ACCOUNT RECONCILIATION SOFTWARE MARKET ANALYSIS

Market Concentration and Competitive Landscape

Close-monitor your Competitor's Move, Request sample copy

Desire for improved control, transparency and cost reduction

Most of the traditional enterprises have relied on manual accounting practices for bookkeeping and reconciliation of accounts for a long time. However, the limitations of manual systems have started to emerge more prominently in recent years. Finance teams struggle with lack of control, visibility and accuracy in reconciliations when done outside a systematic software solution. Manual processes are also resource intensive, time consuming and costly in the long run. This pushes the organizations to seek automated methods that can help address such challenges.

Account reconciliation software offers capabilities to standardize reconciliation practices, assign defined rules and workflow, set clear deadlines and maintain an audit trail of the entire reconciliation process. This brings much needed control, transparency and oversight for senior finance leadership. It also allows non-reconciliation tasks to be automated through integration with ERP and payment systems. This significantly improves efficiency and accuracy while reducing workload and costs for the accounting department over time. As more businesses realize these benefits, these are compelled to adopt dedicated account reconciliation solutions.

For instance, in January 2023, Trintech a Financial Close and Account Reconciliation Software, in collaboration with Jeeves, introduced a financial close and reconciliation solution. Jeeves reselled Adra Suite of Trintech to aid organizations in the Nordics in streamlining and fast-tracking their financial close and reconciliation procedures.