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Accounting Software for Financial Services
Banking, financial service, and insurance (BFSI) organizations value custom accounting software for its ability to automate complex financial transactions, accommodate sectoral regulatory demands, and integrate smoothly with specialized financial systems.
In financial IT since 2005 and in accounting software development since 2007, ScienceSoft offers full-cycle consulting and engineering services to help BFSI companies create robust accounting solutions.
BFSI Accounting Software Tailored to Your Domain
ScienceSoft delivers secure accounting systems with functionality tailored to each client’s specific needs, bringing advanced automation for maximized accounting process efficiency.
Here are some examples of specialized solutions we deliver:
Accounting software for banks
- Multi-currency bookkeeping with automated exchange rate adjustments.
- Rule-based and AI-powered detection of fraudulent and non-compliant transactions.
- Automated accrual of interest income and expense for complex financial products.
- Reconciliation of domestic and cross-border transactions.
- Interest rate modeling and “what-if” analysis.
- Continuous capital adequacy calculations for risk-weighted assets and capital ratios.
- Automated capital and liquidity reporting.
- Template-based reporting for compliance with frameworks like Basel III and Dodd-Frank.
- Rule-based deferral of premium income over the life of insurance policies.
- Automated billing for insurance customers.
- Automated premium recognition.
- Tracking and reporting agent commission payments.
- Accrual of claim-related expenses as claims are reported.
- Dynamic claim reserve adjustments triggered by updates to claim and actuarial data.
- Reinsurance accounting and settlement tracking.
- Reporting in compliance with IFRS17, FASB’s LDTI, NAIC Accounting Practices and Procedures, and other regulatory standards.
Accounting software for lending companies
- Automated loan provisioning.
- Accrual of interest for earned but unpaid amounts.
- Recurring billing for installment loans.
- Recording and tracking loan repayments and delinquencies.
- Automated debt collection workflows.
- Dynamic recognition of interest income.
- Rule-based loan write-offs.
- Recalculation of loan balances and interest for variable-rate loans.
- Automated loan portfolio reconciliation.
- Regulatory-compliant reporting, including formats required by HDMA, FINRA, TILA-RESPA, and NCUA.
Accounting software for investment management firms
- Automated recognition of capital gains and losses.
- Rule-based income accrual for dividends and interest across portfolios.
- Data-driven asset valuation with automated FX adjustments for multi-currency accounting.
- Real-time portfolio value recalculation triggered by changes in asset allocation.
- Automated tax lot accounting.
- Net Asset Value (NAV) calculations for fund accounting.
- Accounting for alternative assets, including cryptocurrencies and hedge instruments.
Accounting software for payment service providers
- Capturing and recording data on domestic and cross-border payment transactions.
- Automated currency conversions.
- Real-time reconciliation of payment transactions, including settlements with banks and payment network providers.
- Automated recognition of transaction fees and processing costs.
- ASC 606-compliant revenue recognition for recurring and subscription payments.
- Chargeback accounting for disputes and financial adjustments.
Accounting software for decentralized finance (DeFi) firms
- Smart-contract-supported recordkeeping for on-chain and off-chain transactions.
- Asset (cryptocurrency, token) and portfolio valuation.
- Multi-wallet and multi-chain reconciliation for transactions across multiple blockchains.
- Revenue recognition for DeFi activities.
- Gas fee tracking and allocation to DeFi products.
- Automated accounting for crypto derivatives, perpetual contracts, yield farming, and liquidity mining.
Accounting Software Development with ScienceSoft, As Seen Through the Eyes of Our Clients
ScienceSoft’s team members proved to be extremely flexible and responsive. They stayed in daily contact with us, which allowed us to adjust the scope of works promptly and implement new requirements on the fly. Additionally, the team delivered demos every other week so that we could be sure that the invoicing system aligned with our business needs.
ScienceSoft was to cover end-to-end development of an intelligent invoice processing module for our Azure-based accounts payable product. They selected and implemented techs that ensured the system’s availability and fault-tolerance. We were particularly pleased with neat alignment of the developed module with our requirements. The new software module performs stably even under heavy load.
ScienceSoft’s developers proactively resolved the challenges that surfaced during the project. They proved to be knowledgeable and thoughtful. They offered a simple yet well-functioning way to integrate our financial portal with the data management and accounting systems, which allowed us not to get stuck with overcomplicated data synchronization.
What makes ScienceSoft different
We achieve project success no matter what
ScienceSoft does not pass mere project administration off as project management, which, unfortunately, often happens on the market. We practice real project management, achieving project success for our clients no matter what.