8.3
Editor’s Rating:
Best Overall
NetSuite ERP: Home Screen
NetSuite ERP
  • Hundreds of third-party add-ons available
  • Feature sets for multiple industries
  • Highly customizable
8.3
Editor’s Rating:
Best for Online Banks
Dynamics 365 Business Central: General Leger Entries
Dynamics 365 Business Central
  • Combined ERP and CRM
  • Similar interface to MS Word and Outlook
  • Integrations with Microsoft applications
8.1
Editor’s Rating:
Best for Credit Unions
FlexiFinancials: FlexiReceivables
FlexiFinancials

Financial institutions use bank accounting software to streamline processes such as financial management, reporting, general ledger balancing, budgeting, and compliance. We used our advanced review methodology to select the top options for several different types of banks and credit unions.

1 NetSuite - Best Overall

Why We Chose It: We chose NetSuite as our best overall pick for bank accounting because of its flexibility for financial institutions of all sizes. Its 8.5 score is primarily due to a strong financial management module that includes all core accounting features like general ledger, cash, and tax management. The system includes audit trail visibility, essential for banks to comply with regulations.

We also found NetSuite’s CRM effective for banks. It offers efficient account management, which is essential for banks to monitor and support many customers. Institutions can create target segments, generate customer profiles, and manage behaviors to improve their sales incentives and marketing campaigns. NetSuite also integrates easily with banking software like MineralTree TotalAP to cater to industry-specific modules. However, we wouldn’t recommend this to small regional or niche banks because of its high cost and complex features.

Best Overall:
NetSuite ERP

NetSuite ERP: Home Screen
NetSuite ERP: Income Statement
NetSuite ERP: Journal
NetSuite ERP: Unrealized Exchange Rate Gains and Losses
NetSuite ERP: Ecommerce Customer Statistics
NetSuite ERP: Sales Orders
NetSuite ERP: Revenue Recognition
What We Like
Hundreds of third-party add-ons available
Feature sets for multiple industries
Highly customizable
What We Don’t Like
Must schedule a consult for pricing details
Tedious setup
Difficult to build reports
Overview
Price Range: $$$$
Starting Price: $99/user/month
Client OS: Web
Deployment: Cloud Hosted

2 Dynamics 365 Business Central - Best for Online Banks

Why We Chose It: We like Dynamics 365 Business Central best for online banks because of its ability to scale with growing companies and effectively manage finances. Online banking has seen huge growth in the banking market over the past few years, so these companies need a scalable solution from their accounting software. Dynamics 365 Business Central can handle large data inputs and global market expansion to support growing online banks, earning its 8.4 score.

We also found its financial performance features effective for online banking companies. Businesses can make more informed decisions with reporting and data analysis, all of which are easily exported to Excel. Additionally, integrated AI can help create cash-flow projections to evaluate the company’s future performance. One downside to Dynamics 365 Business Central is that it can be clunky with third-party integrations, including bank management software.

Best for Online Banks:
Dynamics 365 Business Central

Dynamics 365 Business Central: General Leger Entries
Dynamics 365 Business Central: Dashboard
Dynamics 365 Business Central: Customer Management
What We Like
Combined ERP and CRM
Similar interface to MS Word and Outlook
Integrations with Microsoft applications
What We Don’t Like
Not ideal for complex manufacturing needs
May require extensive training
No free version
Overview
Price Range: $$$
Starting Price: $70/user/month
Client OS: Web
Deployment: Cloud or On-Premises

3 Flexi Software - Best for Credit Unions

Why We Chose It: We gave Flexi Software an 8.1 score because of its industry-specific solutions and flexibility. We like that the system easily integrates with top credit union systems like Fiserv and Jack Henry, so businesses won’t have to change systems or operate each separately. Also, Flexi Software features multi-entity consolidation, essential for credit unions with several locations needing to visualize company-wide financial data.

Because Flexi Software is built with banking in mind, it ensures compliance with key accounting rules and regulations like NCUA Regulations, the Customer Identification Program (CIP), and the Bank Secrecy Act (BSA). We also like its core accounting suite, which automates processes like AP/AR, purchasing, and general ledger, saving credit unions time on back-office tasks. One drawback we found during our research was that its UI is a bit dated, which can turn away companies looking for a modern system.

Best for Credit Unions:
FlexiFinancials

FlexiFinancials: FlexiReceivables
FlexiFinancials: FlexiPurchasing
FlexiFinancials: FlexiProjects
FlexiFinancials: FlexiPayables
FlexiFinancials: FlexiLedger
FlexiFinancials: FlexiControl
FlexiFinancials: FlexiAssets
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Client OS
Windows, Web
Deployment
Cloud Hosted

4 SAP S/4HANA - Best for International Retail Banks

Why We Chose It: We chose SAP S/4HANA best for global retail banks because it can handle extremely large amounts of data from enterprise companies with billions in revenue. The system helps companies stay up to date on their financials and operations with real-time data processing. With embedded AI and predictive analytics, global banks can stay ahead of market dips by budgeting for future projections.

