5 Best Bank Reconciliation Software for 2023
This article is part of a larger series on Accounting Software.
The best bank reconciliation software should allow you to compare your bank statement with your bookkeeping records for the same time period easily and provide an accurate method for tracking cash flow. To help you find the right solution for your business, we’ve selected the five best bank reconciliation applications:
- QuickBooks Online: Best overall bank reconciliation software
- NCH Express Accounting Software: Best free bank reconciliation software
- Xero: Best for unlimited users with ability to scale as your business grows
- Sage Business Cloud Accounting: Best bank reconciliation software with an automated bank feed
- ReconArt: Best for small and medium-sized businesses (SMBs) with a large volume of transactions
Comparison of Best Bank Reconciliation Software
Monthly Pricing | One-time Purchase Price | Number of Users | Auto Import of Bank Transactions | Mobile App | Accountant Access | Approval Workflows | Batch Reconciliation | Multicompany Accounting | |
---|---|---|---|---|---|---|---|---|---|
|
$30 to $200 |
N/A |
1 to 25 |
✓ |
✓ |
✓ |
N/A |
N/A |
N/A |
Visit QuickBooks Online | |||||||||
|
$0 |
$129 |
5 to unlimited |
N/A |
N/A |
N/A |
N/A |
N/A |
✓ |
Visit NCH Express Accounting | |||||||||
|
$13 to $70 |
N/A |
Unlimited |
✓ |
✓ |
✓ |
N/A |
✓ |
N/A |
Visit Xero | |||||||||
|
$10 or $25 |
N/A |
1 or unlimited |
✓ |
✓ |
✓ |
✓ |
N/A |
N/A |
Visit Sage Business Cloud Accounting | |||||||||
|
$1,700 to $2,800 |
N/A |
5 to 20 |
✓ |
N/A |
N/A |
✓ |
✓ |
N/A |
Visit ReconArt |
QuickBooks Online: Best Overall Bank Reconciliation Software
QuickBooks Online
What We Like
- Batch categorization
- Transfers transactions from your bank automatically and marks them cleared on the reconciliation
- Excellent user interface and navigation
- More than 650 integrations
- Robust mobile app
- Extensive list of customizable reports
- Ability to sort income and expenses into tax categories
What's Missing
- Limited account users with each plan
- Monthly plans are expensive compared to alternatives
- Each company requires a separate subscription
Plans & Pricing
QuickBooks Online has four different plans to choose from, all of which offer the bank reconciliation feature. Here are the prices for each plan:
- Simple Start: $30 per month for one user
- Essentials: $55 per month for up to three users
- Plus: $85 per month for up to five users
- Advanced: $200 per month for up to 25 users
NCH Express Accounting Software: Best Free Bank Reconciliation Software
NCH Express Accounting Software
What We Like
- Free forever for companies with five or fewer employees
- Able to perform basic accounting tasks
- One-time purchase fee for larger companies
- Comes with optional add-ons for inventory and other functions
- Intuitive dashboard that allows for easy navigation
- Optional mobile browser access plan
What's Missing
- Not able to import bank transactions with a live connection to your bank
- No mobile app available
- Not able to capture and store receipt images
- Very limited customer support
Plans & Pricing
NCH Express Accounting Software offers a free desktop program for small businesses with five or fewer employees. Larger businesses can choose from three paid versions that are billed quarterly at prices that start at $22.
Software licenses can also be purchased for a one-time fee directly through the NCH Software online store:
- Express Accounts Basic: $99 for the standard edition
- Express Accounts Plus: $129 for a fully featured, single-installation license
- Express Accounts Plus Quarterly Plan: $7.16 per month for unlimited ongoing use of all professional version features and all upgrades, billed at $21.48 quarterly
Xero: Best Bank Reconciliation Software With the Ability to Scale as Your Business Grows
Xero
What We Like
- All plans include unlimited users
- Mobile app that allows you to reconcile transactions from your device
- Side-by-side layout for reconciling transactions allows for easier matching
- Integrates with more than 700 apps
- Project management features with Established plan
- Comprehensive reporting
What's Missing
- Bank statements must be imported via a live connection or CSV file in order to perform a reconciliation
- Doesn’t support multicompany accounting
- Limited tracking categories
- Lowest priced plan is limited to five bills and 20 invoices
- Lacks phone and chat support
Pricing
Xero offers three plans with prices that range from $12 to $65 per month. A 30-day free trial is also available:
- Early: $13 per month for up to 20 invoices and five bills
- Growing: $37 per month for unlimited invoices and bills
- Established: $70 per month includes project tracking and multiple currencies
Sage Business Cloud Accounting: Best Bank Reconciliation Software With an Automatic Bank Feed
Sage Business Cloud Accounting
What We Like
- Supports unlimited transactions
- Free trial available
- Easy to set up and use
- Live support options available
- Department, cost code, and project tracking
- Ability to establish three item-price levels
What's Missing
- Not possible to view outstanding transactions after reconciling
- Requires an additional fee to use multiple currencies
- Starter plan only allows for one bank connection
- User interface is dated and not visually appealing
Plans & Pricing
Sage Business Cloud Accounting offers two affordable subscription plans that differ in the features that are available and the number of users that it can accommodate:
- Accounting Start: $10 per month for one user
- Accounting: $25 per month for unlimited users
ReconArt: Best for SMBs With a Large Volume of Transactions
ReconArt
What We Like
- Suitable to reconcile any account type, not just bank accounts
- Seamless integration with enterprise resource planning (ERP) systems, internal systems, and platforms
- High-volume transaction matching
- Financial close management x
- End-to-end automation
What's Missing
- Too expensive for many small businesses
- Not intuitive for end users
- No mobile app
- Limited customer support
Plans & Pricing
All ReconArt plans are web-based and work with any ERP, accounting system, and external data sources. There are five plans to choose from, which vary in price depending on the features and number of users:
- Essentials: $1,700 per month for five users
- Certify: $1,700 per month for 10 users
- Plus: $3,400 per month for 10 users, includes the Essentials and Certify modules
- Close: $2,800 per month for 20 users
- Enterprise: Custom pricing
How We Evaluated Bank Reconciliation Software
There are many things to consider when determining which bank reconciliation software is the best option for your business. Depending on how sophisticated your needs are, it would ideally include the following capabilities, which we considered during our evaluation:
- Transfer transactions from your bank automatically
- Allow you to select transactions in your check register that appear on your bank statement
- Show you the difference between the cleared transactions in your check register and the statement balance continually
- Let you add, delete, or edit transactions in your register without leaving the reconciliation feature
- Print a reconciliation report showing all deposits in transit and outstanding checks
- Carry over all deposits in transit and outstanding checks automatically to the next month’s reconciliation
What Bank Reconciliation Software Is
A bank reconciliation is generally done once a month and ties the balance on your bank statement to the balance in your check register or general ledger account. The difference between your bank statement balance and your check register should be:
- Deposits in transit: Deposits recorded in your check register that aren’t yet on your bank statement
- Outstanding checks: Checks or electronic payments that are recorded in your check register but aren’t yet on your bank statement
Bottom Line
Depending on the size and needs of your business, you may decide to use an accounting program with basic reconciliation features or one of the best bank account reconciliation software that automates the reconciliation process. While we chose QuickBooks Online as the best bank reconciliation software, NCH Express is a free option and Xero is an excellent scalable solution. If you’re looking for accounting software with an automated bank feed, Sage Business Cloud Accounting is a good choice, while ReconArt is ideal for businesses with a large number of transactions.