Custom accounting software:
services, features, and guidelines

Custom accounting software: services, features, and guidelines

the CAGR of the global accounting and finance software market from 2021 to 2026

Gartner

of SMBs will spend more on accounting software than in 2022, prioritizing custom solutions

Capterra

of accounting software buyers require a customized implementation

Gartner

Types of accounting software we deliver

Whether you need an extensive ERP suite with financial management modules, a standard accounting system with a rich feature set, or a more specialized tool targeting certain processes, we’ll create a solution with the functional scope matching your requirements.

Itransition builds all-encompassing software solutions designed to supervise multiple corporate functions and equipped with advanced accounting modules for financial planning, general ledger management, invoicing, and tax payment processing.

Our services

Itransition’s team provides end-to-end consulting and development services covering every step required to design, build, and maintain custom accounting software.

Itransition’s team provides end-to-end consulting and development services covering every step required to design, build, and maintain custom accounting software.

Through accurate business analysis, our consultants will elicit your goals and expectations, assess your software ecosystem and corporate workflows, and identify issues or inefficiencies. With these evaluations in mind, they will help you define the accounting solution’s functional and non-functional requirements, select an optimal tech stack, and set up an adoption roadmap detailing the project's scope, budget, and schedule.

Based on the software specification detailing architecture, features, and UX/UI, we perform front-end and back-end development through multiple iterations according to the Agile methodology. For AI-based solutions, we also carry out data pre-processing, modeling, and AI model integration into the software architecture. Finally, we set up all necessary software integrations via pre-built connectors, APIs, or ESB.

Itransition’s team takes care of quality assurance and testing, including functional, performance, compatibility, and security tests, to address bugs, UX design mistakes, or other issues that can affect the software components, ensuring your application is safe and reliable. We also establish focus groups to evaluate software usability and rely on test automation tools to streamline the testing phase.

Our company provides adaptive, perfective, corrective, and preventive maintenance services to supervise and optimize your custom solution, together with demoing, user training, and support to help your company implement the application into its financial operations. We can also upgrade your accounting software with new modules, features, and functional improvements according to your requirements and feedback.

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Client spotlight

Online billing management software

Up to 300,000

incoming bills handled per month

Itransition’s team enhanced a billing management solution for an accounting and tax management software provider. The upgraded solution, which we also migrated to Microsoft Azure, features invoice approval workflow customization and automation, report generation, and electronic signature.

Healthcare BPM with budgeting features

Streamlined

accounting processes

Our software development company provided a US medical staffing organization with an Odoo-based BPM solution featuring ERP, CRM, HR, and accounting-oriented capabilities. These include a budget calculation functionality to monitor the flow of funds and a payroll management module for employee compensation.

Top 12 accounting software features

Custom solutions can be equipped with fully personalized feature sets based on your operational scenario, so consider implementing the following functionalities to streamline and automate key accounting processes.

Purchase and sales orders
Preparing and issuing digital PO or SO documents to external suppliers and customers respectively, detailing types, quantities, and agreed prices for products and services provided.
Journal entry
Recording external or intercompany transactions in the accounting journal to update debit and credit balances and attaching any related documentation, such as invoices or leases.
Accounts payable
Facilitating AP operations, including order data recording, invoice routing and validation, invoice/purchase order matching, payment scheduling, and automated notifications to accountants.
Accounts receivables
Speeding up AR processes, such as multi-channel payment collection, tracking of received and due amounts, and reminders to customers to minimize days sales outstanding.
General ledger
Aggregating accounting data from sub-ledgers (such as AP/AR) via automated GL entries, assigning GL codes to categorize transactions, and calculating debit and credit balances.
Profit and loss
Compiling P&L statements detailing the revenues and expenses incurred over a quarter or fiscal year based on multiple financial reports to monitor profitability and optimize budgeting.
Bank reconciliation
Cross-checking financial transactions reported in bank statements and corporate financial records to verify their correspondence, spot irregularities, and trigger manual validation requests.
Invoicing
Generating, approving, and submitting bills to customers via rule-based automation and customizable templates, applying taxes, discounts, or interests, and tracking the invoice status.
Asset and inventory management
Calculating the value of fixed assets and inventory items, such as raw materials and finished goods, across multiple warehouses and updating the stock mix based on sales and purchase orders.
Financial close management
Consolidating and reconciling transaction data from multiple accounts, searching for inconsistencies, and readjusting account balances to generate reports on the company’s financial position.
Tax calculation
Calculating VAT/GST, withholding, payroll taxes, and custom duties based on configurable formulas and parameters, including region-specific rates, and submitting tax returns.
Security and compliance
Ensuring adherence to standards and regulations (GDPR, IFRS, GAAP, etc.) while protecting sensitive information via role-based access, data encryption, and multi-factor authentication.

