6 Best Reconciliation Tools (UK - 2025)

Reconciliation - the accounting process of verifying and matching up transactions, income and balances - is an unavoidable part of running a business. It’s not usually a huge amount of fun, which is where financial reconciliation software comes in. Automated reconciliation tools can cut down administration, lessen the possibility of human error, and get the job done faster.

Read this guide to learn all there is to know about the best reconciliation tools in the UK. We’ll also touch on Wise Business - a non bank account provider which has integrations with many of your favourite cloud accounting tools, as well as powerful international functions and mid-market exchange rates.

💡 Learn more about Wise Business

What are reconciliation tools?

Accounting reconciliation tools help businesses in the UK manage their finances with less stress and fewer errors. As we’ll discover, different reconciliation tools have their own features and fees, but you’ll commonly find options to connect to your bank or business account streams to sync information, ways to capture bills and receipts for expenses and tax reporting, support with VAT submissions, payroll, multi-currency features and more.

Looking for the best account reconciliation software for your business? Here’s a heads up of the providers we'll review in this article:

• Xero
• OneStream
• QuickBooks
• BlackLine
• Sage Intacct
• Oracle NetSuite

Reconciliation tools available in the UK: overview

Let’s start with an overview of how the providers compare on a few important features for bank reconciliation tools. We’ve picked out reconciliation services which can suit any UK business sizes, from startups to huge organisations, so you can get a feel for the options and the differences:

Provider	Trustpilot score	Monthly fee	Best known for
Xero	3.6 of 5, Average from 7,000+ reviews1	£16 - £50; new user discounts available5	Flexible plans to suit all sizes of UK business
OneStream	3.9 of 5, Great from 20,000+ reviews2	Custom packages on application only	Enterprise solutions for large and complex businesses
QuickBooks	4.5 of 5, Excellent from 15,000+ reviews3	£10 - £90; new user discounts available6	For startups, sole traders, limited companies and accountants
Blackline	None listed	Custom packages on application only	Enterprise and mid-size solutions, with tailored pricing
Sage Intacct	4.4 of 5, Excellent from 18,000+ reviews4	Custom packages on application only	AI supported accounting product
Oracle NetSuite	None listed	Custom packages on application only	Services from startup to enterprise level, with tailor made packages for all

*Details correct at time of writing - 27th November 2024

Comparing reconciliation software: criteria

This article compares some of the best UK reconciliation tools for business, based on features like:

• Eligibility
• Features and services
• Fees
• Integrations

You’ll be able to get some essential information for your research, and then pick which provider or providers you’d like to look at more closely to make a final choice. Let’s dive right in.

Xero

Xero is headquartered in New Zealand but offers services in the UK and many other countries worldwide. Xero offers UK customers a choice of 4 different plans which all offer their own features and fees, allowing for flexibility as a business grows.

Xero has a 3.6 of 5, Average score on Trustpilot, from 7,000+ user reviews.

Some popular features and services from Xero include:

• Send invoices and quotes
• Reconcile multi-currency bank transactions
• Submit VAT returns to HMRC
• Automate CIS calculations and reports
• Capture receipts and bills
• Short term cash flow and business snapshot
• Bulk reconciliations
• Manage payroll for an extra fee

To use Xero you’ll need to consider the following fees:

• Monthly costs from 16 GBP - 50 GBP - at time of research, new user discounts are available which could mean you save for the first 6 months
• Optional add ons including CIS returns for 5 GBP/month, and project tracking for 5 GBP/user
• Transaction fees like 0.2 GBP per bill paid, 1 GBP per person for payroll and 2.5 GBP per person for expense management - some account plans include fee waivers for some or all of these transaction fees

Xero integrates with your Wise Business account as well as thousands of other apps across invoicing, time tracking, payroll, inventory, reporting, CRM, payments and expenses.

Learn more about managing your expenses with Xero in the UK - or if you need to pay your team, there’s a guide to Xero payroll.

OneStream

OneStream is a CPM (Corporate Performance Management) software platform which is aimed at large enterprise level clients which likely have complex needs and a global reach.

OneStream has a 3.9 of 5, Great score on Trustpilot, from 20,000+ user reviews

Some popular features and services from OneStream include:

• Unified CPM software platform covering many different needs
• Reconciliations with audit control
• Fast accounting monthly close
• Risk management and reporting tools
• Financial data quality management
• Transaction matching 

OneStream fees are not publicly disclosed as they’re aimed at large organizations looking for a tailor made solution for their reconciliation and other accounting.

QuickBooks

QuickBooks is from multinational finance service provider Intuit, and offers UK customers 5 different account tiers which are split by business size and stage. You can trade up if you need more features, and add on some extras to help you get the best from the service.

QuickBooks has a 4.5 of 5, Excellent score on Trustpilot, from 15,000+ user reviews

Some popular features and services from QuickBooks include:

• Self assessment, income tax and VAT tools
• Calculate and submit CIS 
• Bank and other account integrations for easy reconciliation
• Expense management, mileage tracking and reports 
• Create invoices, quotes and estimates
• Multi-currency features 
• Add employees and track their time and productivity
• Business reporting 

To use QuickBooks you’ll need to consider the following fees:

• Monthly costs from 10 GBP - 90 GBP with new user discounts available at the time of writing which represent a 90% saving
• Optional add ons including payroll starting from 0.4 GBP/month

QuickBooks integrates with services including Wise Business, as well as many other providers to extend the ways you can use your account plan and make it more flexible and easy to use.

