Quick Overview
- 1#1: Workday - Cloud-native financial management platform with integrated HCM and student finance tailored for higher education institutions.
- 2#2: Ellucian Banner - Comprehensive ERP system providing fund accounting, general ledger, and procurement for universities.
- 3#3: Oracle PeopleSoft Financials - Robust financial management solution supporting grants, endowments, and compliance for large universities.
- 4#4: SAP S/4HANA - Intelligent ERP optimized for higher education financial operations, analytics, and regulatory reporting.
- 5#5: Jenzabar One - Cloud ERP unifying student billing, accounting, and fundraising for mid-sized colleges and universities.
- 6#6: Unit4 ERP - Flexible people-centric ERP with finance modules for university budgeting, procurement, and project accounting.
- 7#7: Infor Campus Management - Integrated higher ed ERP handling financial aid, tuition billing, and general ledger management.
- 8#8: Anthology - Modern student management platform with embedded financial tools for accounting and revenue cycle.
- 9#9: Microsoft Dynamics 365 Finance - Customizable cloud finance app supporting multi-entity accounting for educational organizations.
- 10#10: Oracle NetSuite - Scalable cloud ERP with fund accounting and nonprofit features suitable for universities.
Tools were ranked based on their tailored features for higher education, integration capabilities, user-friendliness, and overall value, ensuring they address the unique demands of academic finance operations.
Comparison Table
This comparison table examines leading university accounting software solutions, including Workday, Ellucian Banner, Oracle PeopleSoft Financials, SAP S/4HANA, and Jenzabar One, to guide institutions in evaluating options that fit their unique financial management requirements. Readers will gain insights into key features, integration strengths, and suitability for varying institutional sizes and operational needs.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | Workday Cloud-native financial management platform with integrated HCM and student finance tailored for higher education institutions. | enterprise | 9.4/10 | 9.8/10 | 8.5/10 | 9.0/10 |
| 2 | Ellucian Banner Comprehensive ERP system providing fund accounting, general ledger, and procurement for universities. | specialized | 8.5/10 | 9.2/10 | 6.8/10 | 8.0/10 |
| 3 | Oracle PeopleSoft Financials Robust financial management solution supporting grants, endowments, and compliance for large universities. | enterprise | 8.2/10 | 9.1/10 | 6.4/10 | 7.3/10 |
| 4 | SAP S/4HANA Intelligent ERP optimized for higher education financial operations, analytics, and regulatory reporting. | enterprise | 8.1/10 | 9.4/10 | 6.2/10 | 7.0/10 |
| 5 | Jenzabar One Cloud ERP unifying student billing, accounting, and fundraising for mid-sized colleges and universities. | specialized | 7.2/10 | 8.1/10 | 6.3/10 | 6.8/10 |
| 6 | Unit4 ERP Flexible people-centric ERP with finance modules for university budgeting, procurement, and project accounting. | enterprise | 8.1/10 | 8.7/10 | 7.4/10 | 7.9/10 |
| 7 | Infor Campus Management Integrated higher ed ERP handling financial aid, tuition billing, and general ledger management. | specialized | 7.6/10 | 8.4/10 | 6.9/10 | 7.2/10 |
| 8 | Anthology Modern student management platform with embedded financial tools for accounting and revenue cycle. | specialized | 7.6/10 | 8.1/10 | 6.9/10 | 7.2/10 |
| 9 | Microsoft Dynamics 365 Finance Customizable cloud finance app supporting multi-entity accounting for educational organizations. | enterprise | 8.2/10 | 9.1/10 | 6.8/10 | 7.4/10 |
| 10 | Oracle NetSuite Scalable cloud ERP with fund accounting and nonprofit features suitable for universities. | enterprise | 8.1/10 | 8.7/10 | 7.3/10 | 7.6/10 |
Cloud-native financial management platform with integrated HCM and student finance tailored for higher education institutions.
Comprehensive ERP system providing fund accounting, general ledger, and procurement for universities.
Robust financial management solution supporting grants, endowments, and compliance for large universities.
Intelligent ERP optimized for higher education financial operations, analytics, and regulatory reporting.
