Manual reconciliation is a proven strategy and over half of the businesses still use the manual approach in reconciliation. This technique is, however, susceptible to human mistakes. In addition, the automated reconciliation of your bank accounts can take one of the longer-term duties and make them more effective and speedy.
However, not all companies are yet prepared to switch. The main reason is the price of the new automated system and the time it takes for staff to get to know the new technology.
The reasons are valid because every firm has its own requirements and no software meets each company’s demands. You can begin to evaluate your business’s requirements to understand where automation can assist if your company requires reconciliation software.
Once completed, evaluate the software options available and then focus on the training part when the new automated system starts rolling out.
Many automated reconciliation software is currently available on the market. So, for your company, what should you choose? We can assist if you get confused about the choice of software.
In this article, you’ll find the best automated reconciliation software solution for modernizing financing and accounting features to increase productivity.
1. Open Systems
You will understand what cheque has been cleared with the bank reconciliation software, which transactions are exceptional, which bank accounts contain what amounts and precisely where your cash is. Find mistakes and record differences between your books and the bank readily using two reconciliation methods: the book-to-bank and the bank-to-book report. Additionally, bank reconciliation software provides you with the correct information to use your cash. You have flexibility in receiving money and disbursing money from different accounts using several bank accounts.
- Establish as many bank accounts for a base and foreign money as you need, including digital payment routing codes, favorable payment codes, check formats, and other ACH information.
- Defining the data to process ACH payments to sellers and clients, for simplified and streamlined processing.
- Run the report listing the cleared transactions, outstanding transactions and reconciliation information on the bank to the book/book to the bank.
- With one mouse click you can clear the transactions: line by line, by a certain set of checks or all at once. If you make a mistake, it is just as easy to reverse a selection.
For the pricing details, please contact the sales team of Open Systems.
2. MYOB NZ
MYOB Essentials operates anywhere online to ensure that money flow and ATO compliance requirements are managed quickly and easily. Users can immediately monitor and generate GST, PAYG, BAS, Single Touch Payroll (STP), Taxable Payment and ATO Reports. Furthermore, it is fast and simple to set up, and when connected with a bank account transactions are automatically reconciled. Every time there is a tax change, Essentials are automatically updated so that companies remain in line with the ATO.
- Monitors when customers obtain your invoices and open them. Manage bills and expenses, then pay employees in a few clicks.
- Get all your inventory demands sorting from fundamental inventory to comprehensive component monitoring.
- See easily which customers owe you money and which ones you have to monitor.
- Can send customized invoices that can be tracked. Customers pay from the invoice straight away.
MYOB NZ offers multiple pricing packages that start at $25/month which is great for people who are new to accounting.
Reltigo is a key software for every financial institution and its products for financial services. If you have an application that links directly to your loan and credit card accounts will save you more time.
Besides, there are no hazards of online transactions with Reltigo verified system. Get full transaction safety and be paid more quickly through pop-up reminders, electronic reminders, built-in payment of invoices, etc.
- Reconcile your transaction with the payments made in the system from the cheque / RTGS / NEFT banks. Transfer your banking reconciliation with our banking tool towards a higher level of automation.
- Download all your transactions from your account with one click option. To download all bank transactions, connect your accounts with the Reltigo Banking Accounting suite.
- Provides standard templates, calculations, and workflows to improve the functionality of the specific bank Information.
- Intended to deal with all complex consolidation and reporting requirements when various businesses, divisions, and worldwide organizations participate together.
It provides various pricing plans to simplify the accounting work for all kinds of small companies. You can buy its startup plan at $71.95/year and get rid of all your accounting issues. Besides, Reltigo offers a free trial for 15 days.