Accounting software is a set of tools and applications that streamline financial processes to help businesses and organizations manage their accounting activities. The software can be deployed on-cloud or on local computers, and is designed for freelance accountants, accounting teams and finance professionals to facilitate the management of company accounts. Accounting software can provide you plenty of benefits, foremost of which are the following:
- Clearer and better view of company costs and expenditures and costs which greatly helps when it comes to making financial decisions.
- Creating insightful reports that summarize important financial information for easier understanding.
- Ensuring compliance with federal requirements and reporting standards.
Accounting software systems for your business may come with different features, and they vary widely according to functions and capabilities to address the various needs of businesses and customers. However, most accounting software has a common set of features such as reporting and analytics, automation, customization and interoperability or integration.
What is Accounting Software for Enterprises?
While individual accountants and small companies can make do with basic single-entry systems, such may not be the case for large corporations. With bigger and more complicated financial activities to manage, established companies require sophisticated double-entry solutions that offer advanced features. This requirement is addressed through a comprehensive enterprise resource planning (ERP) suite to manage functions relevant to large companies such as foreign currency, international operations, and multi-company consolidation, to name some.
Of course, this system will entail considerable investment in time, money, effort and commitment both on implementation and operation – things that only a large company has the resources and willingness to do.
Conglomerates and global corporations need integrated, comprehensive systems rather than specific functionalities to manage large volume of financial records, transactions and company accounts. Not only that, because of the diverse needs and operational demands of modern enterprises, the system must be able to handle other related activities that require accounting and auditing such as inventory and assets, product distribution and delivery, procurement, sales and business performance, and even human capital and workforce management.
Currently, there are many popular vendors such as Microsoft, Oracle and SAP that offer feature-rich accounting applications and ERP platforms specifically for big organizations. Let’s have a look at five leading accounting software for enterprises.
Intacct smartly combines the words “internet” and “accounting”, which basically sums up what it is – a cloud-based accounting software. Businesses wanting to upgrade from entry level accounting software to advanced accounting platforms can consider Intacct a top choice. However, it is geared towards those with a keen understanding of accounting and accounting-related processes, and is ideal for large enterprises and professional organizations needing a sophisticated accounting application.
Despite requiring a steep learning curve for users, Intacct is popular choice among a variety of customers because of its many useful features. In fact, its core functionalities alone already cover areas such as cash management, accounts payable and receivable, general ledger, purchasing, order entry and employee expenses. Its more advanced modules can handle project accounting, revenue recognition, global consolidations, and integrations with popular business platforms.
What are the advantages of Intacct?
- Clean interface – Default dashboard is simple, uncluttered and customizable, allowing for the creation of shortcuts to common functions.
- Several core capabilities – An array of tools can be used to lower revenue leaks, control basic costs and margins, come up with precise projections, manage multi-currency, streamline tax compliance, and many more.
- Built-in reports – Report templates are built into the system, and reporting can be customized based on presentation requirements.
- Fast and secure processing – Designed to handle accurate credit card and bill processing related to credit cards and bills; functions smoothly with e-commerce websites, particularly on online purchases.
- User limitations and security – Limits user access controls only to features that are allowed. Likewise, Oracle’s reliable database system keeps information within the software secure from hackers and viruses.
- Solid software credentials – Recognized by the American Institute of CPAs as their leading provider of financial-related applications for accounting professionals.
2. Microsoft Dynamics GP
Microsoft Dynamics GP is widely considered as a top accounting solution for mid range and large companies. It is designed as a multi-user, multi-module platform that can handle not only financial management and project accounting but also various processes in field service, supply chain, manufacturing, and human resources management. On top of these is its interoperability with all the applications in the Microsoft product line, making it a complete ERP package for companies wanting an application that goes beyond accounting.
The comprehensive software is equipped with multiple dashboards and configurable screens where you can access product information, reminders, learning resources, reports and quick links. It has a business analyzer feature that offers options for content display such as cash position KPI detail, contract revenue, inventory turnover KPI and top backordered items. It also has advanced analytics and reporting functions. Naturally, a highly technical platform has its downside – it is complicated to use, and would require extensive training to master the system
What are the advantages of Microsoft Dynamics GP?
- Budget modification audit – Makes it easier to spot inconsistencies, accelerates transfer of information between payables and receivable, and automates processes for finance charges.
- Role-specific insights – Reduces delays in report approval and keeps tab of information about contracts, invoice copies, pictures and the like.
- Stock monitoring – Keeps track of inventory stock levels and makes data available on all devices and locations regardless of the number of cycle counts and POs.
- Scalable – Designed to meet whatever IT infrastructure budget capability; can be modified both in appearance and functionality.
