Custom Accounting Software
Features, Benefits, ROI Factors, Costs
ScienceSoft applies 34 years of experience in custom software development and practical knowledge of 30+ industries to help businesses build effective accounting solutions tailored to their accounting needs.
Custom Accounting Software: The Essence
Accounting software is the backbone of each company’s digital bookkeeping and financial management system. Custom accounting software provides tailored functionality for business-specific needs across general ledger, payables and receivables management, asset and inventory accounting, financial data reconciliation, payroll and tax management, financial reporting, and more.
To ensure real-time financial data sync, custom accounting solutions may integrate with CRM, HRMS, an inventory management system, asset management software, a financial planning and analysis solution, and other business-critical systems.
The development of custom accounting software may take 6–10 months. The costs for building the custom accounting system start from $200,000 and may grow above $400,000, depending on the solution complexity. Annual ROI for custom accounting software may reach up to 290%.
Go-to Integrations for Custom Accounting Software
ScienceSoft designs a cohesive business environment where the accounting solution is integrated with financial transaction sources and corporate finance planning systems. The main benefit of the integration is time-effective and accurate financial data entry.
- Custom accounting software + CRM: to automatically populate invoices with accurate customer data, payment terms, price and quantity of ordered goods.
- Custom accounting software + inventory management software: to enable accurate recording of inventory values on inventory purchasing and utilization.
- Custom accounting software + asset management software: to enable accurate calculation of the fixed asset depreciation.
- Custom accounting software + a procurement system: to enable the automated purchase order recording in the A/P ledger.
- Custom accounting software + HR management software: to enable accurate payroll calculation.
- Custom accounting software + a cash management system: to automatically create entries on financial transactions across operating, investment, financing activities in the general ledger and subledgers.
- Custom accounting software + financial planning and analysis software: to support accurate financial performance analysis, financial planning, budgeting, and forecasting.
- Custom accounting software + bank accounts: to enable faster reconciliation.
- Custom accounting software + BI solution: to enable accounting analytics and reporting.
Accounting software consulting
- Analysis of of your specific accounting needs.
- Assessment of the existing accounting processes and tools.
- Suggesting optimal features, architecture, and tech stack for the accounting solution.
- Preparing an integration plan (with CRM, HRMS, asset management system, cash management software, etc.).
- Development cost & time estimates, expected ROI calculation.
Accounting software development
- Analysis of your accounting needs’ specificity.
- Accounting solution conceptualization.
- Architecture design.
- Accounting software development.
- Integrating the custom accounting solution with back-office systems (CRM, HRMS, asset management system, cash management software, etc.).
- Quality assurance.
- User training.
- Continuous support and evolution of accounting software (if required).
AI-driven accounting analytics
To get recommendations on the optimal payment queues and payment methods, depreciation calculation methods, and more.
Advanced data security methods
(multi-layer encryption, intelligent fraud detection, vulnerability scanning and patching, etc.). To control access to sensitive financial and business data, easily recognize non-compliant or fraudulent transactions, and minimize the risk of malicious user activities.
Cloud deployment
To reduce accounting software maintenance costs, enable faster updates, and provide easily accessible workspace for global collaboration on accounting processes.
Easy-to-use APIs and connectors
To streamline accounting software integration with your essential back-office systems and relevant third-party tools.
How to Develop Accounting Software
Accounting software development requires an accurate action plan to ensure smooth project flow and prevent financial and technology risks. Below, ScienceSoft describes key project steps to provide you with a general idea on how your custom accounting software development process may look.
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Accounting needs analysis and requirements engineering for the custom accounting system.
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Designing the functionality, architecture, and tech stack for accounting software.
3
Project planning: deliverables, scope of work, duration, budget, etc.
4
Custom accounting software development.
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Quality assurance.
6
Accounting data migration (from spreadsheets or a previously used accounting tool).
7
Establishing integrations with the required internal and third-party systems.
8
User training.
9
Continuous support and evolution of the accounting solution (optional).
Custom Accounting Software Costs and Financial Outcomes
The cost of custom accounting software varies greatly depending on:
- The number and complexity of a solution’s functional modules.
- The type of automation (RPA or AI-powered features).
- The volume of data that needs to be migrated from spreadsheets and/or existing accounting software.
- The type of accounting software deployment (cloud, on-premises, hybrid).
- The number and complexity of integrations (with CRM, HRMS, asset management software, an inventory management system, a BI solution, etc.).
Based on ScienceSoft’s experience, building a custom accounting app of average complexity costs around $200,000–$300,000, while accounting software development for a large enterprise may require $400,000+ in investments.
Want to know the cost of your accounting solution?
The annual ROI for custom accounting software may reach up to 290%.
Key benefits of custom accounting software
When Custom Accounting Software Is Your Best Choice
Custom enterprise accounting software is aimed to introduce unique functional and non-functional capabilities to help companies from various industries maximize the efficiency of their accounting processes.
ScienceSoft recommends opting for custom development in the following cases:
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You need an accounting solution providing specific features, for example:
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You need a business accounting solution providing compliance with local regulations in the regions your company operates. |
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You need highly secure accounting software providing advanced tools to protect your sensitive financial and business data. |
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You need to integrate accounting software with your custom legacy systems (CRM, HRMS, asset management system, cash management system, etc.) smoothly and cost-efficiently. |
About ScienceSoft
ScienceSoft is an international IT consulting and software development company headquartered in McKinney, Texas. Since 2007, we help businesses build effective custom accounting software. Being ISO 9001 and ISO 27001 certified, we apply a mature quality management system and guarantee that cooperation with us does not pose any risks to our customers’ data security. If you are interested in developing a reliable accounting solution, turn to ScienceSoft’s team for custom accounting software.