Enterprise accounting software helps large businesses go beyond basic financial processes by offering advanced capabilities. After reviewing different options using our advanced methodology, here are our top picks for large organizations.
- NetSuite: Best Overall
- Odoo: Best Customization Options
- Sage Intacct: Best for Reporting
- Acumatica
- Microsoft Dynamics 365 Business Central
- Xero
- QuickBooks Enterprise
- Multiview
- SAP Business One
- Striven
1 NetSuite - Best Overall
Why We Chose It: We moved NetSuite to the top of our list for its multi-language and multi-currency support. This ERP system delivers global capabilities, helping enterprises comply with local tax regulations and laws.
We also wanted to point out that NetSuite has a built-in payroll module that integrates with its real-time general ledger. The software’s drill-down functionality allows users to investigate underlying transactions behind reported figures. NetSuite also has a drag-and-drop report builder called Suite Analytics. It has 20 pre-built templates; users can customize these but need some coding expertise in SuiteScript and SQL.
2 Odoo - Best Customization Options
Why We Chose It: Odoo made our list due to its open-source nature, creating an avenue for extensive customization. Large organizations can personalize forms, fields, and validation rules to capture data consistently and lower the risk of incorrect data entry. Odoo’s compatibility with a multitude of APIs and support for over 15,000 third-party apps allows for seamless connection with other systems like Shopify and PayPal.
Odoo has a framework for managing various financial tasks, such as invoice and payment tracking, bank reconciliation, and reporting. Features like bank synchronization, tax localization, and optical character recognition for scanning bills and receipts automate accounting processes.
3 Sage Intacct - Best for Reporting
Why We Chose It: Sage Intacct is a browser-based, GAAP-compliant financial management system offering core accounting functionalities. Its support for multi-entity operations, project accounting, and multi-dimensional reporting allows businesses to expand domestically or internationally. Moreover, its integrations with CRM, inventory management, and other essential systems enhance its versatility.
Sage Intacct’s scalability suits mid-market and enterprise-level companies with growth ambitions. However, it’s important to note that some advanced features like budgeting and interactive reporting may come at an additional cost. An endorsement from the American Institute of CPAs (AICPA) as a “preferred provider of financial management application” further attests to its reliability and adherence to industry standards.
4 Acumatica
Why We Chose It: Acumatica is an ERP with a strong focus on accounting. The cloud-based architecture offers unlimited users for flexibility and scalability. Additionally, we found Acumatica’s pricing model quite flexible, based on actual resource usage and modules employed rather than user count.
One of Acumatica’s notable features is its multi-entity support, facilitating global financial consolidation for companies with international operations. Industry-specific editions make Acumatica a solid choice for those in construction, distribution, manufacturing, retail-commerce, and services.
5 Microsoft Dynamics 365 Business Central
Why We Chose It: Dynamics 365 Business Central by Microsoft is a versatile solution with enterprise-level functionalities encompassing finance, human resources, operations, marketing, and sales. The accounting module offers essential features such as audit trails, multi-currency, and multi-language support while automating recurring tasks like invoicing and reporting.
For growing businesses looking to transition into a full ERP system focusing on accounting, Dynamics 365 provides the tools necessary to streamline operations and drive data-driven decision-making. And all on a user-friendly interface that resembles popular Microsoft products.
6 Xero
Why We Chose It: The cloud-based Xero accounting system optimizes bookkeeping processes, offering features like bank reconciliation, financial reporting, and sales tax management. Xero’s strength lies in its ability to provide an in-depth view of a company’s cash flow, with clear displays of upcoming bills and outstanding invoices.
Xero offers unlimited user support across all its plans, facilitating real-time collaboration among employees, accountants, and financial advisors. However, Xero is most suitable for mid-sized enterprises with transaction volumes that do not exceed 2,000 per month.
7 QuickBooks Enterprise
Why We Chose It: QuickBooks Desktop Enterprise made our list because it has built-in payroll functionality. Large businesses can auto-calculate earnings, taxes, and deductions. Additionally, staff can access an online portal to view pay stubs, PTO balances, and W-2s. This makes payroll processing simpler for enterprises, allowing them to deposit wages directly into employee bank accounts.
QuickBooks Enterprise gives multi-location companies the ability to consolidate financial reports. The system includes over 120 standard reports like profit and loss, forecast vs. actual budget, AR aging detail, and cash flow statements. Last, we like that QuickBooks Enterprise acts as a light ERP with inventory control, time and billing, and bills of materials support.
8 Multiview
Why We Chose It: We found Multiview best for large organizations in healthcare, higher education, and nonprofits. Its accounts payable module allows for multi-entity management and self-balancing intercompany transactions. This functionality helps generate up-to-date financial records across different business units or subsidiaries.
On the receivables side, Multiview ERP provides tools for managing cash receipts, customer credit, and collection issues, all within an integrated reporting framework. The general ledger module further supports this with a full audit trail, electronic workflow approvals, and document management tools. Multiview’s ability to handle miscellaneous and invoice-collected payments makes it a solid pick for enterprises improving their financial operations.
9 SAP Business One
Why We Chose It: SAP Business One is a good option for manufacturers, wholesalers, retailers, and distributors at the enterprise level. Its AP module links vendor details with inventory and purchasing, optimizing the procurement to payment cycle.
