The verdict in three sentences
A 40-person SME in London or Amsterdam whose finance manager reconciles 1,100 bank transactions a month by hand ties up 2 to 3 days of skilled work every month on a task that simple rules can handle at 80 to 90 %. Make is fine for a low-cost start, self-hosted n8n offers more control with no licence fee, and custom development pays off when matching rules, volumes or audit requirements go beyond what no-code tools handle cleanly. Whatever you choose, the critical piece is the open banking connector, billed at roughly €50 to €200 (£45 to £175) a month depending on the number of accounts.
How automated reconciliation works
The principle never changes: pull bank statements through a regulated open banking aggregator (TrueLayer, Yapily, GoCardless Bank Account Data and similar), pull invoices and ledger entries from the accounting software or ERP, then apply matching rules. Exact amount, invoice reference in the narrative, counterparty IBAN, a tolerance of a few pence for fees: each rule shrinks the pile of manual work.
| Step | Manual method | Automated method |
|---|---|---|
| Statement retrieval | CSV export per bank, 3 to 4 banks | Daily open banking sync |
| Match by amount and reference | Line by line search | Automatic rule, 60 to 75 % of lines |
| Batched and partial payments | Hand calculation | Grouping rules, a further 10 to 15 % |
| Bank fees and charges | Manual entry | Automatic categorisation |
| Exceptions | Buried in the mass | Dedicated queue, 10 to 20 % of lines |
| Audit trail | Annotated spreadsheet | Timestamped log of each match |
The gain is not only time. A clear exception queue lets you chase part-payers earlier and catch duplicate supplier payments, often worth a few hundred to a few thousand pounds a year in a business this size.
Make, n8n or custom code: the comparison
| Criterion | Make | Self-hosted n8n | Kolonell custom build |
|---|---|---|---|
| Licence | €10 to €30 (£9 to £26) a month depending on operations | No licence for the community edition | Simple project: 2,500,000 to 4,000,000 FCFA (3,810 to 6,100 EUR) |
| Hosting | Included, data on a third-party service | Server at €10 to €30 a month to manage | Hosting quoted separately |
| Open banking connector | €50 to €200 a month | €50 to €200 a month | €50 to €200 a month |
| Complex matching rules | Limited, scenarios get messy | Possible with JavaScript code | Unlimited, unit tested |
| Volume of 1,100 lines a month | Fine, watch the operations quota | Comfortable | Comfortable |
| Maintenance | By the SME or a freelancer | Updates and security on you | 35,000 / 75,000 / 120,000 FCFA a month (53 / 114 / 183 EUR) |
| Time to go live | 1 to 3 weeks | 2 to 4 weeks | 6 to 10 weeks |
Make and connector prices are 2026 ballpark figures from the European market. The choice depends mostly on how stable your rules are. If 3 or 4 rules cover 80 % of cases, Make is enough. With split payments, credit notes, multiple currencies and several entities, n8n or custom code avoid a pile of fragile scenarios. Custom code is also justified when your auditors want a complete, reproducible audit trail.
Points to watch in London and Amsterdam
First, regulation. Only use aggregators authorised by the FCA in the UK or by De Nederlandsche Bank or another EU authority under PSD2, and renew bank consent every 90 to 180 days depending on the provider. Second, accounting data is sensitive. With Make it flows through a third party; with self-hosted n8n you keep control but carry server security. Third, never auto-match without a threshold. Matches above a set amount, say £5,000 or €5,000, should go to human review.
Mini case study
Sarah, sole finance manager of a 40-person SME in Amsterdam, reconciles 1,100 transactions a month across 3 banks. It takes her 2.5 days a month. At an employer cost of around €300 a day, that is €750 a month, or €9,000 a year.
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With n8n and a €90 a month connector, 82 % of lines are matched automatically. About 200 exceptions remain, handled in half a day. Calculation: 2 days saved × €300 = €600 a month, minus €90 for the connector and €20 for the server, gives €490 net a month, close to €5,900 a year. Above all, Sarah closes the month 3 days earlier and catches on average 2 duplicate supplier payments per quarter.
FAQ
Is Make enough for 1,100 transactions a month?
Yes for simple rules, as long as you size the operations quota correctly, since each line can consume 3 to 5 operations. Beyond 5 or 6 nested rules, maintenance gets hard.
Is n8n really free?
The self-hosted community edition has no licence fee, but you need a server at €10 to €30 a month and someone to apply updates. Plan on 1 to 2 hours of upkeep a month.
What automatic match rate should we aim for?
Between 75 and 90 % is realistic for an SME after 2 months of tuning. The remaining 10 to 25 % are genuine exceptions that deserve human review.
Does a custom build replace our accounting software?
No, it connects through an API or export, such as Xero or Exact, and pushes validated matches back. The simple project on the Kolonell grid usually covers 1 accounting package and 3 to 4 banks.
How soon does it pay back?
With Make or n8n, often in the first or second month. For a custom build, payback is typically calculated over 12 to 24 months depending on volume and the number of entities.
Let's scope your project. We review your statements, matching rules and accounting tools to recommend Make, n8n or a custom build, with a rollout plan. Detailed quote within 48 h. WhatsApp +221 77 596 93 33.
Mohamed Bah
Fondateur, Kolonell
Passionate about digital and entrepreneurship in Africa, Mohamed has been helping Sénégalese businesses with their digital transformation since 2020. Founder of Kolonell, he believes every SME deserves a professional and accessible online présence.