We also like that SAP S/4HANA has an open API for businesses with several other tools, allowing easy integrations. Its user-friendly interface simplifies complex banking tasks like loan and deposit accounting, increasing bankers’ productivity company-wide. Finally, the program prioritizes security, with multi-factor authentication and user roles to protect sensitive data. Because of the system’s complexity, SAP S/4HANA will require dedicated resources to implement.

Best for International Retail Banks:
SAP S/4HANA

SAP S/4HANA: Procurement Overview
SAP S/4HANA: Supplier Evaluation
What We Like
HANA database
Large network of resellers
Strong BI tools
What We Don’t Like
Difficult setup
Lack of pricing transparency
Relatively new and unproven
Overview
Price Range: $$$$$
Client OS: Windows, Web
Deployment: Cloud or On-Premises

5 Multiview - Best for Regional Banks

Why We Chose It: We found Multiview well suited for regional banks because of its strong reporting tools and security. The system offers its ViewPoint reporting and analytics tool, which helps banks analyze insights to better manage their finances. We like that multiple departments can contribute to budgeting and forecasting, enabling company-wide collaboration.

We found Multiview’s security measures stand out amongst other ERPs. They perform third-party testing through security consultants to find vulnerabilities and potential exploits. The system is also constantly monitored for machine health so it doesn’t crash and cause downtimes. These features are essential for banks, as they contain sensitive information that customers trust them to keep private.

Best for Regional Banks:
Multiview

Multiview: Supply Expenses
Multiview: Report Viewer
Multiview: Purchase Orders and Invoices
Multiview: Payroll Analysis
Multiview: Expense Reports
Multiview: Customers by State
What We Like
ViewPoint tool offers strong reporting and analytics
Scalable, user-based pricing model
Includes 18 fully integrated modules for different industries
What We Don’t Like
Asset module functionality could be more streamlined
Some initial challenges with system setup
Pricing quote requires consultation
Overview
Price Range: $$$$
Client OS: Windows
Deployment: Cloud or On-Premises

6 Sage Intacct - Best for Community Banks

Why We Chose It: We included Sage Intacct on our list because it is a good fit for small community banks that require financial management. While it’s built for smaller businesses, the system includes multi-entity management and prebuilt GAAP compliance to support community banks with multiple locations.

We like Sage Intacct’s modern interface with customizable dashboards showing specific metrics and KPIs like revenues, expenses, and profit margins. Sage integrates well with other systems, including CRM and payroll systems like Salesforce or ADP, helping businesses sync data across multiple platforms. We also like its fraud detection feature, which identifies suspicious activity for banking security.

Best for Community Banks:
Sage Intacct

Sage Intacct: Purchasing
Sage Intacct: Entities
Sage Intacct: Order Entry
Sage Intacct: Resource Search
Sage Intacct: Report Center
Sage Intacct: Financial Report Editor
Sage Intacct: Dashboard
What We Like
Multi-dimensional reporting capabilities
Scalability for multi-entity support and user growth
Simple and responsive user interface
What We Don’t Like
Budgeting and interactive reporting cost extra
Limited non-financial functionalities
Volume exports can be difficult
Overview
Price Range: $$$
Starting Price: $8,580/year
Client OS: Web
Deployment: Cloud Hosted

7 AccountingSuite - Best for Niche Banks

Why We Chose It: We like AccountingSuite best for small niche banks that need strong accounting features at a more affordable price. Its cloud banking module allows banks to automatically sync transactions into the system to make data entry more efficient. This allows for total control over finances, which is ideal for small banks to save money from slipping through the cracks.

We also like AccountingSuite’s affordability, with its midsize Business plan being $99/month. This package includes essential modules like reports, sales, banking, and accounting, making it suitable for niche banks that don’t require advanced large-scale ERPs. However, we don’t like its dated user interface, which can become crowded with several different icons appearing on the screen at once.

Best for Niche Banks:
AccountingSuite

AccountingSuite: Home Page
AccountingSuite: Create Quote
AccountingSuite: Create Purchase Order
What We Like
Includes inventory management and time tracking
No costs beyond subscription fee
Use multiple modules at once via tabs
What We Don’t Like
Crowded user interface
No mobile app
Less efficient with high volume of transactions
Overview
Price Range: $$
Starting Price: $19/month
Client OS: Web
Deployment: Cloud Hosted

What is Bank Accounting Software?

Bank accounting software is a system used by financial institutions to help automate and streamline back-office processes. These specialized systems help banks and credit unions manage financial transactions, records, reporting, and multi-entity accounting all in one platform. They also integrate with bank management systems like Jack Henry to create a unified system.

Accounting software for banks most commonly uses ERP systems that can handle complex transactions like loans and deposits while also including advanced features like projections, budgeting, and global enterprise management.

NetSuite Home Screen
Analyze key metric fluctuations from the home screen of NetSuite.

