The Best Bank Accounting Software
Drawing on over 20 years of experience evaluating bank accounting software, we selected the top options for different types of financial institutions.
- Hundreds of third-party add-ons available
- Feature sets for multiple industries
- Highly customizable
- Combined ERP and CRM
- Similar interface to MS Word and Outlook
- Integrations with Microsoft applications
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.
- NetSuite: Best Overall
- Dynamics 365 Business Central: Best for Online Banks
- Flexi Software: Best for Credit Unions
- SAP S/4HANA: Best for International Retail Banks
- Multiview: Best for Regional Banks
- Sage Intacct: Best for Community Banks
- AccountingSuite: Best for Niche Banks
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
