Best Data Reconciliation Tools: Complete Guide

Data reconciliation is essential for financial accuracy, but it can be tedious. Data reconciliation is a process where datasets are compared and matched to ensure accuracy and consistency. The process involves identifying discrepancies in the data and resolving them proactively to prevent an impact on the outcomes.

For example, reconciling bank statements at month or year-end is a type of data reconciliation. This process involves comparing financial transactions, spotting errors, and addressing them to ensure that the resultant financial information is accurate and complete.

In this guide, we’ll explore the best data reconciliation tools to streamline the process, save you time, and ensure the accuracy of your financial records.

Understanding Data Reconciliation

Data reconciliation ensures data accuracy, consistency, and integrity across systems. Implementing data reconciliation processes helps maintain data reliability and relevance. Moreover, with data reconciliation, businesses can make better-informed decisions and ensure compliance with accounting standards.

For instance, bank statement reconciliation with internal financial records can help financial institutions avoid billing errors. Thus, by identifying and addressing the error, reconciliation ensures maintaining error-free and accurate data.

Further, reconciliation protects data integrity and prevents the loss of data during the processes. Overall, reconciliation in data management helps maintain regulatory compliance, operational efficiency, and effective decision-making.

Key Features to Look for in Data Reconciliation Tools

Though data reconciliation tools help accelerate reconciliation and maintain data accuracy, choosing the right one is often challenging. Here are the features you must look for in a data reconciliation tool.

Support for Multiple Data Sources and Formats

Choose data reconciliation tools that support different data formats and integrate seamlessly with diverse data sources. This feature ensures fast and easy data extraction regardless of the source. For instance, Hevo offers 150+ plug-and-play connectors, making integration hassle-free.

Automated Matching and Reconciliation

Opt for tools that offer intelligent and accurate matching capabilities and schedule match-rule processing. Also, ensure that the tool’s automation capabilities are fast enough to process large data volumes.

Data Validation and Error Handling Capabilities

Choose data reconciliation tools that effectively handle errors, offer workflows for exception management, and a consolidated view of issues to streamline the problem-solving process.

Integration with Existing Data Systems

Check if the data reconciliation tool integrates easily with your existing tech stack. The tool must have integrations with ERP systems, email platforms, and other necessary sources to ensure hassle-free data collection.

Scalability and Performance

The data reconciliation tool you choose must be capable of handling large datasets. Check for comprehensive scaling capabilities, as it will ensure that the tool can accommodate the evolving data volumes of scaling businesses.

Comparison of Top 7 Data Reconciliation Tools 

1. Hevo

Hevo is a zero-maintenance and feature-rich data pipeline tool that supports data reconciliation, ensuring data accuracy, consistency, integrity, and informed decision-making.  The platform offers robust monitoring features for growing data volumes – all at affordable pricing plans. It is the only real-time ELT No-code Data Pipeline platform that cost-effectively automates data pipelines that are flexible to your needs. With integration with 150+ Data Sources (40+ free sources), we help you not only export data from sources & load data to the destinations but also transform & enrich your data, & make it analysis-ready.

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Top Features

• Observability and monitoring – Get visibility into different aspects of data sync with UI indications, counts, and graphs. Receive intelligent alerts about errors and delays directly from the UI with live monitoring and resolve them immediately. Also, monitor all your system logs in a central place with Cloud Watch.

• Smart Assist – With Hevo’s built–in smart assist and other robust monitoring and logging features, you can get complete visibility and control of your data during the data reconciliation process. You can also get real-time insights into data quality, resource utilization, and alerts for potential issues, enabling proactive resolution.
• Automation – Collect or sync data from diverse sources and extract them from databases and other resources for reconciliation. Additionally, ensure the data’s completeness and consistency with Hevo’s automation features. The platform automatically gathers and validates data while detecting errors and schema changes in the incoming data.
• Anomaly detection – Hevo ensures accuracy in data reconciliation by spotting anomalies in the data and alerting teams instantly. The platform provides real-time updates to ensure that the reconciliation or analytics process isn’t impacted by erroneous datasets.
• Exception management – Hevo’s exception handling feature ensures no data is lost in the reconciliation process. The tool scans the replay queue every few minutes for error fixtures and ingests the data back into the pipeline automatically.

Pricing

• Free forever plan
• Starter – $239/ month
• Professional – $679/ month
• 14-day free trial

G2 Rating

4.4 out of 5

Learn more about Hevo

2. ReconArt

ReconArt is an automated data reconciliation software that enables high-volume transaction matching, exception management, and reporting. The platform helps with bank reconciliation, credit card, and balance sheet reconciliations.

Top Features

• Automation – Automate reconciliation lifecycle activities like transaction matching, exception categorization, data import and export, roles-based notifications, and workflow steps.
• API integration – Integrate ERPs, workflow software, data lakes and warehouses, and schedulers with the platform for data reconciliation.

Pros

• Intuitive matching logic
• Saves time through automation
• Custom auto rule creation

Cons

• Some rules are difficult to create
• Limited features
• Difficult to pull back uploaded data
• High price

Pricing

• Essentials – $1700/ month
• Plus – $3400/ month
• Certify – $1700/ month
• Close – $2800/ month
• Enterprise – Custom

G2 Rating

3.3 out of 5

3. SolveXia

SolveXia is an automation and data management platform that helps financial teams automate their reconciliations and improve process efficiency.

