ReconcileIQ matches bank statements against accounting records, identifies discrepancies, and can send corrections to connected accounting software. Its matching engine handles fuzzy descriptions, date differences, and batch payments. Invoice-to-payment matching weighs amount at 60%, description at 35%, and date at 5%, with a 150-day window for late payments. Users can supply digital PDFs, scans, phone photos, CSV or Excel files, OAuth feeds, and custom bank formats. Listed OAuth connections include QuickBooks, Xero, Sage, Pandle, FreeAgent, and YNAB; the first four are marked for posting, while the latter two are read-only. After reconciliation, users can review results, push corrections, or export PDF and CSV files; API output is also listed. The service runs through web and API, either alongside existing accounting software or inside IQ Books. Its free plan provides 1,000 one-off credits, with cash accounting only and one IQ Books organization. Starter costs £5.00 GBP per month. The product page says files are encrypted, handled in isolated environments, and automatically deleted, and that the service is GDPR compliant and ICO registered.
Who it is for
ReconcileIQ suits accountants and accounting professionals who need to match statements to accounting records, as well as business owners. Its web and API availability may fit users working with existing accounting software or IQ Books.
What is good
- Accepts PDFs, scans, photos, spreadsheets, and feeds.
- Matches fuzzy descriptions, date differences, and batch payments.
- Can push corrections to connected software.
- Offers PDF, CSV, and API output.
- Free plan includes 1,000 one-off credits.
What to know first
- Free plan is limited to cash accounting.
- Free plan covers one IQ Books organization.
- Free credits are one-off, not monthly.
- SOC 2 journey is in progress.
Verdict
ReconcileIQ combines statement input options with matching, review, and correction workflows. Its free plan is restricted to cash accounting and one IQ Books organization; paid plans start at £5.00 GBP per month.
ReconcileIQ plans and pricing
All plansCompared on payment reconciliation software
- Free plan
- Yes
- Automatic matching
- Yes
- Accounting integrations
- QuickBooks, Xero, Sage, Pandle, FreeAgent, YNAB
- Invoice reconciliation
- Yes
- Multi-currency support
- Yes
- API access
- Yes
