Can anyone recommend a bank reconciliation software or system that can automate bank statements into a spreadsheet? I have looked at a couple of software systems but I would like a recommendation and feedback before I try one. I use Sage Line 50. I would also like something that would integrate with it.
Replies (26)
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Xero
and use Xero
Good advice...if you have large volumes to reconcile then having accounting software automatically import the bank account transactions daily, before 9am ,is a big time saver and great control
and auto is auto i.e. no manual intervention required
Bank Reconciliation Software
AutoRec bank reconciliation software does exactly that. You can export a CSV file and import directly into Sage and Xero. Using AutoRec, the transactional data from your scanned paper bank statements is recognised, interpreted, consolidated, cleansed and formatted into a spreadsheet format.
The bank statement reconciliation software automatically performs very time consuming tasks of reconciling Cheque Payments, sorting, categorising and sub-totalling receipts and payments with their appropriate tax rates preparing for you a full set of analysed accounts in a fraction of the time normally taken to complete this task.
Over 240 accounting practices in the UK & Ireland are using it in the practice since we released the second version of AutoRec in June 2012. To arrange a demonstration for your practice go to ttp://ocrex.com/autorec-demo
Does this support QuickBooks?
Since QuickBooks is the dominant small business accounting program in the US, does OCrex plan to support QuickBooks? Thanks Dev
Statements
Hi Mary, You can process as many statements as you like on the software. AutoRec recognises all the major banks in the UK and Ireland. Barclays, Natwest, Bank of Scotland, Halifax, First Trust, HSBC, Llyods TSB to name a few.
To view testimonials - http://ocrex.com/testimonials
To view Case Studies - http://ocrex.com/case-studies
Watch a demo - http://ocrex.com/autorec-video
If you would like to arrange a demo please email [email protected].
AutoRec Prices
Hi Mary,
Our prices are based on how many bank statement pages are processed on a yearly basis. We have four packages Bronze, Silver, Gold & Platinum, starting from £99 per year.
It does what is says on the tin alright. Here's a quote from a happy customer.
"AutoRec has provided us with an OCR solution that has empowered our practice to improve profit margins and increase turnaround time with these customers. Shoebox clients can now be priced very competitively given the current market. We would have no hesitation in recommending this software."
Doyle Kelly and Company
http://ocrex.com/case-studies/doylekelly
I hope that helps.
Karen
Auto Rec
Hi Mary
Auto Rec is good but its not perfect.It is generally good but I have known the reconciliation to be out and then you have to go back and check the figures against your bank statements.The errors can be completely random and thats the worrying bit.You can never trust it completely.
It is good value if there is a lot of detail on the bank statements but if its only a couple of lines put it on manually and save your allocated pages.
You pay £99 for 125 pages .
Previous thread
You might want to look at THIS THREAD previously on Any Answers.
I use AutoRec and I find it worth its weight in gold!
David
Weight
You might want to look at THIS THREAD previously on Any Answers.
I use AutoRec and I find it worth its weight in gold!
David
But software doesn't weigh anything! What are you trying to say? :-)
autorec
Personally, I think that if David Winch recommends it then it must be good!
After typing this it reads a bit sarcastic, but im being serious! Browsing the website right now.
and the cheap way....
get your client to download the online statements as a csv file....
My experience with AutoRec
In my experience I have thrown all sorts of 'odd' bank statements (not really bank statements at all - better described as bank reports of transactions) at AutoRec and found that it fails to 'recognise' the odd format. (Sometimes I am dealing with bank statements issued several years ago and not in the bank's current format or I am dealing with a bank's internal 'ledger print' of the statement data.)
So (at that stage) no spreadsheet results.
Then I contact AutoRec support who have already received an automated 'failed to recognise' alert from the software. Support then explain what went wrong, scratch their heads for a bit and then either put the data into a spreadsheet for me or supply me with an 'update' for AutoRec so that it will recognise this new 'odd' format both now and in future.
Either way - result happiness! I get a spreadsheet of the transactions which is what I need.
Bizarre as this may sound, AutoRec support are actually extraordinarily helpful and - well - supportive!
David
AutoRec Software
Thanks David for the endorsement.
AutoRec does support all the major banks in the UK. If there are statements that the software does not support (i.e. Statements that are a few years old) we would be delighted to add them for you.
@bocsta - Sometimes however you do need to make a few corrections. For example if your client has written over the value, circled value or drawn a line through the value, you will need to make corrections. In AutoRec there is a very handy tool that allows you to check this information really quickly though. There is a calculated running balance column which allows you to verify the accuracy to 100%.
