Free Bank Reconciliation Template (Excel)

While most people are familiar with spreadsheets and Excel, they are not the best tools for bank reconciliation. Bank reconciliation Excel templates have limitations in speed, the number of transactions that can be processed, real-time data matching, and scalability. 

• Less efficient

Bank reconciliation templates help you identify record mismatches, but AI-based bank reconciliation software can go one step ahead and even match records where only partial data is available. This makes software solutions more efficient than Excel templates for bank reconciliation.

• Limitations in processing capability

Bank reconciliation Excel templates tend to hang as the number of records increases. They also have limitations on the number of transactions they can process at a time and on archiving and storing the reconciliation records.

• Doesn’t support reporting and auditing

Bank reconciliation templates in Excel don’t have features to support financial reporting and auditing. This makes sharing the reconciliation results and collaborating on the template for further actions and decision-making a challenge.

About HighRadius

Has your business outgrown Excel-based bank reconciliation templates? HighRadius offers automation solutions for the office of the CFO. Talk to our experts to know more.

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