- Integration – Works with all other Microsoft productivity tools and platforms.
3. NetSuite ERP
NetSuite ERP is a scalable cloud ERP solution targeted at mid-sized businesses and large enterprise. It streamlines processes and workflows for financial management, order management, billing, revenue management, procurement, and inventory management. It allows a customizable view of key performance indicators and reports across the entire organization from top management to the key personnel. NetSuite ERP comes with all the essential features for handling high-level accounting operations such as general ledger, accounts receivable, accounts payable, inventory and fixed assets.
Aside from a broad range of robust ERP functionalities, the software also carries a customer relationship platform with salesforce and marketing automation capabilities as well as built in business intelligence that combine data and visual analytics to generate actionable business insights. All these are meant to provide companies the tools they need to simplify critical operational processes and accelerate corporate growth.
What are the advantages of NetSuite ERP?
- “What/If” financial modeling – Helps in budget and forecasting, evaluation of various financial scenarios, and analysis of projected and actual results.
- Accurate revenue recognition management – Allows you to calculate and create accurate financial statements for product and service sales from a single time point or across various milestones.
- Complete visibility of supply chain – Manage end-to-end, procure-to-pay processes in your supply chain, and get a real-time look at key supplier, inventory and procurement indicators.
- Fast track quote-to-quote process – Gets rid of manual bottlenecks, speeds up order-to-cash process and consolidates sales, finance, and fulfillment operations.
- Centralized information – Customer, order, invoice, and shipping information are in a centralized location to reduce fulfillment errors and avoid costs of reconciling shipping information.
4. FinancialForce Accounting
FinancialForce Accounting is a flexible and powerful cloud platform that addresses top level accounting needs of businesses of all sizes. It offers end-to-end solutions for sales and service-oriented companies seeking to improve their operations starting with a small investment. This affordability is made possible by initially having one app and adding modules over time, depending on your need, or you can acquire it as a full bundle. This makes the software scalable, cost-efficient and an ideal option for smaller companies.
As a complete package, it becomes a comprehensive platform with all the tools and components to handle financial management (accounting, revenue, spend, inventory, billing), professional services (reporting, dashboards, project management, resource management), human capital management (HR, workforce, benefits, talent acquisition, employee engagement), and Salesforce CRM (sales, marketing, service). An app that can grow with your business and transform into full ERP software makes FinancialForce Accounting a compelling choice.
What are the advantages of FinancialForce Accounting?
- Cash management – Optimizes cash workflow by automatically reconciling bank statements without re-keying, or record bank charges and interest.
- Inter-company journal – Allows transfer of costs between companies or business units so you can perform accruals and calculate automatically cumulative, year-to-date budgets for each period.
- Opportunity-to-cash processing – Automatically determines due dates and settlement discounts, and allocates payments to invoices based on document references and amounts.
- Automated invoicing – Facilitates billing, allowing you to raise an invoice directly from Salesforce CRM or create a single invoice with multiple installment payment-due dates.
- Taxation management – Include features such as 1099 support, business activity statement, multiple sales taxation, and VAT.
5. QuickBooks Desktop Enterprise
QuickBooks Desktop Enterprise is the professional business edition of the hugely popular QuickBooks accounting software. As its name implies, this is a high grade solution for companies needing smarter tools and advanced capabilities for more demanding financial operations. This is why it is tailored for businesses involved in manufacturing, contracting and retail. Quickbooks Enterprise can cover accounting areas such as pricing, inventory management and reporting, among others. It has a cutting-edge tracking technology that can monitor tens of thousands of items, people and accounts while allowing 30 people to access the system simultaneously.
It features several modules for advanced accounting, including reporting, inventory, sales, purchasing, payroll, and employee management – functionalities that may not be easy for entry-level accountants but more suitable for highly-skilled finance professionals. Other features include combined reports, custom reports, automated billing, direct credit card transactions, tracking fixed assets, and many more. One of its many standout features is the automated tax deductible expenses, a handy tool that is not offered by competitor products, making it unique to this software.
What are the advantages of using QuickBooks Enterprise?
- Income tracker – Provides end-to-end view of all income-related transactions in one place and allows you to input expense transactions fast from multiple banks and accounts in one place.
- Multi-tracker – Tracks performance and progress of each agent on a team, and you can continually add and track even thousands of customers, vendors and employees.
- Multi-invoicing – Instantly accessible customer information from any device allows batch invoicing of multiple customers for time and expenses.
- Inventory center – Easily find and locate inventory tasks by accessing your inventory items and reports in one place.
- Real-time performance visibility – It enables the use of any Enterprise Solutions’ 138+ standard reports for real-time view into your business performance.