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Microsoft Dynamics AX

Microsoft Dynamics AX 2012 is an ERP system suitable for midsize to large enterprises. The solution has particular strengths in manufacturing and distribution but is also capable of serving buyers across multiple industry verticals.... Read More
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Sage Intacct

Sage Intacct is a provider of cloud-based accounting software. Sage Intacct’s applications are suitable for small and midsize companies and can provide real-time financial and operational insights as well as the ability to automate... Read More
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Flexi Software

Flexi Software is a financial accounting and process-driven workflow software solution for the banking, insurance, financial services, healthcare, and other service industries. The accounting solution is fully integrated, providing... Read More
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Multiview

For organizations seeking a solution that conforms to their existing operations, Multiview offers a suite of financial solutions. With Multiview, companies gain visibility over corporate data. The solution includes 14 modules that... Read More
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Sage Fixed Assets

Sage Fixed Assets offers integrated accounting features and multiple methods to track asset depreciation (straight line, ACRS, modified straight line, declining balance, even user-defined.) It integrates with other general ledger systems. The functionality... Read More
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Infor CloudSuite™ Financials & Supply Management

Infor CloudSuite Financials & Supply Management is a solution suite that provides financial functionality coupled with a source-to-settle supply management offering. The solution is role-based, mobile responsive and delivered in the... Read More
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Exact Globe Next

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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Fusebill

Fusebill provides businesses with cloud-based financial and accounting processes, including core accounting, billing and invoicing, financial reporting and more. The system is suitable for small businesses, as well as midsize companies... Read More
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Infor SunSystems

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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EBizCharge

EBizCharge offers a full suite of payment processing, billing and invoicing solutions. It includes payment integrations to accounting/enterprise resource planning/customer relationship management and e-commerce platforms, mobile solutions,... Read More
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SAP Anywhere

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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Sage 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.
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Financial Suite by IntelliTek

Financial Suite by IntelliTek is the financial component of IntelliTek Systems’ broader ERP offering. Financial Suite by IntelliTek is an ideal accounting systems for small and mid-market companies. The platform is comprises of Accounts... Read More
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Sage 100 Standard and Advanced ERP (formerly Sage ERP MAS 90 and 200)

Sage 100 ERP (formerly branded as Sage ERP MAS 90 and 200) is an enterprise resource planning (ERP) software system for small and midsize businesses. The solution is typically recommended to companies with annual revenue between one... Read More
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Sage 300 ERP (formerly Sage ERP Accpac)

Sage 300 ERP (formerly Sage ERP Accpac) is an enterprise resource planning (ERP) software system that serves small and medium-size businesses in professional services, financial services, public sector, and other markets such as distribution... Read More
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CenterPoint Accounting Software

CenterPoint Accounting Software, designed primarily for service-providing companies, is a customizable financial management solution that performs core accounting, reporting, tax, and other functions. CenterPoint has a customizable... Read More
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TurningPoint for Accounting

TurningPoint Accounting is a solution best suited for companies who outgrow QuickBooks and other systems meant for smaller businesses, but aren’t yet ready for a more sophisticated system. This solution is designed primarily to... Read More
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SAP ERP Core Finance

Over 30,000 companies, spanning 120 different countries, are using SAP ERP Financials to conduct their financial management.  Noteworthy names include General Mills and Office Max. SAP ERP Financials is a part of SAP’s Business... Read More
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Sage 50 Accounting (Formerly Peachtree)

Despite its low upfront price, Sage Peachtree can track and manage items like term deposits, loans, investments, mortgages and general retail banking. It is also specially designed to keep your institution IRS compliant.
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Procurify

Procurify is a web-based procurement platform that allows users to make requests, approvals, and purchases from any Internet-connected device. This real-time platform helps users can create, track, and report on all requisitions,... Read More
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NolaPro

NolaPro by Noguska LLC is a fully-featured and completely customizable Accounting solution, featuring Order Tracking, Inventory POS, and more. Established in 1973, Noguska Inc. provides tailor-made accounting functionality, and has... Read More
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OASIS

OASIS is a customizable ERP system for small to midsize companies. This system is customized to the company’s precise specifications and is used primarily in the retail, manufacturing, and professional services verticals. OASIS’... Read More
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Multiledger

First introduced in 1986, MultiLedger by CheckMark Inc provides a fully integrated, comprehensive suite of accounting software for small to mid-size businesses. It merges billing & invoicing, inventory management, job tracking, expense... Read More
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Accounting Xpert

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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Infor SunSystems