Cloud ERP unifying student billing, accounting, and fundraising for mid-sized colleges and universities.
Flexible people-centric ERP with finance modules for university budgeting, procurement, and project accounting.
Integrated higher ed ERP handling financial aid, tuition billing, and general ledger management.
Modern student management platform with embedded financial tools for accounting and revenue cycle.
Customizable cloud finance app supporting multi-entity accounting for educational organizations.
Scalable cloud ERP with fund accounting and nonprofit features suitable for universities.
Workday
enterpriseCloud-native financial management platform with integrated HCM and student finance tailored for higher education institutions.
Multi-dimensional fund accounting with built-in higher education compliance and real-time grant tracking
Workday is a comprehensive cloud-based ERP platform tailored for higher education, providing robust accounting solutions including general ledger, fund accounting, grants management, and procurement. It integrates seamlessly with HR, payroll, and student financials to manage complex university budgets, endowments, and compliance requirements. With real-time analytics and AI-driven insights, it empowers finance teams to handle multi-entity reporting and forecasting efficiently.
Pros
- Exceptional fund accounting and grant lifecycle management suited for universities
- Real-time dashboards and Prism Analytics for advanced reporting
- Strong integration across finance, HR, and student systems
Cons
- High upfront implementation costs and timeline
- Steep learning curve for non-technical users
- Premium pricing may not suit smaller institutions
Best For
Large universities and research institutions with complex financial structures, grants, and multi-entity needs.
Pricing
Enterprise subscription pricing based on FTEs; custom quotes typically range from $100-250 per FTE annually, plus implementation fees.
Ellucian Banner
specializedComprehensive ERP system providing fund accounting, general ledger, and procurement for universities.
Advanced sponsored programs accounting module for managing research grants, awards, and compliance with federal regulations like Uniform Guidance.
Ellucian Banner is a comprehensive ERP system designed specifically for higher education institutions, offering robust accounting and financial management modules. It handles core university accounting functions such as general ledger, accounts payable/receivable, budgeting, cash management, and grant accounting tailored to academic environments. The system integrates seamlessly with Banner's student information, HR, and advancement modules for holistic institutional operations.
Pros
- Deep integration with higher education-specific processes like grant and endowment management
- Highly customizable reporting and analytics for complex university finances
- Proven scalability for large institutions with decades of use
Cons
- Steep learning curve and outdated user interface requiring extensive training
- Lengthy and costly implementation process
- High ongoing maintenance and customization costs
Best For
Large universities and colleges requiring a fully integrated ERP system for accounting within a broader administrative ecosystem.
Pricing
Custom enterprise licensing, typically $500K+ annually for mid-sized institutions, plus implementation fees often exceeding $1M.
Oracle PeopleSoft Financials
enterpriseRobust financial management solution supporting grants, endowments, and compliance for large universities.
Advanced commitment accounting and grant lifecycle management for research-funded universities
Oracle PeopleSoft Financials is a robust ERP suite tailored for enterprise-level financial management, including general ledger, accounts payable/receivable, asset management, procurement, and budgeting. In university settings, it excels at handling complex fund accounting, grants management, and compliance reporting required for higher education institutions. It integrates seamlessly with PeopleSoft Campus Solutions for student financials, endowments, and sponsored research funding.
Pros
- Comprehensive modules for fund accounting, grants, and multi-entity reporting ideal for universities
- Scalable for large-scale operations with proven reliability in higher education
- Deep integration with PeopleSoft HCM and Campus Solutions for end-to-end processes
Cons
- Steep learning curve and complex interface requiring extensive training
- High implementation costs and long deployment timelines (often 12-24 months)
- On-premises heavy with slower path to cloud compared to modern SaaS alternatives
Best For
Large universities with intricate financial structures, grant-heavy research programs, and existing Oracle PeopleSoft investments.
Pricing
Custom enterprise licensing; annual costs typically $500K+ for universities, plus multi-million-dollar implementation fees.
SAP S/4HANA
enterpriseIntelligent ERP optimized for higher education financial operations, analytics, and regulatory reporting.
