5 Best Bank Reconciliation Software for 2024

• Automatic matching via QuickBooks Payments: If you’re using QuickBooks Payments, you can enable automatic matching in QuickBooks Online. Traditionally, QuickBooks Online only attempts to automatically match bank feed transactions to transactions already recorded in its system. In other words, if it can’t find a bank feed transaction in the system, it will tag this transaction for you to review and match it manually. But if you make and process all payments using QuickBooks Payments, QuickBooks Online will automatically match all transactions it finds in QuickBooks Payments, which saves you the hassle and helps you reconcile faster.
• Audit log: The audit log can be useful for finding errors and transaction histories while reconciling. You can track the date of any change to your books, the name of the user who made the change, the type of change, and the original transaction date and amount.
• Accountant access: You can invite your accountant to QuickBooks Online via email, and they’ll have access to all the features of your account—without counting as one of your allowed users.
• QuickBooks ProAdvisor Network: If you decide that you would rather have an accountant handle your reconciliations, read our guide on how to find a QuickBooks ProAdvisor or our review of QuickBooks Live.

• Ecommerce retailers: QuickBooks Online’s recent focus on ecommerce integrations makes it the clear winner for our best ecommerce accounting software.
• Businesses that invoice customers: We consider QuickBooks Online as the leading invoicing software because of its ability to calculate sales tax based on a customer’s location and customize invoices to any industry.
• Mobile accounting: We also found that QuickBooks Online has one of the top mobile accounting applications because its app allows you to send invoices, receive payments, track mileage, and capture receipts.

QuickBooks Online is our best overall bank reconciliation software on this list, although it has the same overall score as Xero. If you look at the breakdown of scores, it has a higher score in bank reconciliation features than Xero, and it features automatic matching for QuickBooks Payments users. Though QuickBooks Payments is a separate service, we believe that it can help businesses make bank reconciliation within QuickBooks Online. Currently, Xero has no counterpart for QuickBooks Payments.

Besides that, QuickBooks Online remains our top pick even though ReconArt received perfect marks in bank reconciliation features. In our expert opinion, QuickBooks Online is more suitable for small businesses given its ease of use and access to independent bookkeepers who are knowledgeable of the software. However, if you prefer a dedicated bank reconciliation software, ReconArt is our best alternative recommendation.

• Bank statement extraction via Hubdoc: Hubdoc now supports data extraction from PDF bank statements generated by Wells Fargo and Chase.
• Auto-import of bank statements: Xero allows you to connect your bank feed so that your transactions will flow into your account daily. You also have the option to import your transactions from a comma-separated values (CSV) file instead.
• Transaction alerts: You can opt to receive alerts about unreconciled transactions on the Xero dashboard so that you can take action if necessary.
• Suggested matches: Xero will suggest matches for your transactions, categorize them automatically, and apply any rules that you set up.
• Bulk-reconcile transactions: With the Growing or Established plan, you can sort and group bank transactions and then code and reconcile them in bulk. You can also apply a bank rule to a group of transactions.

• Ecommerce businesses: Xero’s inventory tracking feature is ideal for ecommerce operations because it calculates your cost of goods sold (COGS) automatically and maintains a list of customers. You can also monitor customer payments and orders, making Xero suitable for online transactions.
• Those looking for an alternative to QuickBooks: We named Xero as one of the best QuickBooks alternatives because it has features very similar to QuickBooks but is considerably less expensive and includes unlimited users.

Xero’s score is a bit behind QuickBooks Online because Xero lacks automatic matching and the ability to add ending balance in reconciliation. It doesn’t have a counterpart to QuickBooks Payments that allows QuickBooks Online to match all payments that go through QuickBooks Payments automatically. But setting that aside, both QuickBooks Online and Xero go head-to-head in bank reconciliation features.

However, Xero’s bank reconciliation interface is cleaner and more intuitive compared to all providers on this list because it presents book and bank items side-by-side, which helps users match without looking at different windows. Because of this unique presentation, we gave additional points to Xero for its ease of use score.

Alternatively, QuickBooks Online is our go-to pick for bank reconciliation. However, if you’re looking for a more sophisticated reconciliation software, we recommend ReconArt.

• Multistep matching: ReconArt can match transactions from the bank or credit card statement, payment gateway, general ledger, and point-of-sale (POS) system. This multistep matching feature makes reconciliation more accurate in capturing data.
• Scalability: ReconArt is scalable in terms of user base, data and accounts, and reconciliation volumes. Your company’s users can be distributed across locations, departments, and teams, and packages that support small to larger enterprises are available.
• Journal entries: The solution helps you ensure that all journal entries posting to the GL are correct and that there’s a controlled and audit-proof journal entry posting process.
• Approval workflows: You can configure approval workflows based on amount thresholds or different risk levels.
• Reconciliation types: ReconArt supports all reconciliation types, including balance sheet, trades and positions, intercompany, ledger to subledger, A/R, A/P, GL/suspense, payments, credit card, and bank accounts.

