Picking a reconciliation software for your business is a crucial task in this evolving business environment. With the number of options available, it might prove to be difficult to pick one software for your business. Hence businesses need to get parameters and then analyse if the softwares fulfils those requirements.
Manual reconciliation is a difficult task to carry out for a business’ daily financial operations. Hence reconciliation software is gaining tremendous importance. When the reconciliation process is automated the finance team does not waste any time and effort in reconciliation instead they can focus on other analytical tasks.
In this article, we compare Cointab reconciliation and BankRec software along with their features and benefits so that you evaluate both these software at the same place and pick the right one for your business.
Cointab Reconciliation
Cointab Reconciliation is software that automates the reconciliation process to save the time and effort spent by the finance teams. It takes away the need to upload each file individually with its automated data-loading capabilities. With that it also lets users create a schedule for the reconciliation process so that results are always ready on time.
The software accepts various file formats such as CSV, XML, PDF, TXT, JSON etc for data input and export. While exporting the results users can also select specific data fields etc to get the results customized as per their needs. Furthermore, users can also define a custom rules engine to set matching conditions to include your business rules.
The results consist of columns that display reconciled and unreconciled transactions after reconciling various reports with each other. Each column also has a supporting graph to prompt further analysis. The transactions with amount mismatches are highlighted in the results and for further analysis, users can view the details of each transaction with a 360-degree view across all reports.
For transactions where payments received from the vendor are less, disputes can be raised using the results. In case some transactions have to be settled manually then users can use the expectation management feature to add expectations to transactions. With the help of Cointab reconciliation businesses can streamline the financial reconciliation process to work more efficiently
BankRec
BankRec is designed by Treasury to help businesses automate and streamline reconciliation processes. One of the key benefits of BankRec is its ability to reconcile bank statements quickly and accurately using an audit trail number. It matches transactions between bank statements and accounting ledgers, reducing errors and simplifying the reconciliation process.
Another unique feature of BankRec is its ability to automate the matching process using pre-built matching rules. These rules can also be customised to meet specific business requirements, allowing for greater flexibility and accuracy. BankRec can also automatically carry over unmatched transactions to the next period until matched, reducing manual effort and increasing efficiency. A unique feature of BankRec is its ability to explain why a transaction did not match, which enables managers to monitor high-risk items and prevent fraud or errors.
Overall, BankRec can help businesses streamline their bank reconciliation process, reduce errors, and gain greater visibility into their financial performance. BankRec is for businesses looking to automate their reconciliation processes and improve their financial efficiency.
Conclusion
Both these automated reconciliation software automate reconciliation with their range of features and functionalities which help meet various business needs. Depending on your business needs you can pick the software that would add the most value to your business processes. Cointab Reconciliation is a software that focuses on different types of reconciliation processes such as marketplace, payment gateway, COD remittance, invoice etc. It is a highly customizable software that can reconcile any number of reports needed by your business. BankRec on the other hand focuses on only the bank reconciliation process and simplifies it to save the time and effort spent in the process. Hence it is necessary to pick software that would be the most useful to your business in the present time of need.