Accounting software integrations

We integrate your custom accounting solution with other applications to enable seamless financial data exchange and turn your corporate toolkit into a unified software ecosystem. Our experts will also help you select the most suitable integration model.

Software to integrate with

ERP

to retrieve data on partners, orders, and payments and prepare financial plans based on sales performance

to add information on customers, orders, and payment terms to invoices, facilitating quote and bill management

to track financial performance via intuitive dashboards and streamline budgeting, auditing, and reporting

PIM software

to import product information for more accurate order and invoice management

to streamline expense management and calculate payroll and compensation based on working hours and shifts

Procurement software

to speed up purchase order approval and match orders with the related invoices

Cash flow management software

to record financial transactions in the general ledger and sub-ledgers

Payment gateways

to import data on in-store and ecommerce transactions and monitor customer payment history

Bank accounts

to facilitate reconciliation between corporate records and bank statements

Inventory management software

to calculate the value of materials and products and generate stock reports in real time

Asset management software

to track equipment value, maintenance costs, and depreciation

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Custom vs off-the-shelf accounting software

At the beginning of your accounting software adoption project, Itransition's consultants will help you decide whether to build a custom application from scratch or purchase an off-the-shelf solution. Here are some parameters to keep in mind.

Custom solution

Off-the-shelf solution

Features

Custom solution

Off-the-shelf solution

A bespoke set of features and modules to meet your specific business needs

A fixed range of built-in features established by the software vendor

Costs

Custom solution

Off-the-shelf solution

Higher upfront investment for the software development process

Higher long-term costs of ownership to cover the license fees

Timeline

Custom solution

Off-the-shelf solution

Longer adoption time frame due to design, development, and testing

Faster time-to-market as the solution is ready for deployment

Support

Custom solution

Off-the-shelf solution

Your in-house IT staff takes care of software updates, fine-tuning, and troubleshooting

The software subscription typically includes ongoing maintenance, support, and updates

Modifications

Custom solution

Off-the-shelf solution

Extensive configuration and customization options to adapt to your changing accounting needs

Limited possibilities within predefined settings the vendor decided upon

Integrations

Custom solution

Off-the-shelf solution

More flexible custom integrations configured by your IT specialists

Native, pre-configured integrations working with compatible third-party software

Change management

Custom solution

Off-the-shelf solution

The solution is adjusted to your existing workflows and tech stack, so its introduction requires minor changes

Adopting software with fixed functionalities may require multiple operational or technical changes

Target companies

Custom solution

Off-the-shelf solution

Enterprises with specific business requirements and established workflows

Organizations with limited budgets and more flexible business processes

Benefits of custom accounting software

Implementing a custom solution into your accounting processes will boost the operational and decision-making capabilities of your finance department and organization as a whole.

Benefits

Superior accuracy
Accounting software can perform clerical tasks on a large scale with near 100% accuracy, mitigating the risk of operational disruption and the average amount of rework caused by human errors.

Operational efficiency
Accounting software solutions enable companies to streamline or completely automate time-consuming and labor-intensive processes, such as financial data entry, reducing manual efforts, execution times, and operational costs.

Data-driven decision-making
Equipped with data analytics modules or integrated with business intelligence solutions, accounting applications enable efficient data collection, business performance tracking, and financial forecasting to optimize corporate budgeting.

Enhanced security
Process automation via accounting programs minimizes manual processing of financial data and other human interactions that can lead to unintentional leaks of sensitive information or fraudulent actions by malicious users.

Better compliance
Accounting software’s superior accuracy in executing financial management tasks, such as AP/AR calculation, general ledger reporting, and reconciliation, facilitates the company’s adherence to increasingly stringent standards and regulatory requirements.

Custom accounting software cost factors

Several variables can influence the development cost and TCO of a custom accounting software solution. Consult Itransition’s experts for a preliminary budget estimate based on your specific needs and business scenario.

Architecture and functional scope

The set of features and modules making up the accounting solution and defining its capabilities

User base

The number of users who will access the tool and UX/UI customizations based on user roles

Technology stack

The cost of the technologies used, including cloud-based services, third-party licenses, and hardware

Deployment model

The environment where the application will be hosted (on-premises, cloud, or hybrid/multi-cloud)

Integration capabilities

The number and type of data or software integrations with external sources and other systems

Data management

Any data-related activity, such as data cleansing, annotation, transformation, storage, and migration

Development team composition

Project manager, business analyst, designers, developers, QA engineers, DevOps engineer, and other niche specialists

Training, support, and maintenance

Various activities to train users, ensure your software’s correct operation, and provide further upgrades