Quick Overview
- 1#1: Workday Financial Management - Cloud-based financial management platform tailored for higher education with advanced accounting, budgeting, and reporting features.
- 2#2: Ellucian Banner Finance - Comprehensive ERP finance module for higher education handling general ledger, accounts payable, receivable, and fund accounting.
- 3#3: Ellucian Colleague Finance - Integrated financial management system for higher ed institutions supporting multi-entity accounting and compliance reporting.
- 4#4: Oracle PeopleSoft Financials - Robust financials suite for universities offering commitment accounting, grants management, and project costing.
- 5#5: Jenzabar One Financials - All-in-one ERP financial solution for higher education with real-time accounting and endowment management.
- 6#6: Anthology CampusNexus Finance - Cloud ERP finance module designed for higher ed, focusing on streamlined accounting and revenue cycle management.
- 7#7: Unit4 ERP Financials - People-centric ERP with higher ed-specific accounting for budgeting, procurement, and multidimensional reporting.
- 8#8: SAP S/4HANA for Higher Education - Intelligent ERP system providing advanced analytics and real-time financial insights for universities.
- 9#9: Infor Campus Management - Integrated financial and student management platform with strong accounting capabilities for higher education.
- 10#10: Populi - Affordable all-in-one platform for small higher ed institutions including simple accounting and billing tools.
Tools were evaluated based on alignment with higher education needs—including budget management, grants tracking, and compliance—alongside user experience, feature depth, and value proposition for institutions of varying sizes
Comparison Table
For higher education institutions, reliable accounting software is essential for managing finances, ensuring compliance, and supporting growth. This comparison table examines key tools like Workday Financial Management, Ellucian Banner Finance, Ellucian Colleague Finance, Oracle PeopleSoft Financials, Jenzabar One Financials, and others, guiding readers to understand their features, strengths, and fit for institutional needs.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | Workday Financial Management Cloud-based financial management platform tailored for higher education with advanced accounting, budgeting, and reporting features. | enterprise | 9.4/10 | 9.7/10 | 8.5/10 | 8.8/10 |
| 2 | Ellucian Banner Finance Comprehensive ERP finance module for higher education handling general ledger, accounts payable, receivable, and fund accounting. | enterprise | 8.7/10 | 9.4/10 | 7.1/10 | 8.2/10 |
| 3 | Ellucian Colleague Finance Integrated financial management system for higher ed institutions supporting multi-entity accounting and compliance reporting. | enterprise | 8.7/10 | 9.2/10 | 7.4/10 | 8.1/10 |
| 4 | Oracle PeopleSoft Financials Robust financials suite for universities offering commitment accounting, grants management, and project costing. | enterprise | 8.2/10 | 9.1/10 | 6.8/10 | 7.5/10 |
| 5 | Jenzabar One Financials All-in-one ERP financial solution for higher education with real-time accounting and endowment management. | enterprise | 8.1/10 | 8.7/10 | 6.9/10 | 7.8/10 |
| 6 | Anthology CampusNexus Finance Cloud ERP finance module designed for higher ed, focusing on streamlined accounting and revenue cycle management. | enterprise | 8.1/10 | 8.6/10 | 7.2/10 | 7.7/10 |
| 7 | Unit4 ERP Financials People-centric ERP with higher ed-specific accounting for budgeting, procurement, and multidimensional reporting. | enterprise | 8.2/10 | 9.1/10 | 7.4/10 | 7.9/10 |
| 8 | SAP S/4HANA for Higher Education Intelligent ERP system providing advanced analytics and real-time financial insights for universities. | enterprise | 8.1/10 | 9.2/10 | 6.4/10 | 7.3/10 |
| 9 | Infor Campus Management Integrated financial and student management platform with strong accounting capabilities for higher education. | enterprise | 7.8/10 | 8.4/10 | 6.9/10 | 7.2/10 |
| 10 | Populi Affordable all-in-one platform for small higher ed institutions including simple accounting and billing tools. | specialized | 7.6/10 | 7.2/10 | 8.1/10 | 8.4/10 |
Cloud-based financial management platform tailored for higher education with advanced accounting, budgeting, and reporting features.
Comprehensive ERP finance module for higher education handling general ledger, accounts payable, receivable, and fund accounting.
Integrated financial management system for higher ed institutions supporting multi-entity accounting and compliance reporting.
Robust financials suite for universities offering commitment accounting, grants management, and project costing.
All-in-one ERP financial solution for higher education with real-time accounting and endowment management.
