Escrow reconciliation is one of the important and dynamic aspects of real estate businesses. Surface real estate purchases are never about simply choosing a house, getting a mortgage and enjoying living while paying it off. There is a lot more as property taxes or homeowner’s insurance hugely impact on the rigidity or flexibility of the process. However there are multiple escrow reconciliation software that control the whole reconciliation process for better and understanding output and some of these are discussed here.

What is escrow reconciliation?

To put escrow account reconciliation in simpler words let’s imagine someone has chosen a house and got a fixed mortgage which suddenly went up. Now, in real estate business a fixed mortgage defines fixed interest implying the mortgage can be changed due to multiple factors such as property taxes and homeowner’s insurance.  This happens mostly because mortgage companies bill the first and next year’s payments in one statement. This is where the reconciliation software comes into play and ease the burden of data preparation for reconciliation.

What to look for in a reconciliation software?

A reconciliation software basically functions to upload supporting documents, view company policies, electronically sign off on reconciliation and thus help to set up a control through a common gate between the employees involved in audit and compliance requirements. In simpler terms it centralizes the financial process and automates as per requirement.

  •       The software produces report to address any unmatched records
  •       The tool is capable of identifying issues and putting forward solutions.
  •       Data is pulled from various sources and compared and matched for proper transaction matching.

Best escrow reconciliation software

SolveXia

This is one of the mostly used finance automation software to automate account reconciliation. The functionalities include data processing, reporting, data persistence, audit trials and many more. It is effective to pull out information from various sources to reconcile accounts quickly and perform efficient transaction matching. The software does the whole work of data preparation for reconciliation offering more time to invest in finding exceptions and analyzing. SolveXia is uniquely extensible and automates any data-intensive finance task.

Xero

This online escrow reconciliation software has an easy-to-use interface that allows one to see the cash flow in real time. The features include bank reconciliation, online accounting, invoicing, tracking inventory, as well as paying bills. It also provides one with reporting and links to all types of transactions and helps to keep a track while paying off mortgage. The best thing is it secures all data through encryption and can be accessed without an internet connection.

Bank Rec

Bank Rec is one of the well structured reconcile software that reconciles accounts automatically through transaction management. One can set up matching rules for the software to do the work and the unmatched records are rolled forward till they find any match. Along with transaction management which hugely help in investing the process of paying mortgage the other functionalities include identifying, tracking and resolving matches, recording type classification, importing and automation, and high-speed matching of accounts.

Conclusion

Financial close and account reconciliation are major aspects of any real estate business deal. This process demands to be highly regulated and escrow reconciliation software is efficient in performing accurate reconciliation and provides a convenient and secure location for all sorts of financial records.