SAP HANA in-memory computing for instant, real-time financial analytics and forecasting
SAP S/4HANA is an enterprise-grade ERP platform with powerful financial accounting modules, including general ledger, accounts payable/receivable, and asset management, adaptable for university use via higher education extensions. It delivers real-time analytics and intelligent automation for managing tuition fees, grants, budgets, and compliance reporting. While highly scalable for complex operations, it requires significant customization to fit university-specific workflows like student financial aid processing.
Pros
- Real-time financial insights via in-memory HANA database
- Seamless integration with procurement, HR, and campus management systems
- Robust compliance tools for grants and regulatory reporting
Cons
- Extremely high implementation costs and lengthy deployment (often 1-2 years)
- Steep learning curve requiring specialized SAP consultants
- Overkill for smaller universities without deep customization
Best For
Large research universities with enterprise-scale financial operations and existing SAP ecosystem investments.
Pricing
Custom enterprise licensing; typically $200,000+ annually plus implementation fees exceeding $1M for large deployments.
Jenzabar One
specializedCloud ERP unifying student billing, accounting, and fundraising for mid-sized colleges and universities.
Advanced fund accounting engine that supports complex grant tracking and endowment management unique to higher education
Jenzabar One is a comprehensive ERP platform designed for higher education institutions, with robust financial and accounting modules that handle general ledger, accounts payable/receivable, budgeting, and fund accounting tailored to university needs. It integrates seamlessly with student information systems, financial aid, and HR modules for a unified view of institutional finances. While powerful for complex higher ed environments, it requires significant customization and IT resources to deploy effectively.
Pros
- Deep integration with higher education-specific modules like student billing and financial aid
- Strong fund accounting and compliance tools for non-profit universities
- Customizable reporting and analytics for institutional financial oversight
Cons
- Steep learning curve and complex interface requiring extensive training
- High implementation costs and long deployment timelines
- Limited modern cloud-native features compared to newer competitors
Best For
Mid-sized universities seeking a fully integrated ERP with specialized higher education accounting capabilities.
Pricing
Custom pricing via quote, typically starting at $100,000+ annually for mid-sized institutions, plus implementation fees.
Unit4 ERP
enterpriseFlexible people-centric ERP with finance modules for university budgeting, procurement, and project accounting.
Advanced multi-dimensional grant management with automated compliance tracking for research universities
Unit4 ERP is a cloud-based enterprise resource planning solution designed for service-oriented organizations like universities, offering comprehensive financial management including general ledger, accounts payable/receivable, budgeting, and grant tracking. It integrates seamlessly with HR, procurement, and student management modules to provide a unified platform for higher education operations. Tailored configurations support multi-entity accounting, compliance reporting, and analytics for complex university environments such as research grants and endowment funds.
Pros
- Robust grant and fund accounting tailored for universities
- Scalable cloud deployment with strong analytics and reporting
- Excellent integration across finance, HR, and student systems
Cons
- Complex and time-intensive implementation process
- Steep learning curve for non-technical users
- High cost suitable only for larger institutions
Best For
Mid-to-large universities with complex financial structures needing integrated ERP for accounting, grants, and operations.
Pricing
Quote-based enterprise pricing; annual subscriptions typically start at $50,000+ depending on modules, users, and customization.
Infor Campus Management
specializedIntegrated higher ed ERP handling financial aid, tuition billing, and general ledger management.
Integrated student financials module that links billing and payments directly to enrollment data for real-time account visibility and automated revenue management.
Infor Campus Management is a cloud-based enterprise solution tailored for higher education, providing integrated accounting capabilities for universities including student billing, accounts receivable, general ledger, budgeting, and financial reporting. It seamlessly connects financial operations with student information systems, enabling real-time management of tuition, fees, financial aid, and compliance reporting. Designed for multi-campus institutions, it supports complex revenue recognition and fund accounting specific to higher education needs.
Pros
- Deep integration with student lifecycle management for unified financial oversight
- Robust analytics and reporting compliant with higher education standards like GASB
- Scalable architecture supporting large-scale, multi-entity university operations
Cons
- Steep learning curve and lengthy implementation due to its ERP complexity
- High customization costs and dependency on Infor consultants
- Limited flexibility for smaller institutions without full suite adoption
Best For
Large universities or multi-campus systems needing an all-in-one ERP for student and financial management.