Top Features

• Data analytics – Gather, transform, and analyze your financial data to gain insights and build reports to monitor performance.
• Automated reconciliations – Automate reconciliation of financial data, such as bank statements and invoices, to save time and improve efficiency.
• Audit and governance – Embed access controls and versioning of critical processes and workflows. Implement audit trails and governance capabilities to ensure data visibility and compliance with security standards.

Pros

• The validation feature works well
• Reliable support services
• Streamlines processes

Cons

• No pricing transparency
• Integration with Xero could be better

Pricing

SolveXia charges a subscription fee per user. Contact the team for pricing details.

G2 Rating

4.7 out of 5

4. SmartStream

SmartStream is a data reconciliation solution that automates and standardizes processes to improve data matching. The platform also offers exception management capabilities to manage the issues identified by reconciliation.

Top Features

AI data reconciliations – Compare and match data sets with the use of AI with improved speed and efficiency.

Payment investigation – Automate fee calculation and dispute management processes and experience faster onboarding with AI integration. Also, perform payment investigation for SWIFT and RTGS.

Corporate action processing – Get event-driven automation and active alerting for all corporate action events and meetings to ensure effective governance.

Pros

• User-friendly tool
• Customization options for role-based access
• Robust scalability features

Cons

• Cluttered interface
• Configurations could be more flexible
• The dashboard is restricted to 5000 items only

Pricing

Contact the team for pricing details

G2 Rating

4.3 out of 5

5. FloQast

FloQast is a workflow automation software that enables accounting teams to streamline processes and documentation requests, and automate reconciliations and other workflows like month-end close, financial reporting, etc.

Top Features

• Reconciliation management – Manage end-to-end data reconciliation processes with AI-enhanced automation. Also, get a centralized data view, AutoRec Matching, AutoRec schedules, and built-in controls.
• Compliance management – Reduce risk and complexity of compliance management by capturing financial controls while performing routine tasks, automatically synchronizing the risk control matrix, automating PBC, and tracking audits.

Pros

• Easy to manage tasks and reconciliations
• Tracking of re-occurring entries and invoices
• Fast reconciliations

Cons

• Too many push notifications
• Auto matching inaccuracies
• Slack integration could be better

Pricing

Contact the team for pricing details

G2 Rating

4.7 out of 5

6. BlackLine

BlackLine is a cloud-based financial operations management platform that helps businesses reconcile data by unifying data and processes and automating reconciliation along with repetitive work.

Top Features

Reporting and analytics – Consolidate financial data in a centralized platform and analyze it automatically, maintaining end-to-end transparency.

Account reconciliation – Automate account reconciliations with an intuitive interface, templates, workflows, supporting documentation, etc.

Transaction matching – Compare and match high-volume financial data and flag exceptions, saving time and effort.

Pros

• Easy to use
• Automation efficiency
• User-friendly reporting features

Cons

• Limited customization
• Steep learning curve
• Slow performance

Pricing

Contact the team for pricing details

G2 Rating

4.5 out of 5

7. Planful

Planful is an end-to-end financial close and planning platform that helps businesses speed up and streamline financial processes like data consolidation, reconciliation, reporting, and closing.

Top Features

• Account reconciliation – Perform end-to-end consolidation and reconciliation with automation and gain control and visibility over manual processes.
• Reporting – Automate data load and validation to create timely and accurate financial reports. Also, get access to reporting templates that save time and effort.
• Error detection – Automatically detect anomalies to ensure complete and accurate outcomes.

Pros

• Data breakdown capabilities
• Easy-to-use platform but has a steeper learning curve
• Hassle-free implementation

Cons

• The support team could be better
• Dashboard views can be improved
• Limited reconciliation features

Pricing

Custom pricing

G2 rating

4.3 out of 5

Conclusion

Choosing the right reconciliation tool can significantly improve your financial close process, saving time and reducing errors. When evaluating the options, consider your business size, needs, and budget. With the help of a robust tool, you can achieve greater efficiency, accuracy, and control over your financial data.

Hevo Data provides a streamlined, user-friendly integration platform and readily available source and destination connectors. Using this platform, you can minimize human involvement and reduce the risk of errors.

Want to take Hevo for a spin? Sign Up for a 14-day free trial and experience the feature-rich Hevo suite firsthand.

FAQs

1. Which software is used for data reconciliation?

Various data management tools like Hevo support reconciliation. These tools automate processes like data collection, error detection, and data validation and ensure streamlined workflows and data consistency.

2. What is the BlackLine reconciliation tool?

BlackLine is a financial operations and management platform that offers reconciliation features. The platform automates the reconciliation of financial statements and invoices, helping companies identify errors proactively and address them before they impact the outcomes.  

3. What are the benefits of Hevo Data?

Hevo simplifies the data reconciliation process by automating data collection and validation, providing real-time insights, supporting data transformation, and detecting anomalies to ensure enhanced data quality. The platform enables seamless reconciliation and ensures error-free and efficient reconciliation processes.