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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AccountEdge

AccountEdge is a small-business desktop accounting and management solution compatible with both Mac and Windows systems. This solution helps users create and track sales and purchases, run payroll, track and build inventory, bill for... Read More
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Infor CloudSuite™ Business

Infor CloudSuite Business is a comprehensive cloud-based ERP solution geared towards small and mid-sized businesses. This integrated solution provides deep visibility into every business facet, from financials and human resources... Read More
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Rerun

Rerun is a standalone billing and invoicing solution designed for small to midsize businesses in the United States and Canada. With Rerun, users can customize payment streams and set up recurring billing, track account activity and... Read More
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MineralTree

MineralTree is a cloud-based payment automation and invoicing system that is an ideal fit for small and midsize businesses. By integrating with NetSuite, Intacct, Microsoft Dynamics GP and QuickBooks, MineralTree allows users to maintain... Read More
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Oracle Financials ERP Cloud

Oracle Financials ERP Cloud is a cloud-based, end-to-end business management solution designed for midsized to enterprise-level customers. It offers a suite of applications including material planning, financial accounting, analytics,... Read More
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QuickBooks Pro

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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Tally

Tally is an on-premise accounting software package that caters primarily to small and midsize businesses across several industries. It provides business functionalities such as accounting, finance, inventory, sales, purchase, point-of-sales,... Read More
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Zoho Books

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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Wave

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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Saasu

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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KashFlow

KashFlow is a cloud-based accounting solution that caters to businesses of all sizes. Features include invoicing, estimation, credit control, accounting, purchase management, payroll and reporting. Users can create invoices and receive... Read More
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Freshbooks

Freshbooks is a web-based accounting solution that caters to small businesses. Freshbooks serves various industries, such as marketing, legal services and business consulting, trades and home services and information technology (IT). Key... Read More
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QuickBooks Online

QuickBooks Online is a web-based accounting solution that caters to individual accountants and small businesses. The solution helps with bank reconciliation, tracking expenses, drafting invoices and monitoring financial reports, among... Read More
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Zed Axis

Zed Axis is a software solution that enables the import and export of data to and from Quickbooks. The application can be deployed on-premise and caters to all types of industries. Zed Axis supports various formats such as Excel files,... Read More
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Billingbooth

Billingbooth is a cloud-based accounting software solution designed to manage subscription customers. Key features include billing and invoicing, work order management and financial reporting. This solution is suitable for small to... Read More
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Shoeboxed

Shoeboxed is a cloud-based expense management solution that captures information from physical documents and converts it to digital data and integrates with popular accounting platforms. Shoeboxed is used by small businesses, freelancers... Read More
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SlickPie

SlickPie is a cloud-based accounting solution for small businesses. It helps users record, track and reconcile income and expenses through an online dashboard. SlickPie allows users to begin invoicing customers immediately upon signing... Read More
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SecurePayPlus

SecurePayPlus is accounts payable software for mid-sized and large companies. It is available deployment both on-premise and in the cloud. This system helps the finance, accounts and IT departments of companies automate their payment... Read More
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AP Center

AP Center is accounts payable software designed for small and midsize companies. It offers invoice approval, general ledger entry, vendor management and expense reports within a suite. It is available for deployment both in the cloud... Read More
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BeanworksAP

BeanworksAP is cloud-based accounts payable automation software designed for companies of all sizes. It offers invoice management, approval management and cash management within a suite. The key feature of the solution is automated... Read More
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NextProcess

NextProcess is an accounts payable solution used for automating organizations’ payment structures. It is suited for companies of any size, across a variety of industries. NextProcess helps eliminate duplicate payments that can occur... Read More
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Deskera

Deskera is an enterprise resource planning software formulated to run manufacturing operations. The system is suitable for companies manufacturing for a variety of industries including textiles, automotive, distribution, metal processing,... Read More
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Outright

Outright is a cloud-based accounting solution for small businesses. The software allows executives to manage sales and expenses, calculate taxes and facilitate electronic payments. Outright’s invoicing feature allows business professionals... Read More
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CheckMark 1099

CheckMark 1099 is accounting software that enables users to collect, store and submit 1099 forms for multiple businesses and recipients. Designed for the needs of small and midsize businesses, CheckMark 1099 offers billing and invoicing... Read More
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CloudBooks

CloudBooks is a cloud-based accounting solution designed to help small businesses and freelancers with billing, invoice creation, project management and time tracking. CloudBooks tracks where and how users are spending their time... Read More
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Buyer's Guide

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?