Equility provides an automated platform to streamline financial review and bank reconciliation processes for accounting professionals. The software connects banking data to accounting software like QuickBooks to automatically match transactions and verify balances. This automation significantly reduces reconciliation time while ensuring accuracy across key financial areas like assets, liabilities, and equity allocations.
Funding
$120K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Manually reconciling bank statements with accounting software like QuickBooks is a time-consuming and error-prone process for small businesses and financial professionals. Identifying discrepancies and ensuring accuracy can take hours, diverting resources from more strategic activities.
Solution
Equility is an automated financial review platform that streamlines bank reconciliations and identifies discrepancies within QuickBooks data. By connecting to QuickBooks, Equility automates the matching of transactions between bank statements and the general ledger, flagging potential errors and inconsistencies for review. The platform reduces the reconciliation process from approximately 40 minutes to just 3 minutes, allowing users to focus on higher-value tasks. Equility also provides tools for monitoring depreciation, amortization, undeposited funds, and other key financial metrics, ensuring compliance and accuracy in financial reporting.
Target Audience
Equility targets small businesses, bookkeepers, accounting firms, auditing firms, venture capitalists, and banking/lending institutions that use QuickBooks Online and need to streamline their financial review and bank reconciliation processes.
Features
- Automated bank reconciliation for QuickBooks Online
- Discrepancy detection and error flagging
- Automated matching of transactions between bank statements and QuickBooks
- Customizable rules for monitoring gross margins, sales tax liabilities, and expense limits
- Compliance checks for assets, liabilities, and equity allocations
- Integration with online banking data via API or CSV upload
- Automated monitoring of depreciation, amortization, and undeposited funds
- Chrome plugin to connect to Quickbooks