Choosing the right reconciliation software

Ross McGee
Ross McGee

Reconciliation is a lengthy, often complicated process. Yet it is non-negotiable for businesses of every kind, and given the regularity with which it needs to be undertaken – it certainly makes sense to find a software tool that makes the whole process easier. 

But what do you actually need to consider when picking reconciliation software? Well for starters, it’s crucial that any software you use is efficient in removing the scope for human error, saves time, and suits your business’ specific needs. However, there are many more factors to keep in mind. Read on to make sure you cover all angles in your quest to find the perfect partner for your reconciliation.

Factors to consider when choosing reconciliation software

Done correctly, reconciliation provides a business with the assurance that it is forecasting correctly, meeting compliance requirements, and in some instances properly safeguarding client money. But what’s more, it’s also important to the overall morale of finance teams. After all, when reconciliation is poorly managed, it can cause headaches for accountants and take time away from more important work, ultimately impacting a company’s bottom line. 

Evidently, choosing the right reconciliation software will have a significant impact on a company at all levels. With this in mind, here are a few things to consider when assessing what reconciliation software will work best for you and your business:

Compatibility and integration

It goes without saying that when deciding to adopt reconciliation software, it is essential that all business transactions are then filtered through this tool. This way, every transaction can be properly reconciled, laying the foundation for other important financial decisions in the future – as well as keeping data safe for future audits. 

Of course, the process of actually transitioning to a new software can be complicated when you already work with other softwares. You therefore need to keep in mind not only what existing data might need to be imported, but the way in which that information can then be extracted, used and applied. Ultimately, compatibility between your reconciliation platform of choice and other systems is a must.

To make this as seamless as possible, APIs are always the preferred option. They make data imports, exports, and transformations all automatic, saving masses of time and eliminating errors. Aurum has over 600 of them, making it compatible with infinite numbers of banks, PSPs, and more, and thus the operations of countless organisations.

User-friendly interface

One of the biggest benefits of using software to automate your reconciliation process is that it takes the hard work out of matching transactions. Still, it requires input from an organisation in terms of the matching rules used to make the software work for the specifics of your accounts. And of course, team members are still needed when it comes to actual exception investigation and analysis. 

For this reason, it’s crucially important that those working within the software can get to grips with it efficiently. At Aurum we therefore make sure our consultants are fully trained in instructing all Aurum users in how to get the best out of our software from day one. We have also fine-tuned the Aurum interface so that it is as simple and accessible as possible, something which new employees at Swinton Insurance appreciate because despite it usually being frightening when learning a new system, they know that “there is no need to be worried with Aurum”.

Customisation and scalability

Reconciliation is an unforgiving task - once it has ended, it is bound to begin again soon. However, no reconciliation is ever the same. That is the case not just because of the new transactions which will inevitably form it but also because financial processes regularly evolve. As a result, entirely new sources of data could be included, or new data variables could become available to produce even more accurate matching criteria.

With reconciliation processes being prone to alterations, reconciliation software must therefore be adaptable, especially in two key areas:


Despite the fact that the practice of reconciliation will always be required, the process of it within firms is always changing due to the evolving financial landscape. Software therefore must be designed with change in mind.

Aurum’s reconciliation platform is especially adept at this thanks to users having customisation options at their fingertips such as no-code drag-and-drop tools, allowing you to easily adjust matching rules. There is also a range of filters to swiftly find specific types of transactions, options to give different users varying levels of access, and the ability to export and depict data in a number of ways (whether that be via graphs, reports or simply displayed within your dashboard). 


Every finance team aims to steer their business towards growth over time. However, they should be mindful of the fact that more often than not it will actually result in a heavier workload for them due to increased transactional volume.

That is unless the reconciliation software they adopt is built with scalability in mind. This is why Aurum prioritises scalability – enabling it to grow with your business, whether that means taking on more payments or expanding your payment options. Best of all, this is possible without compromising the speed or efficacy of Aurum’s automation. 

Audit and compliance features

Reconciliation is necessary for several reasons, but aiding with audits and ensuring that all regulations are met are of the utmost importance. The best type of reconciliation software will therefore also streamline activities related to fulfilling these requirements. To check that software do, it is best to look out for:

Auto-generated audit trails

Audit trails require - as the name implies - that all transactions can be tracked throughout every stage of the financial cycle – from source, to import, to when they are actually reconciled etc. All of these actions can add up over time, so automatically documenting them is a big time saver for financial professionals and brilliant for auditors who wish to review neat and cogent record. 

