Intersoft ERP: Formerly known as INTERAC ERP
Technology
Reconcile payments for recurring subscriptions, hardware purchases, and software expenses to maintain financial accuracy.
Non-Profits
Reconcile donations, grants, and other income sources to ensure financial transparency and proper reporting.
Key Features of Bank Reconciliation Software
Simplify Your Bank Reconciliation with Powerful Features
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Automated Bank Statement Imports
Automatically import bank transactions into Intersoft ERP, eliminating the need for manual data entry and reducing errors.
One-Click Reconciliation
Match bank transactions to accounting records in one click, with automatic suggestions for matching entries.
Real-Time Reconciliation
Reconcile your bank transactions in real-time to keep your financial data up to date, without waiting for month-end.
Multi-Bank Support
Reconcile transactions from multiple bank accounts, all in one place, for a unified view of your finances.
Discrepancy Identification
Quickly identify discrepancies between your bank and accounting records, with easy-to-follow suggestions for resolving them.
Detailed Reporting
Generate detailed reports on reconciliation history, identifying unmatched transactions and offering insights into cash flow trends.
Manual Adjustments
Easily add or modify transactions manually if needed, ensuring that everything aligns with your bank records.
Customizable Reconciliation Rules
Set up custom rules for matching transactions based on amounts, dates, or other criteria, streamlining the reconciliation process.
Audit Trail
Maintain a complete audit trail of all reconciliations, providing transparency and simplifying financial audits.
The Problem:
Manual Bank Reconciliation is Time-Consuming and Error-Prone
Manual bank reconciliation processes often lead to:
01
Time-consuming tasks, requiring hours to manually match transactions and identify discrepancies
02
Human errors, such as missed entries or incorrect transaction matching
03
Inconsistent cash flow reports, making it difficult to get an accurate picture of financial health
04
Late identification of issues, such as unrecorded transactions or unauthorized withdrawals
05
Financial audit challenges, as reconciling data manually leaves room for errors or inconsistencies that can raise red flags during audits
How Does Bank Reconciliation Software Works
A Seamless Process from Bank Statement to Reconciled Records
Import Bank Transactions
Automatically import your bank’s transaction data into Intersoft ERP, whether from your bank’s online system or a CSV file.
Match Transactions
The system will automatically suggest matches between your bank’s transactions and your accounting records. You can manually approve, modify, or adjust as needed.
Review Discrepancies
Any unmatched transactions will be flagged for review. You’ll receive detailed suggestions on what might be missing or incorrect.
Reconcile and Close
Once all transactions are matched, confirm the reconciliation with a single click. Your financial records are now up-to-date.
Generate Reports
Produce reconciliation reports that include unmatched transactions, adjustments, and a summary of your reconciled bank account.
Key Benefits of Bank Reconciliation Software
Save Time, Reduce Errors, and Achieve Accurate Reconciliation
Automated Process
Say goodbye to manual reconciliation. Automate transaction imports, matching, and balancing for faster results.
Real-Time Financial Accuracy
Keep your financial data up-to-date with real-time bank reconciliation, providing an accurate picture of your cash flow at all times.
Enhanced Visibility
View your reconciliation status in real-time and access detailed reports to ensure all discrepancies are addressed promptly.
Easier Audits
With an integrated audit trail and detailed reports, preparing for financial audits becomes quick and easy.
Seamless Integration
Sync bank transaction data directly with your accounting records for accurate financial reporting across the system.
Module Integrations
Integrated for a Comprehensive Financial Solution
Connected Modules:
General Ledger
Automatically update your general ledger with reconciled bank transactions, ensuring accuracy across your financial records.
Accounts Payable
Track payments made and reconcile them against bank statements to ensure accuracy and avoid overpayments.
Accounts Receivable
Match customer payments against bank deposits to ensure receivables are accurately reflected in your records.
Cash Manager
Monitor your cash flow more effectively by reconciling bank transactions and comparing them with your cash balance.
Reporting and Analytics
Integrate your bank reconciliation data into financial reports and cash flow analysis for better forecasting and decision-making.
Bank Reconciliation Software Use Cases by Industry
Bank Reconciliation for Every Industry
Retail
Reconcile high volumes of transactions from sales, payments, and deposits, ensuring accuracy for all locations and payment methods.
Healthcare
Reconcile patient payments, insurance claims, and bank deposits, ensuring all transactions are accounted for accurately.
Construction
Match payments to contractors, suppliers, and project accounts, ensuring financial records align with actual transactions.
Manufacturing
Track large volumes of supplier payments and customer deposits, streamlining reconciliation across multiple accounts.