Bank account reconciliation is crucial for businesses to conduct before presenting their financial statements. It involves evaluating the accuracy and fairness of internal accounts by matching them with externally sourced documents. In bank account reconciliation, companies compare the internal account values with the bank statement to identify discrepancies. These errors may appear due to entry omission, double-entry, entering the incorrect amount or in the wrong place, etc. Thus, reconciliation eliminates errors and smoothens the business accounts for stakeholders to rely on and make decisions.
Since real estate businesses indulge in high-volume transactions, their accounts are highly prone to errors, manipulation, and fraudulent activities. Bank account reconciliation paves the way for the detection of such issues. However, relying on manual accounting practices for reconciliation in current times is not optimal or efficient. Firms need to enhance the efficiency and effectiveness of this activity by introducing automation. Automating these activities increases the speed of error detection, leading owners to correct the issues timely. The presence of many accounting solutions in the market can confuse a buyer. That is why here is a list of the best accounting software for real estate agents to undertake reconciliation:
QuickBooks accounting services:
The period-end reconciliation finds a special place in QuickBooks for seamless running. QuickBooks is a premier accounting solution, popular among small, medium, and large-sized firms and freelancers. It contains a built-in bank feed feature for automatic transaction downloading to the register, thereby reducing errors.
FreshBooks accounting software:
Another accounting software favourite among real estate agents and brokers is FreshBooks. It provides robust integrations with banks and other payment collecting mechanisms, including Stripe. Expense-tracking and accounts reconciliation is automatic, offering ease and simplicity to users. It also enables tracking mileages and time for payroll activities. Thus, it keeps everything secure and up-to-date in real-time.
Xero accounting software:
Every accounting software list is incomplete without mentioning Xero accounting software. Xero is a fan favourite among small and mid-sized businesses. It provides integrations with the bank system for automatic bank statement import and reconciliation. The bank account reconciliation option in Xero can review multiple transactions at once.
Zoho Books:
Zoho Books is another popular accounting software for real estate startups, small and medium firms, and large brokerages. It offers bank syncing and Paypal integration and undertakes quick and straightforward reconciliation. Moreover, it learns transactions to save time in the future while reconciling.
