What is bank reconciliation software and why do I need it?
Bank reconciliation software automates the process of matching bank statement transactions with your accounting records. ReconcileIQ processes 5,000+ transactions per second, instantly identifying discrepancies with a 96%+ auto-match rate. You need it to save 50+ hours monthly, eliminate manual errors, and maintain compliance with accounting standards. With the IQ Suite, ReconcileIQ is just the beginning. CodeIQ automates the coding, LedgerIQ provides 40+ financial analytics, and PrepIQ prepares year-end working papers.
Which banks does ReconcileIQ's PDF converter support?
ReconcileIQ works with any bank worldwide. The universal parser reads digital PDFs, scanned statements, phone photos and CSV/Excel exports. No bank-specific template required. It is field-tested with Lloyds, HSBC, NatWest, Monzo, Metro Bank, RBS, Wise, Starling, Tide, Barclays, Santander, Halifax, TSB, Revolut, Chase UK and many others, and it reads formats it has never seen before.
How does automated bank reconciliation work with ReconcileIQ?
ReconcileIQ accepts every common input: CSV and Excel files from any bank, digital PDFs, scanned statements, even phone photos of paper statements. Or connect via OAuth to QuickBooks, Xero, Sage, Pandle, FreeAgent or YNAB for direct pulls. Our matching engine processes transactions at 5,000+ per second, handling batch payments, date variances and fuzzy description differences. After reconciliation, CodeIQ codes the transactions, LedgerIQ turns the GL into 40+ financial analytics, and PrepIQ can prepare the year-end set.
Is there a free trial?
Yes. You can start a free trial to verify the workflow end-to-end before choosing a plan.
How secure is my financial data with ReconcileIQ?
ReconcileIQ uses bank-level AES-256 encryption for all data. Files are processed in isolated environments and automatically deleted within minutes. We never store transaction data permanently. We're GDPR compliant, ICO registered, and working towards SOC 2 Type II certification.
What's the ROI of using ReconcileIQ?
Average users save 50+ hours monthly. At £50 / hour that's £2,500+ monthly value. Our users report: 40% more client capacity, 95% reduction in reconciliation errors, 3-day month-ends reduced to 30 minutes, and ability to take on higher-value advisory work. Most users cover the £5 subscription on their first reconciliation.
How does ReconcileIQ compare to manual bank reconciliation?
By hand in a spreadsheet you match a few hundred lines an hour, and errors slip through. ReconcileIQ matches 5,000 transactions a second on a compiled C++ engine, flags every discrepancy, duplicate and missing entry, and keeps a full audit trail. A year of books that takes a day by hand finishes in minutes.
How is ReconcileIQ different from the reconciliation built into Xero or QuickBooks?
Xero and QuickBooks only reconcile the data already inside them. ReconcileIQ works across platforms and off-platform. Upload a statement in any format, whether CSV, PDF, scan or phone photo, match it, then push the fixes back to Xero, QuickBooks, Sage or Pandle as proper journals. It reconciles banks and formats your accounting software cannot import.
Can ReconcileIQ convert a PDF bank statement to CSV?
Yes. The universal parser turns any bank statement, whether a digital PDF, a scan or a phone photo, into clean, structured CSV with dates, descriptions and amounts. No per-bank template is needed, so it handles statements it has never seen before.