Cloud ERP finance module designed for higher ed, focusing on streamlined accounting and revenue cycle management.
People-centric ERP with higher ed-specific accounting for budgeting, procurement, and multidimensional reporting.
Intelligent ERP system providing advanced analytics and real-time financial insights for universities.
Integrated financial and student management platform with strong accounting capabilities for higher education.
Affordable all-in-one platform for small higher ed institutions including simple accounting and billing tools.
Workday Financial Management
enterpriseCloud-based financial management platform tailored for higher education with advanced accounting, budgeting, and reporting features.
Prism Analytics for real-time, cross-functional financial reporting and predictive insights tailored to higher ed fund structures
Workday Financial Management is a comprehensive cloud-based ERP solution designed for enterprise financial operations, including general ledger, accounts payable/receivable, procurement, and expense management. Tailored for higher education, it excels in complex fund accounting, grant lifecycle management, and compliance with standards like GASB and FASB. It integrates seamlessly with Workday HCM and Student systems, providing real-time insights and AI-driven forecasting for universities and colleges.
Pros
- Robust higher education-specific features like grant management and endowment accounting
- Real-time analytics and AI-powered insights for budgeting and forecasting
- Seamless integration across finance, HR, and student systems
Cons
- High implementation costs and lengthy deployment timelines
- Steep learning curve for non-technical users
- Premium pricing may not suit smaller institutions
Best For
Large universities and research institutions requiring a scalable, integrated ERP for complex financial operations.
Pricing
Subscription-based, typically $150-$300 per FTE/user annually, with custom pricing based on modules and institution size; minimum commitments apply.
Ellucian Banner Finance
enterpriseComprehensive ERP finance module for higher education handling general ledger, accounts payable, receivable, and fund accounting.
Sophisticated fund accounting with native support for higher ed-specific complexities like endowment unitization and grant lifecycle management
Ellucian Banner Finance is a robust ERP module within the Banner suite, purpose-built for higher education institutions to manage complex financial operations. It covers general ledger, accounts payable/receivable, budgeting, fixed assets, and specialized higher ed functions like grants management, endowments, sponsored projects, and tuition billing. Seamlessly integrated with other Banner modules for student, HR, and advancement data, it ensures unified financial oversight across campus operations.
Pros
- Highly specialized features for higher ed finance, including grant accounting, endowments, and auxiliary services
- Deep integration with Banner's ecosystem for student financials, HR, and advancement modules
- Strong compliance tools and customizable reporting for regulatory requirements like GASB and FASB
Cons
- Steep learning curve due to complex, legacy interface requiring extensive training
- Lengthy implementation timelines (often 12-24 months) and high customization costs
- Ongoing maintenance and upgrade expenses can strain smaller institutions' budgets
Best For
Large universities and colleges with intricate financial structures needing enterprise-wide ERP integration.
Pricing
Custom quote-based pricing; typically $500K+ for implementation plus annual licensing fees scaling with institution size (on-premise or Ellucian-hosted).
Ellucian Colleague Finance
enterpriseIntegrated financial management system for higher ed institutions supporting multi-entity accounting and compliance reporting.
Integrated fund accounting engine that automatically tracks and reports on restricted/unrestricted funds across multiple funding sources unique to higher education
Ellucian Colleague Finance is a comprehensive ERP module within the Colleague suite, designed specifically for higher education institutions to manage core financial operations including general ledger, accounts payable/receivable, budgeting, and procurement. It excels in handling complex academic funding models such as grants, endowments, and tuition billing with seamless integration to student information systems. The solution provides robust reporting and compliance tools tailored to nonprofit and governmental accounting standards in higher ed.
Pros
- Deep integration with Ellucian ecosystem for unified higher ed data management
- Advanced fund accounting capabilities for grants, endowments, and auxiliary services
- Powerful analytics and reporting compliant with GASB and FASB standards
Cons
- Steep learning curve and dated user interface requiring extensive training
- Lengthy and costly implementation process, often spanning 12-24 months
- High ongoing maintenance and customization fees
Best For
Large universities and colleges with complex financial structures needing an integrated ERP for student, HR, and finance operations.
Pricing
Custom enterprise pricing; typically $200,000+ annually for mid-sized institutions, based on modules, users, and institution size.
Oracle PeopleSoft Financials
enterpriseRobust financials suite for universities offering commitment accounting, grants management, and project costing.
Advanced grant lifecycle management with commitment accounting and federal compliance reporting tailored for higher education research funding.