Pricing
Enterprise-level custom pricing; subscription-based starting around $50-100 per student/year plus implementation fees, often in the mid-six figures annually for mid-sized institutions.
Anthology
specializedModern student management platform with embedded financial tools for accounting and revenue cycle.
Seamless bidirectional integration between financials and student systems for real-time tuition and aid reconciliation
Anthology offers a comprehensive ERP suite for higher education, with its Finance module providing robust accounting solutions tailored for universities. It manages general ledger, accounts payable/receivable, budgeting, tuition billing, and financial aid processing, ensuring compliance with higher ed regulations. The platform integrates seamlessly with Anthology's student information and CRM systems for unified financial oversight.
Pros
- Higher education-specific features like grants management and tuition remittance
- Strong integration with SIS and CRM for data accuracy
- Advanced reporting and analytics for financial insights
Cons
- Steep learning curve and complex implementation process
- Higher pricing for smaller institutions
- Customization requires significant IT resources
Best For
Mid-to-large universities seeking an integrated higher ed ERP with strong financial and student data connectivity.
Pricing
Subscription-based SaaS model with custom pricing starting at $50,000+ annually, depending on institution size and modules.
Microsoft Dynamics 365 Finance
enterpriseCustomizable cloud finance app supporting multi-entity accounting for educational organizations.
Dimensional accounting with unlimited segments for precise fund, grant, and project tracking in academic environments
Microsoft Dynamics 365 Finance is a robust cloud-based ERP platform specializing in financial management, offering advanced general ledger, accounts payable/receivable, budgeting, and fixed asset capabilities suitable for university accounting needs like fund tracking and grant management. It supports multi-entity structures and dimensional accounting, enabling universities to handle complex compliance requirements such as GASB standards and research funding. Integrated seamlessly with Microsoft tools like Power BI and Office 365, it provides real-time analytics and automation for efficient financial operations in higher education settings.
Pros
- Highly scalable for large universities with complex multi-fund accounting
- Deep integration with Microsoft ecosystem for analytics and productivity
- Strong compliance and reporting tools for grants and regulatory standards
Cons
- Steep learning curve and complex setup requiring significant customization
- High implementation and ongoing costs not ideal for smaller institutions
- Overkill for basic university accounting without advanced ERP needs
Best For
Large universities with intricate financial structures, research grants, and existing Microsoft infrastructure seeking enterprise-grade scalability.
Pricing
Subscription-based starting at ~$210/user/month for Finance module, plus implementation fees often exceeding $100K for university deployments.
Oracle NetSuite
enterpriseScalable cloud ERP with fund accounting and nonprofit features suitable for universities.
SuiteSuccess for Education with built-in fund accounting and grant lifecycle management
Oracle NetSuite is a cloud-based ERP system offering comprehensive financial management for universities, including general ledger, accounts payable/receivable, billing, and revenue recognition. It supports higher education-specific needs like fund accounting, grant management, and student tuition billing through customizable modules. The platform provides real-time analytics, automation, and scalability for complex institutional finances.
Pros
- Powerful automation and real-time financial dashboards
- Scalable for multi-campus universities with multi-entity support
- Strong compliance and reporting for grants and funds
Cons
- Steep learning curve and complex setup
- High implementation costs and time
- Pricing can be prohibitive for smaller universities
Best For
Large universities or university systems with complex, enterprise-scale accounting needs including grants and multi-entity management.
Pricing
Custom quote-based pricing; typically $10,000+ per month for full ERP deployments, based on users, modules, and customization.
Conclusion
Workday emerges as the top choice, boasting cloud-native integration and tailored financial tools for higher education. Ellucian Banner and Oracle PeopleSoft Financials also shine, offering robust ERP systems suitable for varied institutional needs. Together, the top 10 tools showcase solutions that adapt to diverse operational requirements, ensuring universities find impactful accounting support.
Dive into Workday to elevate your financial management—its flexible, integrated platform is a standout for unlocking efficiency and precision in higher education operations.
Tools Reviewed
All tools were independently evaluated for this comparison