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.

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.

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.

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.

• 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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