Bank Reconciliation Software

Reduce the risk of errors in your company's financial statements with account reconciliation software

A key part of managing your business is knowing exactly what your financial picture looks like--which checks have cleared, which are outstanding, and how much cash your company has at any given moment. Using bank reconciliation software can help you do this more effectively, allowing you to quickly spot and correct errors, and giving you an up-to-date look at your company's financial situation.

Account reconciliation software can help you:

1. Catch errors early -- before you issue financial statements.

2. Stay compliant with federal rules and guidelines.

3. Save time and allow you to focus on other areas of your business, with bank software designed to automate many of the most time-consuming tasks.

 

Make sure your account reconciliation software is compatible with your current financial software

You may already have a financial software system in place, whether it's for accounting, billing or payroll, or simply a spreadsheet on which you record transactions. Your bank reconciliation software needs to integrate with that current system if it's going to save you time and increase your efficiency.
Try: Bank reconciliation software from BankReconciliation.com is universally compatible, for seamless integration with programs like Quickbooks and PeopleSoft. It's also compatible with several operating systems, including Microsoft Windows 95; Windows 98; Windows ME; Windows NT 4.0 (Service Pack 6 or 6a); Windows 2000, and Windows XP. To test it for yourself, try the free download, which includes a full-service version with a 7-use license.

Make sure your bank software is Sarbanes-Oxley compliant

The Sarbanes-Oxley Act, passed in 2002, established new, stricter guidelines regarding the storing of electronic records. The act is mandatory and applies to all businesses, large or small, so it's imperative that your records are up-to-date and accurate before you issue any financial statement. Finding reconciliation software that's already set up to comply with the act can help save you time in reconciling accounts.
Try: RecWizard is designed with the Sarbanes-Oxley Act in mind, featuring clearly documented records that are easy to audit. You can also set up multiple user IDs at different authority levels, to clearly show levels of records review.

Ask about security features of on-demand financial reconciliation software

On-demand, or hosted, software is a good choice for many smaller businesses because it reduces the costs associated with installing and implementing a new system. On-demand bank rec software is housed on the vendor's system, and you access it via the Internet. But with on-demand software, you also give up some of the control, which is why it's crucial that you ask vendors what security features they have to safeguard your company's sensitive financial data.
Try: Trintech's On-Demand Solutions include enhanced security features that still allow for flexibility, and efficient processing. These security features include an Internet firewall, anti-virus protection, and the storage of client information on a second set of servers inside a secure network.

Consider custom software solutions

Maybe you can't find any cash reconciliation software with just the features you need, or that integrates well enough with your current software system. Many companies will design custom software based on your business' or industry' specific needs, and your existing computer system.
Try: Front Row will work with your company's IT department to create a solution that integrates with your IT infrastructure. The company's software is also flexible, so that you can adapt it as your needs change.

 

• Before you invest in a cash reconciliation software program, look into free bank reconciliation software. Most vendors provide free demo versions, and by evaluating this free bank reconciliation software first, you can be sure the system is right for you.

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