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Bank Accounting Software
What is Financial Services Industry Accounting Software?
Every day, banking, mortgage, and financial services industries handle sensitive financial data for a large number of customers. Software designed specifically for the financial industry provides additional security and levels of accuracy and reliability beyond what most accounting software offers. Financial industry accounting software delivers robust billing, deposit, and customer relationship management capabilities. These systems will also integrate with banking and insurance systems and support collections for past due accounts.
Banking-specific Functionality
Accounting software for banks, mortgage companies, and financial services institutions will typically include the following industry-specific features:
| Integration with Banking & Insurance Systems | The most advanced systems will incorporate the accounting with the banking features and functionality. Even dedicated accounting solutions, however, should integrate with your banking systems like Jack Henry or Metavante, as well as insurance solutions like Majesco and StoneRiver. |
| Financial Reports | Financial services accounting software can print the wide variety of reports used within the financial sector. Examples include income statements, trial balances, balance sheets, fund positions, audit trails, account roll-ups, and profitability. |
| Commercial Billing System | Banks and other financial institutions are usually dealing with a large number of customers, each billed at different rates and often on an automated/recurring basis. Therefore, the billing function for a lending company needs to be highly accurate and highly repeatable, setting the user up for each stage of the lending process: targeting & prospecting; engineering the deal; daily operations (including billing, deposits, collections/recovery, and interest rate adjustments); and refinancing. |
| Customer Relationship Management | Financial institutions’ accounting software should leverage customer relationships for cross-selling and improved customer support. Key CRM features include complete customer profiles, relationships, mailing instructions, demographics, verification data, customer notes, and more. |
| Deposit Management | One of the banking industry’s biggest issues is how to balance flexibility and responsiveness against security and accountability. A deposit management system should operate smoothly while still maximizing customer choices and accounting for standard deposit processing, transfers, special accounts (i.e., HSAs and retirement plans), regulatory support, and even automated NSF processing. |
| Recovery | To support cost recovery for past due accounts, banking and mortgage accounting software should have options like automated delinquency notices, reporting, and letter generation. The more robust solutions automates these tasks even further, integrating with collections agencies and supporting cost control measures. |
Evaluating Banking, Mortgage & Financial Services Accounting Software
Accounting software for the financial sector automates most tedious and error-prone tasks, which in turn increases accuracy, efficiency, and overall customer experience. As with any software purchase, you’ll want to evaluate any software you currently own, and then consider your specific needs such as: billing, customer relationship management, number of users, and specific features offered by the program.
When evaluating banking, mortgage, or financial services accounting software, buyers should also consider the following:
- Do your customers need a Web portal for online banking?
- Do you need to integrate with other banking and insurance systems?
- How many customers do you have? How are you managing those relationships?
- Do you need robust billing and/or deposit management capabilities?
- Do you have a large number of delinquent accounts to send to collections?
Have an opinion on this guide? Email the authors. We appreciate the feedback.
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Flexi Software
With more than 20 years' experience of delivering an end-to-end solid accounting and financial management software to the banking industry, Flexi is often on most financial firms' short lists of accounting systems.
Multiview Enterprise .NET n10
Multiview Enterprise is a broad accounting system that can be customized to the needs of nearly any industry, including finance and banking. Designed for companies with $6 million to several hundred million in annual revenue.
NetSuite Financials
NetSuite offers their core accounting solution on a best-of-breed basis. Other applications come as part of an integrated suite, which includes billing & invoicing, corporate compliance, financial reporting and expense reporting.
Sage 100 Standard and Advanced ERP (formerly Sage ERP MAS 90 and 200)
With the customizable functionality offered by Sage ERP MAS 90 and 200, small banks can automate and streamline their core accounting operations. Supports A/R, general ledger, bank reconciliation, electronic reporting, and more.
Intacct Financials and Accounting System
Intacct's web-based accounting system offers features for billing & invoicing, fixed asset accounting, purchasing, expense reporting and payroll management--and a spread of functionality ideal for the banking industry.
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Sage 300 ERP (formerly Sage ERP Accpac)
Small and mid-sized banking institutions looking for accounting functionality and more - including customer relations, contact management, and service management applications - should take a look at the Sage 300 ERP system.
Sage ERP X3
Designed for the mid-sized organization with a global focus, Sage ERP X3 is a complete ERP solution designed to meet your bank's financial needs. The system is web-based and supports international markets.
Microsoft Dynamics NAV
Local banks as well as large banking firms are supported by Microsoft Dynamics NAV. The software includes several bank accounting features such as commercial billing, deposit management, CRM and financial reporting.
Sage Fixed Assets
Sage Fixed Assets is a on-premise asset management solution. Sage offers expertise across multiple verticals, including banking. The software is designed to track and manage assets both securely and accurately.
CODA Financials
Coda Financials is a financial accounting software package with core accounting functionality designed to integrate easily with other business software. A best-of-class system, it serves a wide variety of industries, like bankin
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