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NetSuite is a cloud-based business management suite that incorporates ERP, financial management, CRM, and eCommerce functionalities into a unified platform, helping organizations automate core processes and gain real-time visibility into operational and fi...Read more about NetSuite
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Sage Intacct operates within the Sage Business Cloud portfolio as a comprehensive cloud-based financial management software, expertly designed to bring rich financial and operational insights to a variety of businesses. Recognized for its robust accounting...Read more about Sage Intacct
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Striven is a cloud-based enterprise resource planning (ERP) solution suitable for many industries and organizations of all sizes. It offers features for accounting, inventory management, human resources, customer relationship management (CRM), project mana...Read more about Striven
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SAP S/4HANA Cloud is a cloud-based and on-premise enterprise resource planning (ERP) solution. It is suitable for small, midsize and large businesses in industries such as automotive, engineering, construction, mining, research and development, retail, who...Read more about SAP S/4HANA Cloud
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Multiview Financials is the flagship ERP system developed, sold, implemented, and supported by Multiview Financial Software. Multiview is designed for organizations ranging in size from rapidly growing small businesses to large enterprises across North Ame...Read more about Multiview ERP
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Flexi’s accounting software for business is ideal for companies seeking an enterprise-strength platform, but with the flexibility and personalized support rarely offered by enterprise vendors. Flexi’s solutions have been battle-tested for over 30 years, ...Read more about Flexi Software
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Focus X is an all-inclusive enterprise resource planning (ERP) system that helps you connect every aspect of your business operations. From production to supply chain, customer relationship management to inventory and human resources, it records and stores...Read more about Focus X
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Zoho Invoice is a 100% free cloud-based invoicing solution designed to help small businesses with invoicing, tracking expenses and accepting online payments.Key features include project billing, time tracking, reporting, customizable templates and, a clien...Read more about Zoho Invoice
Elorus is an online invoicing, time-tracking, billing and expense management platform. At heart, it is the ideal professional solution for every freelancer, small business and creative agency. Since 2014, Elorus has been working hard to be a trustworthy al...Read more about Elorus
TimeSolv is a cloud-based legal time tracking and billing solution that caters to law firms, accountants, consultants, architects, and freelancers, helping them manage daily business operations. TimeSolv integrates project management features such as ...Read more about TimeSolv Legal Billing
Agiled is an all in one business management platform. It comes with built-in CRM, HRM, Financial Management, Project Management and Time Tracking. Users can manage all of their business in one place and provide a client portal access to their customers. A...Read more about Agiled
FloQast, an Accounting Automation Platform created by accountants for accountants, enables organizations to automate a variety of accounting operations. Trusted by more than 2,800 global accounting teams – including Twilio, Los Angeles Lakers, Zoom, and Sn...Read more about FloQast
QuickBooks Enterprise is an accounting solution designed for SMBs across different industry verticals such as construction, nonprofit distribution, manufacturing, and retail. With QB Enterprise solution, any business owner can expand business operations us...Read more about QuickBooks Enterprise
Create. Send. Get Paid. Invoice Ninja is the leading small-business platform to invoice, accept payments, track expenses & time tasks. Designed for freelancers and small to medium size businesses, Invoice Ninja is a suite of apps to help you get paid. In...Read more about Invoice Ninja
Procurify is the leading AI-powered procurement, accounts payable (AP), expense, and payment platform designed for mid-market organizations. We empower businesses to gain full control of their spending, driving cost savings, operational efficiency, and sma...Read more about Procurify
Float is a cloud-based solution, which assists accountants and bookkeepers with cash flow forecasting and finance management. The platform comes with an activity dashboard, which enables administrators to create multiple budgets in different categories and...Read more about Float Cash Flow
TopNotepad is a cloud-based accounting management solution that offers invoicing, expense management, payment management and customer relationship management. Users can create invoices with built-in templates and log payments using client lists. Users...Read more about TopNotepad
QuickBooks Online Advanced is a cloud-based accounting solution that helps small to large enterprises manage expenses, projects, invoices and more. It comes with a centralized dashboard, which enables users to gain insights into business trends and organiz...Read more about QuickBooks Online Advanced
ZipBooks is a cloud-based solution designed to streamline accounting, invoicing and financial management processes for small businesses. The platform offers a range of features tailored to streamline complex financial tasks and provide valuable insights to...Read more about ZipBooks
Sunrise is a cloud-based accounting application for small businesses and freelancers in all industries. Primary features include billing, invoicing, quote management, contact management, accounting, expense management and financial reporting. Other fe...Read more about Lendio
Klippa DocHorizon is a cloud-based Intelligent Document Processing solution. This advanced technology uses Optical Character Recognition (OCR) to extract data, convert, classify, and verify documents to automate workflows, while also detecting fraud, maski...Read more about Klippa DocHorizon
Accelo is used and loved by professional service businesses around the world to manage their client work, profitably. The end-to-end cloud-based platform manages all aspects of client work delivery, from prospect to payment, including sales, projects, ti...Read more about Accelo
RouteOne is an auto dealer accounting solution that helps automotive dealerships manage sales, financial channels, leads, campaigns and more via a unified platform. The integrated accounting system allows employees to handle online payments, balance sheets...Read more about RouteOne
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 and inventor...Read more about Accounting Xpert
AccountsIQ is a cloud accounting software that simplifies the capture, process, and reporting of financial data. It offers intuitive tools to automate consolidation, manage budget, audit, digital VAT returns, and cash flow. It is suitable for small to medi...Read more about AccountsIQ
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Buyers Guide
This detailed guide will help you find and buy the right bank accounting software for you and your business.
Last Updated on January 27, 2025For 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?
How to evaluate banking, mortgage and 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
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.
How to evaluate banking, mortgage and 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?