliation templates.
• Lets you import and match any data types automatically.
• Provides automated journal entries and journal entry approvals.

Cons

• Doesn’t disclose its pricing information — is potentially expensive.
• Can be complicated to use, especially for nonaccountant users.
• Allows only admins to create journal entries and master lists.

Sage 50 Accounting: Best desktop-based solution

Sage 50 Accounting is an on-premise accounting software with convenient and time-saving bank reconciliation features. While it’s not as easy to use as cloud-based solutions, it excels in terms of functionality. Some of its most notable features include invoicing, inventory management and cost code and job cost tracking. It is installed locally but backs up your data to the cloud through its Microsoft 365 integration.

Why we chose it: 

If you prefer to manage your reconciliations offline or your business operates in an area with limited connectivity, Sage 50 Accounting is a great choice. As desktop software, it doesn’t need an internet connection to run. We particularly recommend it for businesses that need simple automated workflows, such as those that are focused on bank and credit card reconciliations on a daily or weekly basis.

Pricing

• Pro Accounting: $58.92 monthly for one user.
• Premium Accounting: $96.58 to $222.25 monthly for one to five users.
• Quantum Accounting: $160 to $409.17 monthly for one to 10 users, and custom priced for over 10 users.

There is no free trial of Sage 50 Accounting, but you can sign up for a free demo.

Features

• Automated workflows: Sage 50 Accounting lets you automate various workflows, including transaction import and transaction matching.
• Bank rules: You can create bank rules that will apply to transactions automatically.
• Reconciliation status tracking: The software includes indicators so that you can identify reconciled, unreconciled or pending transactions easily.

Pros

• Is installed locally — can reconcile accounts even without an internet connection.
• Lets you connect bank accounts or upload transactions manually.
• Provides cost code features and can be used for project-based reconciliations.

Cons

• Can’t consolidate checks into a single deposit.
• Doesn’t show outstanding transactions after reconciliation.
• Doesn’t provide audit trails in the entry-level plan.