To give you an idea we processed an outsource job for an Accounting Practice there last week. The job was 62 pages of Barclays online bank statements. The client had written over five of the pages. In total we had to correct 13 values, where the client had marked over the figures. In total it took 15 minutes to make those corrections. So in 15 minutes we had 62 pages in a spreadsheet.
Again as we have a calculated running balance we can verify to 100% accuracy and trust the figures.
The demonstration video better explains what I am talking about - http://ocrex.com/autorec-video
Or you register for a live demo here - http://ocrex.com/autorec-demo
Hope this helps Mary,
Karen
AutoRec is the answer
Hi Mary,
Brendan here from OCRex, the developers of AutoRec. I'm glad to see such positive feedback both in relation to our software and our support. There is good reason though - it is a great product and our support is exceptional. That said, it doesn't mean that AutoRec is the only solution to your problem. If, like others have said, you can get your client to download a CSV file of the transactions, great! However, if they haven't done that and they can now not download them because they are more than a couple of months old and the bank won't provide historic transactions by download, you need another solution.
Someone else mentioned Xero. Xero will provide bank feeds for most banks if the person pays for and uses Xero as their bookkeeping package. However, as far as I know, it can only get feeds from the time the bank account feed function is set up - so maybe a solution for the future but no good if you need to get transactions from three, four or five months ago let alone three, four or five years ago. AutoRec however, will do this for you.
So, if you have paper bank statements and you need them in excel or better still, fully reconciled, analysed and coded with nominal codes for your bookkeeping or accounts production software, AutoRec will do that. It will give you an Excel or CSV file in the correct format for importing into Sage, Xero, IRIS, Digita, CCH Viztopis, VT, etc.
Search google for "AccountingWeb.co.uk AutoRec" ... this will give you better results that a search within the AccountingWeb website and you can read all of the comments on all threads - they're good! Also, if you'd like to speak to a reference customer in your area, just give us a call.
Canadian Banks?
Is this for UK banks only or can it process information from Canadian banks?
BankLink
I suggest you take a look at BankLink. Bank statements downloaded automatically into thier software so no need to re-key and after the first month, when you need to spend time coding the transactions, most transactions are also automaticallycategorsied to the correct nominal ledger code.
The software doesn't recognise cheque numbers, but many businesses don't write many cheques these days, and it's relatively quick and easy to categorise this type of payment.
Karen,
I think you missed my point. With Xero bank feeds it is impossible for the client to alter the data before it is interfaced into Xero by Xero itself. That's the good part!
Banklink
Autorec sounds good if you really have to go from a bank statement. But as Nick above says, Banklink is a very neat piece of software for these situations. With Banklink you get a feed of the client's transactions direct from the bank into the software. You don't need other accounting software as it is an accounting system and produces nominal ledger, p&l, balance sheet, VAT reports etc. but they have done integrations to other software, eg Sage and (I think) Quickbooks, for those that need a particular package but want the power behind the bank transaction side. You have no problem with lost bank statments, and you don't need to badger the client for the statement (or csv import) as the info is on your PC with a press of a button. Saves loads of time. I use and love Xero too but for some clients, Banklink is the better tool. Using a paper statement would be a last resort.
AutoRec Software
AutoRec is a niche product alright. It is for Accounting Practices that are dealing with Shoebox / Paper based clients. This solution does remove data entry dependencies providing savings in terms of time, costs and accuracy. It is not the only solution on the market. If you are an accountant working from bank statements AuotRec is a great solution.
Banklink does offer an alternative in the UK. However, how many banks is Banklink integrated with?
AutoRec
Hi Mary,
Great. Just remember we don't charge extra for training or support. It is included in all the AutoRec packages. Let me know how you get on with the software. We're always keen to hear feedback.
Karen
bank reconciliation software
As a different take on this, we've used Enodatio's Auto Bank Rec as our automatic bank reconciliation software for quite a few years: http://autobankrec.com/
It depends what you're looking for from your bank reconcilation software. Most of this thread relates to creating new cashbook entries from your bank statement. But if you have already created these in the accounts system, then you need something like AutoBankRec that can match them with customisable rules.
If you can download your book and bank transactions in a text, csv or Microsoft Excel® files, then your bank reconciliation is done already- you just need to review the result. You can download EzyRecon program and test-drive this bank reconciliation free for 15 days at www.ezyrecon.com
If you can download your book and bank transactions in a text, csv or Microsoft Excel® files, then your bank reconciliation is done already- you just need to review the result. You can download EzyRecon program and test-drive this bank reconciliation free for 15 days at www.ezyrecon.com