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Bank Accounting Software


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Multiview logo
 
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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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
 
Sage Intacct logo
 
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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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
 
SAP Anywhere logo
 
SAP Anywhere is a cloud-based operation management solution that provides businesses functionalities for customer relationship management, order fulfillment, multi-channel commerce, inventory management and more. With SAP Anywhere... Read More
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SAP Anywhere is a cloud-based operation management solution that provides businesses functionalities for customer relationship management, order fulfillment, multi-channel commerce, inventory management and more. With SAP Anywhere... Read More
 
Sage Fixed Assets logo
 
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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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
 
Flexi Software logo
 
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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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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SAP ERP Core Finance logo
 
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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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
 
Microsoft Dynamics AX logo
 
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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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
 
Infor CloudSuite™ Financials & Supply Management logo
 
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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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
 
Fusebill logo
 
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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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
 
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

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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
 
AccountEdge logo
 
AccountEdge is an on-premise accounting and management solution compatible with both Mac and Windows operating systems. This solution is suitable for small businesses and helps users create and track sales and purchases, run payroll,... Read More
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AccountEdge is an on-premise accounting and management solution compatible with both Mac and Windows operating systems. This solution is suitable for small businesses and helps users create and track sales and purchases, run payroll,... Read More
 
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
 
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

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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
 
KashFlow logo
 
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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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
 
NextProcess logo
 
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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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
 
Outright logo
 
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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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
 
Billy logo
 
Billy 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... Read More
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Billy 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... Read More

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Buyer's Guide

by Lisa Hedges,
Content Analyst
Last Updated: December 14, 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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