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Selecting Accounting Software for a Financial or Insurance Organization

Two of the most highly regulated industries are finance and insurance. Not only are companies in these industries audited by state and federal agencies, these industries are also under pressure to maintain very high standards when it comes to accounting and financial reporting. Investors, stakeholders, and clients need to be assured they can trust the company that is overseeing their money. It is not only important to have a quality general ledger system, it is also critical that you have a back end system to properly manage the operational aspects as well. Read on to find out about accounting software and ERP solutions designed with the finance and insurance business in mind.

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The companies and representatives you sent our way were prompt and thorough… I definitely would recommend your company as a means to exploring options with qualified providers. — Bruce Conley
Your service saved me some very valuable time and hooked me up with some excellent resources. Thanks for providing this top-notch service. — Linda Vittori
Thanks! Having a service like this to help navigate the ocean of accounting software and help identify potential good-fits without having to delve through numerous bad-fits is of tremendous value! — Mark Carpenter

Software for financial institutions

Over the past decade, a lot has changed in the financial industry. Restrictions have been placed on financial institutions and many have folded due to improper financial management. With the right financial software, your institution can properly manage the finances for each legal entity, each branch office, create the budget plans and forecast your revenues. An auditable solution will help you properly track all finances with audit trails showing transactions, reversing transactions, and user actions.

A close second to the accounting software for financial institutions is the back office software which can be broken into two main segments: deposit software and loan management. Banks rely on deposits to make loans. They rely on interest income from the loans to operate and expand, so having these two systems closely related is very important.

Deposit software is designed to track customer deposit accounts (checking, savings, bank IRA’s, etc.), as well as tracking of transactional data and interest awarded to the customer. This system is also known as a “Core Banking” system as it is the core to the operations of the institution.

Loan management is designed to track loans from application to lien release. Create an application, underwrite the loan, approve, collect signatures and fund the loan. Institutions may choose to sell the loan and the servicing of the loan, sell the loan and keep the servicing or keep the loan on their own books and keep the servicing. Whichever way is chosen, the software will help manage the transactions. For those institutions keeping servicing, the loan management software will send invoices, track payments, manage spread of payments (principal, interest, escrow, fees, etc). Manage the loan until it is paid in full and process a lien release.

There are few core banking systems available in the market, however, there are dozens of accounting solutions that are used in many different financial institutions. The difficult part is finding the right solution to meet your specific needs which is where we can help.

Software for broker/dealers

In addition to the added scrutiny placed on the financial institutions, a larger microscope has been placed on “Wall Street” or those firms that manage investments for others.

The right software will not only help manage the finances for the organization but will also have the operational functionality allowing the organization to:

  • Underwrite or participate in the underwriting of publicly offered securities.
  • Assist in the private placement of securities
  • Provide investment research and advice
  • Provide loans and financing, including equity and mortgage loans
  • Provide the means for companies to hedge foreign currency, interested rate and other risks
  • Acting as a depository for securities owned by customers, disbursing dividends and interested received, and information customers about calls, tenders, and other reorganization activities pertaining to their securities.

In addition to keeping up the finances for the organization, broker dealer software helps to track broker commissions, licenses, and performance.

Broker-dealers need to maintain two sets of books: a general ledger and securities records, which makes it all that more important that a strong financial system is in place.

Insurance companies

As with financial institutions, the insurance industry is ever changing with more regulations increasing the importance on proper financial management. Management of multiple entities, management of policies (including collection of premiums and payment on claims), prospecting new clients and offering more and better products to existing clients, are all important aspects of an industry specific solution.

Insurance agents and brokers

Insurance agents and brokers are often the face insurance companies and while they do not actually manage the policies from an operational standpoint, agents do create the policies and need to track commissions in addition to management of their own firms finances. Insurance brokers also need strong customer management tools to track current and prospective contact information, to reach out to customers with specific needs and perform general follow up. The best solutions will have the accounting functionality that interfaces with CRM allowing the firm to manage all aspects of the business.

Taking the next steps

In such a highly regulated industry, you want to make sure you are properly tracking your finances. Whether you are looking for a complete ERP system or specific functionality to augment existing software, through a brief phone call, our software specialists will look to better understand your business and software needs to help you locate the most relevant solutions for your requirements. Get started today!

Popular Finance & Insurance Management Software Products

Looking for software for your Finance & Insurance business? Over the years, we’ve helped match thousands of businesses just like yours with great software. Below you can check out a list of the options most commonly considered by others in your industry. Browse for fits or let us help you find the best choices for your needs.

Which software is right for you? Get quick and accurate recommendations.