Oracle PeopleSoft Financials is a robust enterprise resource planning (ERP) solution tailored for financial management in large organizations, including higher education institutions. It offers comprehensive modules for general ledger, accounts payable/receivable, asset management, budgeting, and grant/project accounting, which are essential for university financial operations. The system integrates seamlessly with other PeopleSoft applications like Campus Solutions for end-to-end campus financials, providing scalability and compliance features for complex regulatory environments.
Pros
- Comprehensive modules for grant management and project costing ideal for research universities
- Strong integration with PeopleSoft Campus Solutions for unified financial and student data
- Scalable for large-scale higher ed institutions with advanced reporting and analytics
Cons
- Steep learning curve and complex implementation requiring extensive customization
- High upfront and ongoing costs with significant IT maintenance needs
- Less intuitive interface compared to modern cloud-native alternatives
Best For
Large universities and research institutions with complex financial structures, grant funding, and existing Oracle PeopleSoft investments.
Pricing
Custom enterprise licensing; typically starts at $500,000+ annually for full deployment, based on modules, users, and cloud/on-premise model.
Jenzabar One Financials
enterpriseAll-in-one ERP financial solution for higher education with real-time accounting and endowment management.
Higher education-specific workflows for tuition remittances, sponsored research accounting, and Title IV compliance automation
Jenzabar One Financials is a robust ERP module within the Jenzabar One suite, designed specifically for higher education institutions to manage core financial operations including general ledger, accounts payable/receivable, budgeting, and procurement. It handles unique higher ed needs like tuition billing, grant accounting, endowment management, and compliance reporting. Seamlessly integrated with other Jenzabar modules for student information, financial aid, and HR, it provides a unified platform for administrative efficiency.
Pros
- Tailored for higher education with specialized handling of tuition, grants, and endowments
- Strong integration across ERP modules for unified data management
- Comprehensive reporting and analytics compliant with federal regulations
Cons
- Steep learning curve and complex implementation process
- Dated user interface that feels legacy compared to modern SaaS solutions
- High customization requirements leading to elevated costs
Best For
Mid-sized private colleges and universities needing a deeply integrated ERP system with strong financial and compliance features.
Pricing
Quote-based pricing with upfront implementation fees often exceeding $100K, plus annual subscriptions scaling from $50K to $500K+ based on institution size and modules.
Anthology CampusNexus Finance
enterpriseCloud ERP finance module designed for higher ed, focusing on streamlined accounting and revenue cycle management.
Real-time integration with SIS for automated tuition, financial aid, and endowment accounting
Anthology CampusNexus Finance is a robust financial management platform tailored for higher education institutions, providing core accounting functions like general ledger, accounts payable/receivable, budgeting, and cash management. It integrates seamlessly with the CampusNexus Student Information System (SIS), enabling real-time handling of tuition billing, financial aid, grants, and endowments. Designed for compliance with higher ed standards such as GASB and FASB, it supports multi-entity and fund accounting for complex institutional finances.
Pros
- Seamless integration with CampusNexus SIS for unified student and financial data
- Advanced fund accounting and grant management suited to higher ed needs
- Comprehensive reporting tools with drill-down analytics for compliance and auditing
Cons
- Steep learning curve and complex initial implementation
- User interface feels dated compared to modern cloud-native alternatives
- High customization costs and dependency on Anthology ecosystem
Best For
Mid-to-large universities and colleges already invested in the CampusNexus suite seeking integrated financial and student management.
Pricing
Quote-based enterprise pricing, typically $100,000+ annually depending on institution size, modules, and user count; no public tiers available.
Unit4 ERP Financials
enterprisePeople-centric ERP with higher ed-specific accounting for budgeting, procurement, and multidimensional reporting.
Specialized Grant Lifecycle Management that automates funding allocation, expenditure tracking, and audit-ready reporting for research grants.
Unit4 ERP Financials is a robust, cloud-based ERP solution tailored for higher education financial management, handling complex processes like fund accounting, grant management, tuition billing, and endowment tracking. It integrates seamlessly with student information systems and supports multi-entity structures common in universities. The platform emphasizes compliance with standards like GASB and IFRS, providing real-time analytics and reporting for informed decision-making.
Pros
- Comprehensive grant and sponsored research accounting with automated compliance tracking
- Scalable for multi-campus institutions with strong multi-entity support
- Advanced BI and real-time financial dashboards for strategic insights
Cons
- Complex implementation process often requiring extensive customization
- Steep learning curve for end-users due to configurable interface
- Higher total cost of ownership compared to simpler SaaS alternatives
Best For
Large research universities and multi-campus institutions requiring sophisticated fund accounting and regulatory compliance.