You can read our complete QuickBooks review here - and get a full rundown of QuickBooks costs here.

Get started with Wise Business 🚀

Blackline

Blackline is a provider of financial solutions for mid tier and enterprise level businesses, covering financial close, intercompany payments, analytics and invoice to cash services. 

Some popular features and services from Blackline include:

• Account reconciliations
• Task management
• Transaction matching
• SAP smart close
• Intercompany payments
• Financial reporting and analysis
• Collections and risk management

Blackline doesn’t have an active account on Trustpilot, so if you’re looking to learn more about the tools available - or get information about the pricing options, you’ll need to reach out to the Blackline team to schedule a demonstration and get a tailor made quote.

Sage Intacct

Sage Intacct positions itself as the account reconciliation tool for businesses outgrowing the commonly available solutions. It’s a fairly new product which has AI features and which comes with tailor made packages which can suit different business types and sizes. 

Sage has a 4.4 of 5, Excellent score on Trustpilot, from 18,000+ user reviews. This is the rating for Sage as an overall provider, rather than for this product specifically.

Some popular features and services from Sage Intacct include:

• Dashboards and reporting
• Accounts receivable and payable
• Multi-entity options
• Time saving automation for monthly close
• Extended capabilities where businesses need them

Sage Intacct doesn’t publish information on fees - instead you’re invited to take part in a 30 minute demonstration of the service and feature availability to come up with a quote for your specific needs.

OracleNetsuite

Oracle Netsuite serves companies globally, from startups through to established enterprise level organisations.

Oracle Netsuite does not have a Trustpilot account, so for user reviews and feedback you’ll need to use word of mouth to connect with other users.

Some popular features and services from Oracle Netsuite include:

• Fast monthly close
• Transaction matching
• Internal controls and compliance
• Improved accuracy
• Automated reconciliations
• Audit support and tools
• Custom workflows and templates

Oracle pricing is all done in negotiation with the client, offering a tailor made solution for larger and more complex businesses. Oracle Netsuite users pay an annual license fee for the core platform, and can add in optional modules. Other fees may vary based on the number of users, and there’s also a one-time fee for initial setup.

FAQs - Reconciliation tools

What are the benefits of using an account reconciliation software?

Using account reconciliation software can bring many benefits. While there’s usually a cost to pay for this service, you could find you save time - and therefore money - in the end. Account reconciliation software also cuts down on administration, allowing you to focus on strategic tasks, and reduces the room for human error in accounting. 

It can make it easier to keep up with reporting, VAT and tax requirements, which also makes it far easier to manage finances in a compliant and profitable way.

How to choose an account reconciliation tool?

We’ve featured several different types of account reconciliation software in this guide, from packages which are aimed at sole traders through to options for enterprise level organisations operating on a global level. There’s really an option out there for every business type and size - but with so much choice, you’ll need to do some research to pick the one which suits your business best.

Think about the features which are important to you as a starting point, such as reconciliation with your preferred bank or non bank account service, low monthly fees, options to trade account plans as you grow, and extras like payroll or bulk transactions. This gives you a good framework to review the options out there and choose one which works for your business today and as you grow.

Do reconciliation tools support multiple currencies?

Most reconciliation tools will support multi-currency account management, although some reconciliation software may limit this feature to lower tier account holders. Shop around if this is a feature which is important to you.

It may be helpful to know that both Xero and QuickBooks integrate with the Wise Business account to support multi-currency features and reconciliations, with low costs and an easy intuitive interface.

Get started with Wise Business 🚀

Do reconciliation tools automate accounting processes?

Different reconciliation tools offer their own features, but their basic function is to automate accounting where possible and therefore reduce the administrative burden on businesses. You may still need to manually manage some functions, or employ an accountant, depending on your specific business size and transaction needs - but reconciliation tools do help manage the load in many cases.

International finances made easy with Wise Business account 

Wise Business can help UK businesses to manage finances across multiple currencies, with low fees and the mid-market exchange rate.

Wise Business account connects with Xero, QuickBooks, FreeAgent, FreshBooks and more solutions to help you seamlessly manage your finances across borders. 

When you open a Wise Business account, you’ll benefit from all of these useful features:

• Hold and exchange 40+ currencies;
• Send payments to 160+ countries for low fees and the mid-market exchange rate - this is a fair exchange rate with no margins or mark-ups added to it;
• Get local account details to get paid in 8+ currencies like a local;
• No monthly fees or minimum balance requirements;
• Debit and expense cards for you and your team, which you can use in 150+ countries;
• Multi-user access for team members, with ways to control and manage permissions;
• Pay up to 1,000 people at once with the Wise batch payments feature;
• Integrate with your favourite cloud accounting solutions, like Quickbooks.

Get started with Wise Business 🚀

Using reconciliation tools for your UK business can help you cut down on administration time and let you focus more on pleasing your customers and growing your business. This guide introduces some of the best reconciliation tools available in the UK, from products for sole traders and startups, through SMEs, mid tier organisations and enterprise level businesses. .

Sources used in this article:

1. Xero Trustpilot
2. OneStream Trustpilot
3. QuickBooks Trustpilot
4. Sage Trustpilot
5. Xero Pricing
6. QuickBooks Pricing

Sources last checked December 12, 2024