Real user reviews: Must-have features in account reconciliation software

Struggling to find the right software for complex account reconciliations? You're not alone!

Many organizations face challenges in identifying which processes could benefit from account reconciliation software.

If you're exploring solutions, you might have heard the buzz about our latest release—Prophix One Account Reconciliation.

This new application, available exclusively on Prophix One, a Financial Performance Platform, simplifies your financial close process. It offers a centralized hub to import data, store standardized reconciliation templates, add supporting comments and attachments, automate certification workflows, and generate detailed reports for enhanced audit readiness.

In today’s blog, we dive into real customer reviews from users of account reconciliation software and highlight the top features to look for in a new solution. This way, you can make an informed investment that benefits your entire team.

The challenge with buying account reconciliation software

Navigating the world of account reconciliation software can be daunting. Many organizations, whether they rely on spreadsheets or lack dedicated reconciliation functionality, face similar hurdles.

Take, for example, an organization using Excel for account reconciliation. With spreadsheets, your account reconciliation processes likely exist in silos with undocumented steps, making it challenging to track progress, ensure consistency, and increasing the risk of compliance issues. The more disparate spreadsheets you manage, the greater the chance of inaccuracies in your reconciliation process.

Similarly, a company with finance software in place but without dedicated account reconciliation functionality might struggle to automate processes and collaborate across the business with reconciliation owners. This lack of real-time updates can contribute to operational inefficiencies and make it difficult to scale.

It’s clear that in both examples, the companies could benefit from account reconciliation software. But how do you find the right account reconciliation software for your business?

Industry analysts, like Gartner, BPM Partners, Ventana Research, or Dresner Advisory Services, are a great starting point in your search. Analysts often have an overarching view of industry trends and can provide an unbiased evaluation of many software vendors.

Peer reviews should also play an important role in the research phase for account reconciliation software. By looking at feedback from companies in a similar industry or of a similar size, you can identify functionality that would directly benefit your organization or exclude vendors who don’t provide the level of support you require.

Before diving into real customer reviews on account reconciliation software, let’s briefly look at the role that this process plays in financial performance management.

The role of account reconciliation in financial performance management (FPM)

If you’ve already started researching account reconciliation software, you’ve likely heard of financial performance management (FPM).

Financial performance management refers to how companies manage their financial processes across the entire organization, including budgeting and planning, reporting and analytics, financial consolidation, and intercompany management. As your organization grows, these processes become more complex and may require additional investments—like account reconciliation—to support your changing needs.

Building on this definition of FPM, account reconciliation is a critical component of financial performance because it compares financial records with bank statements to ensure accuracy and consistency in financial reporting and helps maintain the integrity of a company's financial data. By regularly reconciling accounts, businesses can identify discrepancies early, preventing potential errors or fraud. This process also ensures compliance with regulatory requirements and enhances the efficiency of financial operations.

To effectively manage their financial performance and account reconciliation, many companies turn to a Financial Performance Platform like Prophix One.

Prophix One distinguishes itself from other finance software (such as FP&A software, Corporate Performance Management (CPM) software, or Enterprise Planning Management (EPM) software) by offering a seamless user experience. It enables easy navigation between applications (like Prophix One Account Reconciliation!) and efficient management of workflows, security, and data sharing across all processes. And the more solutions you integrate, the more value you’ll get out of Prophix One, including:

• Data Integration: Centralized data ensures all applications use and share accurate data from a single source.
• Advanced Data Processing: Gives your teams the ability to manage complex plans and large data sets.
• Unified Login & User Management: A single point of entry and intuitive user management let you move easily from application to application without repeated sign-ins.
• Security: Robust encryption, advanced threat detection, and stringent access controls safeguard your data, all supported by a 95.5% uptime guarantee. You can trust your data is safe with industry-recognized standards like ISO/IEC 27001, SOC 2, TRUSTe, and HITRUST behind Prophix One.
• Workflow: Platform-wide workflows enable you to manage all your processes centrally across applications and establish a single version of the truth.
• User Interface: A unified user interface empowers your team to be more efficient and simplifies user training across all applications.

Now that you understand why you should prioritize a Financial Performance Platform for account reconciliation, let’s hear directly from customers on why they’ve chosen Prophix One Account Reconciliation.

Why organizations are implementing account reconciliation software

Depending on the complexity of your current processes and your plan for growth, companies will use account reconciliation software for any number of reasons. Yet, the key benefits remain the same–improved efficiency, accuracy, and collaboration across finance and accounting teams.

Watch this video to hear firsthand experiences from users about the transformative impact of account reconciliation software:

Plus, here’s what early users of Prophix One Account Reconciliation are saying:

“Nowadays, when you buy a phone, you don't want to be given a manual to read, you just want to start using it. People don't have the patience to read for hours to learn how to use a new product and with Prophix One Account Reconciliation you don't need to—it’s that easy.” – Yu Gnezil, Controller, Jamul Casino

“Having a designated monthly close software in place [is] a big improvement to our current process. Prophix One Account Reconciliation [ensures] that reconciliations are completed quickly and stored in a central location, which paint[s] a clearer picture for new team members to gain an understanding of month-end tasks and processes.” – Jenna Nosbush, Director of Finance & Accounting, ICBA

“There is a lot of value in having everything in one place. Because we're already using Prophix One, it will be great to move our Account Reconciliation to the same platform with automation to trigger emails and notifications. You complete something and it triggers the next task and notifies the owner.” – Erika Jones, Finance Reporting & Analysis, Lee Company

Top features to look for in account reconciliation software

When selecting account reconciliation software, certain features can significantly improve your financial close. Based on the real customer reviews above, here are some standout features to consider:

• Ease of use: Choose software that is easy to implement and intuitive to learn, ensuring a smooth transition for your team.
• Centralized data: Ensure reconciliations are stored in a central location accessible to all relevant team members, promoting transparency and collaboration.
• Automated notifications: Look for automated emails and notifications that trigger the next task in the process, keeping your workflow on track.

In addition to these user-recommended features, you should also prioritize the following functionality in your software search:

• Automated account reconciliation: Accelerate your financial close process with automated account reconciliation, reducing manual tasks and minimizing errors.
• Structured task management: Enhance collaboration through automated workflows, real-time updates, and structured task management, ensuring accountability and streamlined processes across your team.
• Item tracking: Get a bird’s eye view of balance sheet reconciliations with tracking capabilities for completed and overdue items, providing strategic insights across entities, periods, and accounts.
• Audit trail: Centralize storage of reconciliation details and documentation to create a system-wide audit trail, improving stakeholder confidence and audit efficiency.
• Role-based security: Strengthen financial governance with role-based security and period lockdown improving data quality and reducing errors through structured reconciliation templates.

By focusing on these key features, you can empower your team to close faster and with greater accuracy, driving better financial performance.

Conclusion: Make account reconciliation easier with Prophix One™

Customer reviews are a great way to determine if account reconciliation software will benefit your business. With an unbiased evaluation of key features and functionality, you can choose the solution that best meets your needs.

Prophix One is highly recommended by customers on TrustRadius, G2, and Gartner Peer Insights. Its all-in-one platform empowers you to close faster, providing all the functionality needed to confidently reconcile your accounts.

Ready to transform your account reconciliation? Watch our 2-minute video to see how Prophix One Account Reconciliation streamlines your financial close.