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Bank Accounting Software


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Intacct logo
 
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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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.
 
Multiview logo
 
Multiview 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.
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Multiview 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 logo
 
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.
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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.
 
SAP Anywhere logo
 
SAP Anywhere integrates sales, marketing, e-commerce, and inventory activities into one complete front-office system. With SAP Anywhere users can manage and track inventory, manage orders, manage the procurement process, and more.... Read More
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SAP Anywhere integrates sales, marketing, e-commerce, and inventory activities into one complete front-office system. With SAP Anywhere users can manage and track inventory, manage orders, manage the procurement process, and more.... Read More
 
Deskera logo
 
Deskera is an enterprise resource planning software formulated to run manufacturing operations. The system is suitable for companies manufacturing for a variety of industries. Textiles, automotive, distribution, metal processing, pharmaceuticals,... Read More
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Deskera is an enterprise resource planning software formulated to run manufacturing operations. The system is suitable for companies manufacturing for a variety of industries. Textiles, automotive, distribution, metal processing, pharmaceuticals,... Read More

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Sage Fixed Assets logo
 
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.
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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.
 
SAP ERP Core Finance logo
 
With modular applications that allow users to customize SAP ERP Financials to meet specific business needs, this flexible system offers a more dynamic accounting solution for users. Widely popular, and easily implemented.
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With modular applications that allow users to customize SAP ERP Financials to meet specific business needs, this flexible system offers a more dynamic accounting solution for users. Widely popular, and easily implemented.
 
Microsoft Dynamics AX logo
 
Multi-language and multi-currency features make Microsoft Dynamics AX a popular option for banking institutions looking to centralize operations in multiple locations across the world. Installed on-premise or hosted online.
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Multi-language and multi-currency features make Microsoft Dynamics AX a popular option for banking institutions looking to centralize operations in multiple locations across the world. Installed on-premise or hosted online.
 
Sage 100 Standard and Advanced ERP (formerly Sage ERP MAS 90 and 200) logo
 
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.
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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.
 
Sage 300 ERP (formerly Sage ERP Accpac) logo
 
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.
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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.

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Infor CloudSuite™ Financials & Supply Management logo
 
Infor Financials & Supply Management 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.
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Infor Financials & Supply Management 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.
 
Flexi Software logo
 
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.
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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.
 
Exact Globe Next logo
 
Exact Globe Next is an end-to-end business management solution. It offers accounting, inventory management, billing and invoicing, financial reporting, and more. This ERP system can be deployed either on-premise on a local server,... Read More
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Exact Globe Next is an end-to-end business management solution. It offers accounting, inventory management, billing and invoicing, financial reporting, and more. This ERP system can be deployed either on-premise on a local server,... Read More
 
Infor SunSystems logo
 
Infor SunSystems is an integrated financial management, purchasing, inventory and sales management solution. It is used by more than than 9,000 customers in over 190 countries worldwide. Offered in multiple languages and currencies,... Read More
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Infor SunSystems is an integrated financial management, purchasing, inventory and sales management solution. It is used by more than than 9,000 customers in over 190 countries worldwide. Offered in multiple languages and currencies,... Read More
 
SapphireOne logo
 
SapphireOne is an accounting solution built for any size enterprise. The system integrates information from all relevant business departments. Key features include asset management, account management, payroll and reporting. SapphireOne... Read More
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SapphireOne is an accounting solution built for any size enterprise. The system integrates information from all relevant business departments. Key features include asset management, account management, payroll and reporting. SapphireOne... Read More

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Accounting Xpert logo
 
Accounting Xpert is an on-premise accounting solution that serves businesses of all sizes. Primary features of the software include a general ledger, accounts receivables and payables, payroll, W2 and 1099 laser processing, bank reconciliation... Read More
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Accounting Xpert is an on-premise accounting solution that serves businesses of all sizes. Primary features of the software include a general ledger, accounts receivables and payables, payroll, W2 and 1099 laser processing, bank reconciliation... Read More
 
Quickbooks Pro logo
 
QuickBooks Pro is a comprehensive accounting solution designed to cater small and midsize customers. The solution offers robust functionalities of a core accounting software application, including account payable & receivable, project... Read More
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QuickBooks Pro is a comprehensive accounting solution designed to cater small and midsize customers. The solution offers robust functionalities of a core accounting software application, including account payable & receivable, project... Read More
 