Granular transaction details

Any financial professional will tell you that specific questions about transaction details can be stressful. That’s why Aurum makes it easy to select specific transactions so that you can deep dive as needed into the data behind the figures like Swinton Insurance do with Aurum in a few clicks.

Sign off functionality

The final process to reconciliation, of course, is signing off everything. Once the reconciliation is done and exception management completed, an authorised individual should confirm everything has been done correctly. Importantly, this too should be recorded and that is why Aurum accordingly saves all sign-offs.


Needless to say, financial teams will need to factor in the cost of automation software to determine whether it is beneficial for them to adopt it as part of their reconciliation process. 

This budgeting will generally need to include the cost of purchasing the software, as well as potential extra costs such as training, customisation and upgrades which might be needed down the line. It’s also worth considering that Software as as Service (SaaS) products are subject to rising prices as subscriptions change over time. 

One big benefit of choosing Aurum for reconciliation is that our software is not SaaS so finance teams can be assured they know exactly how much they’ll be paying for the solution upfront. 

Customer support and training

Mistakes are a part of life, but with reconciliation being the foundation for the financial operations of an entire organisation, reconciliation needs to be perfectly executed. 

This is why when support is required, it needs to be handled swiftly and comprehensively. These days, support might come in a variety of formats – whether that be AI chatbots, correspondence over email, a phone call, or through suggestions from a user community or online forum. 

While all of the options listed above are certainly helpful, there’s no competing with a reliable in-house support team who can give you specific guidance on every problem, as and when it occurs. This is why Aurum is committed to keeping its internal team available to help with any queries you might encounter. So, you can rest assured support is always on hand when and if you should need it.  

A quote from British Land Director of Shared Services and Finance Transformation, Alex Chrisofis, about the high quality of support provided by Aurum Solutions.

Aurum Solutions – your reconciliation software partner 

Software is not personal. Even when the tool or solution you pick is customisable, there’s no substitute for real guidance and support to ensure finance teams feel able to work optimally. At Aurum, we therefore don’t just provide a next-gen automation solution but also aim to forge genuine partnerships with the businesses we work with.

We have the knowledge and experience you need to lay a solid foundation for financial operations and are dedicated to developing long-term relationships with each of our customers. Hence, we aim to be a part of your overall operations rather than a detached and uninterested provider. 

Based on client reviews, we are confident that our technology has the power to transform the daily operations of financial teams of all shapes and sizes, and our expert team will always be on hand to ensure that the journey getting there is smooth sailing.

Ultimately with Aurum, you get best-in-class technology and people to match: 

Comprehensive reconciliation solutions 

There are many facets to reconciliation, which is why Aurum offers a suite of services and software solutions. Our software is able to manage everything from bank reconciliation to securities, trade and positions reconciliations – enabling you to streamline and automate a whole range of services as required. 

A quote from Swinton Insurance Finance Operations Team Leader, Jayne Logan, about how Aurum Solutions offers all sorts or reconciliation possibilities.

All of our software includes a range of solution-oriented features designed with ease of use in mind – from a scheduler to ensure you never miss a deadline to the option to drag and drop matching rules without the need for code. This is in addition to filters, colour-coded transactions for accessibility, user access controls, bespoke reports, dashboards, FX streams, and much, much more.

Don’t just take our word for it

We are delighted to say that we have a wide range of customers in different industries who are using our software to make reconciliation swift, simple and accurate. From BPL Solicitors who have seen an immediate return on investment to The Tote who are enjoying the benefits of being able to rely on the accuracy of their figures, the number of happy Aurum customers continue to grow.

Choose right the first time

Selecting the right reconciliation software has the power to elevate or limit the potential of your finance team. Picking right the first time is therefore essential to avoid wasting time and money.

A quote from Peppercorn Finance Manager, Jade Riggs, on how Aurum's reconciliation is the perfect match for their operations.

Given that Aurum is budget-friendly and is renowned for freeing up teams for more important work, making the most of money and time is guaranteed for our users. This is valuable to finance teams, overall business, and even customers, reflecting how important reconciliation really is.

Want to hear more from one of our expert consultants? Book a demo today and see our accessible and powerful software for yourself.

Ross McGee
Ross McGee

Content and Community Marketing Manager

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Ross McGee is a marketing manager at Aurum Solutions who deep dives into financial processes, technology, and best practices to share insights that help finance professionals of all levels maximise their potential.

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