What if you could simply tell someone about your software needs and they’d find your best choices? Look no further. We’ll listen to your needs and find your top software matches. That’s it. There’s no pressure, no cost.

The companies and representatives you sent our way were prompt and thorough… I definitely would recommend your company as a means to exploring options with qualified providers. — Bruce Conley
Your service saved me some very valuable time and hooked me up with some excellent resources. Thanks for providing this top-notch service. — Linda Vittori
Thanks! Having a service like this to help navigate the ocean of accounting software and help identify potential good-fits without having to delve through numerous bad-fits is of tremendous value! — Mark Carpenter
  • Infor SunSystems by Infor

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  • Express Connect by CodePartners

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  • PULSE Lockbox by Leahy ERP Solutions

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  • Multiview by Multiview

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  • CyberGrants by CyberGrants

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  • DefaultTrackPoint by DepotPoint

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  • RAMCAP by AdvisoryWorld

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  • Treasury & Liquidity by Calypso

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  • OdysseySuite by Megasol Technologies

    OdysseySuite is an integrated application for the management, accounting and administration needs of: Private banks Offshore banks Trusts Corporations Funds General features OdysseySuite provides General Ledger support...

  • Megasys Finance 3.0 by Megasys

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  • OpenLink dbcSMARTsoft by OpenLink

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  • SarbOxPro by Cost Advisors

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  • StockTrack by Figtree Consulting

    The ultimate software for issuing and tracking stockholders shares and certificates. Used by banks, Stock Transfer agents and corporations acting as their own transfer agent. Features Include: Issuance and Registration of Stock...

  • AvantGard Treasury by SunGard Financial Systems

    AvantGard treasury, risk and cash management solutions can help you meet these challenges by delivering enabling technology to help drive integration, automation, visibility and collaboration while also offering modeling and analysis tools to help...

  • SCHEDULE D 4 DONE by Technetronic

    SCHEDULE D 4 DONE calculates long term or short-term capital gains and losses, wash sales and cost basis changes from the sale of mutual funds options and stocks during the tax year. Features Include: Calculates wash sales Calculates...

  • Penny by TKS Solutions

    A comprehensive back-office solution for investment advisors. This easy-to-use system integrates partnership and corporate accounting for funds. It also includes a general ledger, allocation system, and accounts payable for management...

  • VBA by Virtual Benefits Administrator

    A flexible, cost effective solution for all aspects of claims processing and benefit management. Our software is designed in a way to provide the end user with as much flexibility as possible. On our end, the open architecture of VBA allows our...

  • Bank Companion by ZSL Inc.

    “Banking Anytime! Anywhere! Be wireless always” Bank Companion is an award winning mobile banking software provider. Our mobile offering includes Mobile Banking Solutions, Mobile Marketing Dashboards and Mobile Payments. Our banking software...

  • Navigator Enterprise by Financial Navigator Int'l

    Navigator Enterprise is a powerful cash management, portfolio tracking, data communication and reporting software system. Navigator is the only software that measures all components of net worth, both liquid and illiquid securities and assets. To...

  • ProSource by Financial Computer Support

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  • FMA Advisor by Forefield

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  • i‑servicing by GoldenOmega

    i-Servicing is a loan servicing software, dealing with the most complex of issues relating to the servicing of loans. It fully automates loan collections for: Fixed, step rate, and adjustable rate loans Single or cross-collateral...

  • Easy e‑Bank Rec by GPC Systems

    GPC Systems has created Easy e-Bank Rec™ — the ultimate solution to Bank Reconciliation problems in Microsoft Dynamics™ GP. It is fast and very easy to use. With Easy e-Bank Rec,™ bank reconciliations usually take between...

  • Cash Management Software by Gunnebo

    Gunnebo’s cash management software gives you the power to optimise the performance of your cash handling processes by remotely monitoring your entire chain of stores. ## Improve In-store Cash Management Track the levels of cash per...

  • TAMS (Trust Accounting Mini System) by HWA International

    Trust Accounting Mini System (TAMS) is menu-driven and utilizes batch transaction entry to trap keying errors. TAMS maintains complete, up-to-date trust records of both the principal and income beneficiary. TAMS is limited to either less than $10...

  • ICSConnect by ICS Computing

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  • Trustpak by Infobiz Solutions

    Trustpak is a Trust Accounting software package for any individual, business, institution or agency that operates a Trust Account. Versions available for Australia, Canada, Malaysia, New Zealand, Philippines, South Africa, USA, UK and a generic...

  • Maui Suite of Products by Infovisa

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Your Finance & Insurance Management Software Recommendations

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