Zoho Books logo
 
Zoho Books is a Web-based accounting solution suitable for small organizations. It features contact management, invoices, expenses, sales and purchase orders, project time tracking and inventory management. Zoho Books also comes with... Read More
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Zoho Books is a Web-based accounting solution suitable for small organizations. It features contact management, invoices, expenses, sales and purchase orders, project time tracking and inventory management. Zoho Books also comes with... Read More
 
Wave logo
 
Wave is a web-based integrated accounting solution exclusively designed for small organizations. Collectively, the solution features accounting, invoicing, billing, payment tracking, payroll management, finance management and receipts. With... Read More
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Wave is a web-based integrated accounting solution exclusively designed for small organizations. Collectively, the solution features accounting, invoicing, billing, payment tracking, payroll management, finance management and receipts. With... Read More
 
Saasu logo
 
Saasu is a Web-based accounting solution best suited for small to midsized organizations. It allows staff and contractors to manage payments, books, invoicing and billing and financial accounting. Saasu can capture all financial activities... Read More
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Saasu is a Web-based accounting solution best suited for small to midsized organizations. It allows staff and contractors to manage payments, books, invoicing and billing and financial accounting. Saasu can capture all financial activities... Read More

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Buyer's Guide

by Lisa Hedges,
Content Analyst
Last Updated: July 15, 2017


For banks, lenders, credit unions and other organizations in the financial sector, accurate accounting is more than just a necessary evil to operate and remain in compliance. Instead, it’s a vital component to garnering consumer trust and growing the business. One calculation error caused Bank of America’s shares to fall more than 6 percent back in 2014. It’s not hard to imagine what a similar mistake might cost a much smaller financial institution.

Accuracy isn’t the only thing that’s important either. Banks need a secure accounting system that can not only act as a general ledger, but can also manage deposits and billing, generate a wide variety of standard and customized reports and manage customer relationships.

That’s why you should consider investing in bank accounting software―advanced accounting platforms designed with the specific needs of banks and other financial institutions in mind. These systems can provide greater transparency into numbers across your organization, while also providing the accuracy, security and ease-of-use that your workers and customers demand.

If you’re researching bank accounting software for the first time, or just want to be up-to-date on the latest trends, this Buyer’s Guide is here to detail everything you need to know before you make your purchase decision.

Here’s what we’ll cover:

What Is Financial Services Industry Accounting Software?
Common Features of Financial Services Industry Accounting Software
How Much Does Bank Accounting Software Cost?
Evaluating Banking, Mortgage & Financial Services Accounting Software

What Is Financial Services Industry Accounting Software?

Banking, mortgage and financial services industries handle large amounts of sensitive financial data for their customers every day. To help manage and make sense of these numbers, financial services industry accounting software provides additional security and levels of accuracy and reliability beyond what most accounting systems offer.

Besides standard accounts payable (AP) and accounts receivable (AR) functionality, financial industry accounting software delivers robust billing, deposit, and customer relationship management (CRM) capabilities. These systems can also integrate with banking and insurance systems, support collections for past due accounts and more.

Screenshot of user dashboard in Intacct

Screenshot of user dashboard in Intacct

Bank accounting software can be bought as a standalone system (otherwise known as best-of-breed), or as a module within a larger, more comprehensive enterprise resource planning (ERP) suite.

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.

How Much Does Bank Accounting Software Cost?

The answer to this question may be more complex than you think. As opposed to basic, out-of-the-box, accounting platforms that you pay for entirely upfront, many financial industry accounting systems charge a monthly or annual subscription fee to use their software. This is especially true for cloud-based systems, which are becoming increasingly popular.

Depending on which product you go with, and how much or how little functionality you choose to include in your purchase, that subscription fee can vary drastically. Some vendors charge a flat rate, while others change their rate from month-to-month or year-to-year based on how many users the system will have. If your system includes functionality for payroll, the vendor may base their rate on how many employees you have in your organization.

It’s also common for there to be one-time fees for things like implementation and setup, data migration and training. Whatever system you decide to go with, make sure to understand everything about the final price tag so you can budget accordingly.

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 what 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 systems, 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?
  • Do you deal in multiple currencies or operate internationally?

Free Download:
Ten Steps Guide to Selecting the Right Accounting Software

 

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