Systems and methods for implementing counters in a network processor with cost effective memory are disclosed. Embodiments include systems and methods for implementing counters in a network processor using less expensive memory such as DRAM. A network processor receives packets and implements accounting functions including counting packets in each of a plurality of flow queues. Embodiments include a counter controller that may increment counter values more than once during a R-M-W cycle. Each time a counter controller receives a request to update a counter during a R-M-W cycle that has been initiated for the counter, the counter controller increments the counter value received from memory. The incremented value is written to memory during the write cycle of the R-M-W cycle. A write disable unit disables writes that would otherwise occur during R-M-W cycles initiated for the counter during the earlier initiated R-M-W cycle.