Finding software can be overwhelming. We've helped dozens of financial institutions choose the right accounting software so they can stay on top of deposits and manage customer relations.

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NetSuite

NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive rang... Read more

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Recent recommendations: 41 recommendations

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Sage Intacct

Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide financial reporting and operational i... Read more

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Recent recommendations: 31 recommendations

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Striven

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 mana... Read more

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Recent recommendations: 30 recommendations

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Multiview ERP

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 en... Read more

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Recent recommendations: 20 recommendations

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Infor CloudSuite Financials

Infor CloudSuite Financials 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 cloud. It deliver... Read more

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Recent recommendations: 2 recommendations

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Flexi Software

Flexi is an on-premise as well as a cloud-based accounting solution for the banking, insurance, healthcare and service industries. The Flexi accounting solution features automation of accounting process and completion of audit tra... Read more

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Recent recommendations: 1 recommendations

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transcendAP

transcendAP, built on the KOFAX Intelligent Automation platform, is an accounts payable automation solution that uses cognitive capture, document intelligence, AI, and process orchestration to dramatically transform and simplify t... Read more

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Recent recommendations: 1 recommendations

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QuickBooks Desktop Enterprise

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 exp... 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, a... Read more

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QuickBooks Online Advanced

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 b... Read more

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TimeSolv Legal Billing

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 ma... Read more

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Shoeboxed

Fetch Expense Reporting is a cloud-based expense tracking and reporting solution suitable for small and midsize businesses. It allows employees to upload expense receipts from their smartphones and claim reimbursement from their e... Read more

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Sunrise

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 financia... Read more

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TallyPrime

Tally is an on-premise accounting solution that caters primarily to small and midsize businesses across several industries. It provides business functionalities including accounting, finance, inventory, sales, purchase, point-of-s... Read more

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Veryfi Receipts OCR & Expenses

Veryfi is an expense report solution designed to help businesses streamline processes related to receipt collection, bank reconciliation, job costing, document management and more. It provides mobile applications for Android and i... Read more

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Procurify

Procurify is a cloud-based procurement solution that helps businesses track, control and manage spend. Businesses can centralize all purchasing information, while enabling team members to do their own purchasing. This real-ti... Read more

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FreeAgent

FreeAgent is a cloud-based accounting solution for freelancers, accountants and small businesses owners to manage invoices, expenses, payroll, tax returns and other accounting tasks. FreeAgent also offers dedicated mobile apps for... Read more

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Invoice Ninja

Invoice Ninja is an open-source invoicing solution designed to help businesses process payments, generate custom invoices, track expenses and create proposals on a unified platform. The time tracking module enables managers to tra... Read more

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KPMG Spark

KPMG Spark is an online bookkeeping solution that enables small business owners to handle accounts and track financials. KPMG Spark also offers additional services including income tax return preparation, business licensing, and R... Read more

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ZipBooks

ZipBooks is a cloud-based accounting and payment processing solution designed for small businesses and accountants. ZipBooks allows users to create customized invoices with logos, themes and messages. The online bookkeeping f... Read more

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Buyers guide


Last Updated: April 6, 2021

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?