Pricing
Enterprise custom pricing; typically $150K+ annually based on modules, users, and institution size, with implementation fees extra.
SAP S/4HANA for Higher Education
enterpriseIntelligent ERP system providing advanced analytics and real-time financial insights for universities.
Real-time grant and fund accounting with automated compliance tracking for sponsored research
SAP S/4HANA for Higher Education is an enterprise-grade ERP solution tailored for universities and colleges, providing robust accounting and financial management capabilities including tuition billing, fund accounting, grants management, and compliance reporting. It leverages in-memory HANA database for real-time analytics, automation of financial processes, and integration across student services, HR, and procurement. This platform supports complex higher education financial structures like endowment management and sponsored research funding.
Pros
- Comprehensive financial suite with real-time analytics and AI-driven insights
- Strong support for higher ed-specific needs like grants and fund accounting
- Scalable integration with other SAP modules for end-to-end operations
Cons
- Complex implementation requiring significant time and expertise
- Steep learning curve for non-technical users
- High costs for licensing, customization, and maintenance
Best For
Large research universities and institutions with complex, high-volume financial operations needing enterprise scalability.
Pricing
Custom enterprise pricing; typically $200K+ annually for cloud subscriptions based on users/modules, plus implementation fees.
Infor Campus Management
enterpriseIntegrated financial and student management platform with strong accounting capabilities for higher education.
Seamless end-to-end integration of student billing, financial aid disbursement, and core accounting in a single higher ed-focused platform
Infor Campus Management is a comprehensive ERP solution tailored for higher education, providing integrated accounting and financial management alongside student information systems. It streamlines tuition billing, accounts receivable/payable, general ledger, budgeting, and grants management while ensuring compliance with higher education financial regulations. The platform offers real-time analytics and reporting to support institutional financial decision-making.
Pros
- Deep integration between student finance and core accounting functions
- Scalable for mid-to-large institutions with robust compliance tools
- Advanced reporting and analytics for financial insights
Cons
- Steep learning curve and complex implementation process
- High customization costs and dependency on Infor consultants
- Less intuitive interface compared to modern cloud-native alternatives
Best For
Mid-to-large higher education institutions needing tightly integrated student lifecycle and accounting management.
Pricing
Quote-based enterprise licensing, typically annual subscriptions starting at $100,000+ depending on institution size, users, and modules.
Populi
specializedAffordable all-in-one platform for small higher ed institutions including simple accounting and billing tools.
Fully integrated SIS and accounting platform that unifies student data, academics, and finances in one dashboard
Populi is a cloud-based student information system (SIS) tailored for small to mid-sized higher education institutions, particularly faith-based colleges, seminaries, and vocational schools. Its accounting module provides essential features like tuition billing, online payments, accounts receivable management, general ledger, and financial reporting, all integrated seamlessly with academic and administrative tools. This all-in-one approach reduces the need for multiple software solutions, making it efficient for resource-constrained schools.
Pros
- Affordable pricing model suitable for small institutions
- Seamless integration between academic records and financials
- User-friendly web interface with mobile access
Cons
- Limited advanced accounting features for complex enterprise needs
- Reporting capabilities lack depth and customization options
- Scalability issues for large universities with high transaction volumes
Best For
Small to mid-sized private colleges, seminaries, and Bible schools seeking an integrated, budget-friendly SIS with solid accounting basics.
Pricing
Subscription-based starting at ~$100/month for small schools, scaling per student (~$2-4/student/month); custom quotes required.
Conclusion
Evaluating the top tools for higher education accounting reveals Workday Financial Management as the clear leader, boasting cloud-based features that seamlessly handle budgeting, reporting, and financial operations. Close contenders Ellucian Banner Finance and Ellucian Colleague Finance shine too—with Banner Finance’s comprehensive ERP design and Colleague Finance’s focus on multi-entity accounting and compliance, offering strong alternatives for institutions with distinct needs. Each tool brings unique strengths, ensuring there’s a solution tailored to diverse institutional sizes and operational priorities.
Take the next step in optimizing your accounting processes: explore Workday Financial Management to unlock its intuitive, end-to-end capabilities and drive efficient, data-informed financial management for your institution.
Tools Reviewed
All tools were independently evaluated for this comparison