• Larger small businesses: ReconArt provides a high grade of automation and consolidates several reconciliation processes in a single platform. This is ideal for larger small businesses with more complex needs when it comes to bank reconciliation.
• Businesses with a variety of reconciliation needs: If your business has a need to perform reconciliations, such as ledger to subledger or trades and positions, ReconArt is an excellent solution. You can also reconcile balance sheets, A/R and A/P, credit card, and bank accounts.
• NetSuite users: ReconArt provides a deeper integration with NetSuite than other software, providing a comprehensive accounting solution for larger SMBs.

Of all the software included in this list, only ReconArt is a dedicated and standalone bank reconciliation software with impressive features. It earned a perfect score in bank reconciliation features because ReconArt is primarily a bank reconciliation software. Besides that, it can also reconcile A/R and A/P.

However, it got an average score in ease of use in our evaluation. We find ReconArt too advanced for most small businesses. Moreover, its price is higher than other options in this guide. We recommend that you go with QuickBooks Online if you’re looking for an easier and more affordable option.

• Automated workflows: Sage 50 Accounting allows you to automate your workflows. You can auto-post expenses and payments directly from your connected accounts and automate administrative tasks and invoicing easily.
• Bank rules: You can create and set bank rules that will be applied automatically to your transactions.
• Accountant access: The Accounting plan’s unlimited user capability allows you to share access with your accountant for easy collaboration in real time.
• Audit trail: The audit trail is a complete record of all transactions entered, which is useful if you need to trace a transaction or are asked to produce this as part of an audit. You can choose to view a summary or a detailed breakdown.

• Small business with basic bookkeeping needs: Sage 50 Accounting is good at invoicing clients, classifying expenses, and tracking bills. Starting at only $10 per month for one user, its features are significantly better than free software.
• Small businesses that want a mobile app for their bookkeeping: You can download the Sage Accounting mobile app to create, send, and track invoices and manage your cash flow.

Sage 50 Accounting’s bank reconciliation features score is good since it covers mostly the basic features we like to see, such as importing transactions from bank feeds and entering ending balances of accounts. What Sage missed is a detailed reconciliation report showing all outstanding transactions, which is why it took a slight hit in bank reconciliation features. However, this is not a big deal if your business doesn’t have outstanding transactions or if you have a way of tracking them manually.

If seeing outstanding transactions in the reconciliation report is important to you, we recommend QuickBooks Online or Xero because either of them will show you all outstanding transactions that haven’t cleared the bank yet.

• Web access: The software has an optional mobile browser access plan that allows for multiple simultaneous users on the cloud.
• Financial reports and analysis: You get over 20 preconfigured reports, including income statement analysis, cash flow statements, and balance sheets. These reports can be saved as PDF or CSV files or emailed directly through the software.
• Integrations: NCH Express Accounts integrates well with other NCH software, such as inventory management, timesheets, employee productivity and management, and project management.
• Multicompany access: With the Plus version, you can run multiple businesses with a single installation, including businesses operating with different currencies.

• Businesses with fewer than 100 monthly bank transactions: NCH is not as convenient as the other software listed in this guide because it doesn’t transfer transactions automatically from your bank daily via a live feed. Instead, you need to input your bank transactions manually as they occur. Therefore, it is best for businesses with a low volume of bank transactions. Otherwise, it may take a lot of time to input your transactions manually.
• Small businesses with up to five employees who want free desktop accounting software: NCH Software is a basic bookkeeping program that is free for businesses with five or fewer employees.

NCH Express Accounts scored above average in bank reconciliation since it can do all the basic reconciliation functions as a free desktop option. However, its score took a hit because it doesn’t allow bank feed imports and automatic matching. There’s no option to connect a bank account to NCH Express Accounts and users have to manually match all transactions every reconciliation period. If these features are essential to your business, we recommend QuickBooks Online.

Moreover, its user interface isn’t as attractive as those of the other platforms listed in our guide. The interface design is traditional and some users–especially those with less than perfect eyesight or little knowledge in accounting–may find it too difficult to use. This is why NCH Express Accounts’ ease of use score is only above average. If you want software with an easy-to-understand interface, we recommend Xero because it presents reconciling items in a side-by-side presentation.