Key Features

  • Core Accounting Automation: Automate general ledger, accounts receivable, and accounts payable processes.
  • Reporting: Create financial reports on key metrics with data from multi-entity consolidation. Metrics include budgets, revenues, and expenses.
  • Security: Ensure sensitive customer information is secure through encryptions, fraud detection, and user roles.
  • Integrations: Integrate the system with a current bank management software to create an all-in-one system that enables data synchronization.
  • Compliance: Ensure compliance with strict banking laws and regulations like customer protection laws and reporting requirements such as credit risk.
  • CRM: Manage a large number of customers and clients by storing all information within one database for easy access. Extract target demographics to support sales and marketing campaigns.
  • Global Support: Support multi-currency and international transactions with different languages.
  • Audit Trails: Keep a record of all transactions to support audit processes.
Multiview Expense Reports
View detailed expense reports in Multiview.

Primary Benefits

Efficiency and Accuracy

Bank accounting software allows financial institutions to automate routine tasks like transaction entries to save businesses time and effort. Because they are done automatically, data inputs made by the system are always accurate and accessible in real time. Double-entry accounting systems also ensure accuracy compared to manual entries on spreadsheets, which are prone to human error.

Security

Banks and credit unions must keep all customer information secure and compliant with banking laws. Bank accounting systems are encrypted to protect against possible hackers to prevent data from being stolen. Other features like fraud detection and employee permissions also keep the data secure while detecting fraudulent activities on accounts.

Enhanced Financial Management

Accounting systems for banks help companies manage their finances more effectively with features like multi-entity support, budgeting, and revenue forecasting. This allows banks with several locations to consolidate data into one database for efficient reporting and chart generation, enabling granular insights.

Sage Intacct Report Center
View customized detailed reports through Sage Intacct’s reporting center.

Pricing

Bank accounting systems typically cost between $90 and $10,000/month. This extremely wide range is dependent on many factors, such as company size, number of users, and overall budget. Because most systems are ERPs, pricing is not publicly available, so financial institutions will have to request a quote from the developer to get an exact price.

One exception to that range is SAP S4/HANA, whose starting price is over $10,000. This system is built for global enterprises with hundreds of entities, making it suitable for only enterprise level commercial banks.

Smaller companies like niche banks that only require more basic features can purchase a non-ERP system like AccountingSuite for less. This system can cost as little as $19/month and goes up to a maximum of $349/month, making it more affordable than full ERPs like NetSuite or Multiview.

All Products

No products found
NetSuite ERP Screenshot

NetSuite ERP

★★★★★
★★★★★
(25)
Oracle’s NetSuite is well-known in the ERP world for its customization and scalability. It’s a multi-tenant ERP software supporting finance, operations, sales, service, and HR needs.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$99/user/month
Client OS
Web
Deployment
Cloud Hosted
Dynamics 365 Business Central Screenshot

Dynamics 365 Business Central

★★★★★
★★★★★
(10)
Microsoft Dynamics 365 Business Central provides finance, human resources, operations, marketing, sales, and more functionalities. It is a part of Microsoft’s suite of enterprise applications and integrates seamlessly with services like Office 365, Power BI, and Azure.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$70/user/month
Client OS
Web
Deployment
Cloud or On-Premises
FlexiFinancials Screenshot

FlexiFinancials

★★★★★
★★★★★
(1)
FlexiFinancials, developed by Flexi Software, is a full suite of accounting solutions for companies in several industries including Banking, Insurance, and Financial Services. The FlexiFinancials suite consists of a cohesive set of financial accounting modules that can operate independently or seamlessly integrate with third-party applications. The FlexiFinancials suite is easily scalable to meet the unique requirements of global enterprise organizations requiring multi-currency and
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Client OS
Windows, Web
Deployment
Cloud Hosted
SAP S/4HANA Screenshot

SAP S/4HANA

★★★★★
★★★★★
(5)
SAP is a major developer in ERP software. SAP S/4HANA is a modern solution offering financial management, human resources, procurement, and supply chain management. Its advanced in-memory database facilitates real-time processing and analysis.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Client OS
Windows, Web
Deployment
Cloud or On-Premises
Multiview Screenshot

Multiview

★★★★★
★★★★★
(3)
Multiview is an ERP software designed to enhance financial operations. Its key features include advanced financial consolidation, customizable reporting, and integrated budgeting and forecasting. Multiview offers customizable dashboards, data export to Excel, and advanced drill-down capabilities to enhance audit efficiency and data transparency.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Client OS
Windows
Deployment
Cloud or On-Premises
Sage Intacct Screenshot

Sage Intacct

★★★★★
★★★★★
(46)
Sage Intacct is a browser-based, GAAP-compliant financial management software system. It features multi-entity financial reporting, customizable reports, and a user-friendly interface. The AICPA has endorsed the platform as a “preferred provider of financial management application.”
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$8,580/year
Client OS
Web
Deployment
Cloud Hosted
AccountingSuite Screenshot

AccountingSuite

★★★★★
★★★★★
(11)
AccountingSuite is a competitively-priced accounting software offering advanced functionalities beyond financial management. It provides banking integration, budgeting, financial reporting, and accounts receivables and payables.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$19/month
Client OS
Web
Deployment
Cloud Hosted

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