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Compare Bank Accounting Software

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Noel Radley, Market Research Associate
Last updated: November 25, 2014

Top 10 Most Recommended Bank Accounting Software 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.
        1 Review
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53

Recommendations
in the last 30 days
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.
        52 Reviews
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46

Recommendations
in the last 30 days
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.
        3 Reviews
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32

Recommendations
in the last 30 days
Sage 100 Standard and Advanced ERP (formerly Sage ERP MAS 90 and 200) With the customizable functionality offered by Sage 100 Standard and Advanced ERP, small banks can automate and streamline their core accounting operations. Supports A/R, general ledger, bank reconciliation, electronic reporting.
         5 Reviews
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26

Recommendations
in the last 30 days
OASIS As a full-featured solutions developed to manage many aspects of a business, OASIS is a formidable Accounting system that features Core Accounting, Billing & Invoicing, Work Order Management, Budgeting & Forecasting, and more.
       0 Reviews
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19

Recommendations
in the last 30 days
 

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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.
        2 Reviews
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11

Recommendations
in the last 30 days
Infor Office of the CFO Office of the CFO, produced by Infor, is currently used by more than 25,000 customers across the globe. Real estate firms can use the system to manage contracts, calculate agent commissions and ensure compliance with tax laws.
       0 Reviews
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10

Recommendations
in the last 30 days
UNIT4 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 banking.
        2 Reviews
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5

Recommendations
in the last 30 days
Sage 500 ERP (formerly Sage ERP MAS 500) Sage 500 ERP can be used by many types of industries and organizations, including banking and mortgage firms. It is built on the Microsoft Windows operating system and its source code can be customized to meet industry needs.
        1 Review
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3

Recommendations
in the last 30 days
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.
        7 Reviews
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3

Recommendations
in the last 30 days
 
 


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Buyer's Guide

Here’s what we’ll cover:

What Is Financial Services Industry Accounting Software?
Common Features of Financial Services Industry Accounting Software
Evaluating Banking, Mortgage & Financial Services 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.

In this guide, we'll cover the accounting software functionality most important to those in the financial services industry, as well as best practices for evaluating these systems.

Common Features of Financial Services Industry Accounting Software

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 and 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 automate 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 the 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?


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