On the receivables end, SAP Business One simplifies managing customer payments, interest, fees, and tracking receivables. Banking transactions are made easier with support for various payment methods and automatic reconciliation. With real-time accounting, transaction allocation, and Microsoft integrations for reporting, SAP Business One provides a full financial management toolkit.
10 Striven
Why We Chose It: Striven is on our list because it’s an enterprise-level ERP system with extensive accounting functionalities. Notably, it offers real-time reporting and customizable dashboards, helping large organizations monitor multiple revenue streams. Striven also offers tools for forecasting cash flows, managing AP and AR processes, and planning budgets.
Moreover, Striven integrates with online banking systems, syncing transaction data from bank and credit card statements. This is useful for fund transfers, processing payments, handling deposits, carrying out reconciliations, and managing merchant accounts. Ultimately, we think Striven is a strong choice for large businesses in a breadth of industries, from construction and contracting to logistics and distribution.
What Is Enterprise Accounting Software?
Large businesses use enterprise accounting software to cover core accounting processes while including advanced capabilities to balance your books. These additional tools give your business more insight and control into your financials.
In addition to the standard accounts payable, accounts receivable, and general ledger capabilities found in all accounting software, you’ll also find features such as:
- Bank reconciliation
- Depreciation schedules
- Advanced billing and invoicing
- Budgeting and forecasting
- Payroll
Enterprise accounting software differs from small business accounting software due to the robust accounting tools offered. These financial management features provide a larger level of automation to the business, meaning your employees can spend less time doing menial accounting tasks such as recurring invoices/billing/purchases and late payment reminders.
These enterprise-level accounting solutions can also allow for multiple users with user permissions, which is important for a bigger company that wants to control its employees’ access to specific software parts and monitor audit logs.
Many enterprise resource planning (ERP software) tools automate business needs on a level that is on par with enterprise accounting options. These management software options will provide all the capabilities of an enterprise accounting option while providing access to non-financial capabilities such as inventory control, e-commerce integration, and supply chain management.
Features of Enterprise Accounting Software
- General Ledger: A central repository for accounting data transferred from all sub-ledgers. Helps prepare financial statements that showcase company assets, liabilities, equity, revenue, and expenses.
- Accounts Payable: Manages money your company owes to others. Includes check-writing capabilities, vendor management, 1099 processing, and purchase order reconciliation.
- Accounts Receivable: Manages money owed to the organization, such as debts and unpaid invoices. Includes a customer database, invoice creation, and recurring billing.
- Fixed Asset Management: Provides automation for depreciating asset value for optimal asset management strategies and accurate business tax filing.
- Bank Reconciliation: Imports bank records, often in real-time, and attempts to auto-match bank and accounting records.
- Billing/Invoicing: Create, send, and manage outbound invoices for client work. Collect payments online via credit card payments or ACH bank transfers.
- Purchase Orders: Creates financial documents issued to vendors when buying supplies or services. Can be included within accounts payable or as a standalone module depending on additional features needed, such as automatic generation based on inventory levels or approval and requisition workflows.
- Payroll: Executes employee compensation via wage calculation, check printing and direct deposit, and payroll tax management. Includes deductions management, benefits administration, and time tracking.
- Business Intelligence: Creates financial plans for your business through dashboards and visualizations. Includes budgeting and forecasting capabilities such as departmentalized reporting, budget vs actual comparisons, and budget approval workflows.
Benefits of Enterprise Accounting Software
Despite the name, enterprise accounting software is not exclusively for larger businesses. Many small and midsize companies looking for enterprise-level features can benefit from an enterprise accounting system. Some of the top benefits of enterprise accounting programs include:
Improved Focus on Your Departments, Divisions, and Entities
A general rule of thumb is that the more advanced an accounting system is, the more easily it can handle multiple subsidiaries within your organization. Your business may operate different departments or divisions under different names, and without the proper accounting system, it can make keeping financials separate a messy process. It can also give headaches when limiting user access so that only members of specific divisions can edit fields related to their division.
A more robust accounting system will help you support multiple divisions within the same company. Any transaction between related companies (intercompany transactions) can easily be handled, and users can only access files necessary to them.
Easily Add Modules at Your Convenience
Enterprise accounting software usually has a modular design, meaning the software can be bought in bits and pieces. For example, if you only required AP, AR, and a GL to begin, you could purchase the software at an appropriate price. Down the road, you can add on the advanced invoicing or budgeting/forecasting tool and pay the difference in cost.
This level of flexibility means enterprise accounting software can offer broad capabilities without forcing you to begin using (or, worse, pay for) features you have no interest in. Likewise, you can continue to use existing systems side-by-side with your newer enterprise option if your staff is reluctant to give up a solution it likes.
For example, many companies use a separate solution for customer relationship management (CRM). While your new enterprise accounting system may have its own CRM module, if it doesn’t force you to use or purchase it, the transition to the new software might go over better with your staff.
Gain Insight on Your Business Performance With Advanced Reports
Prebuilt reports, dashboards, data visualizations, and more can all be created with the advanced reporting capabilities of most enterprise accounting software. These reports can be used for both internal uses or for any regulatory compliance required by your organization. These reports aim to help interpret the results of your company’s financial performance and anticipate future performance and gains.
Enterprise Accounting Software Pricing Guide
The cost of enterprise accounting software starts between $100-$400 per user per month. These solutions come at a higher price point due to the level of use, the number of users needed, the number of applications needed, and integrations with other systems.
Many enterprise accounting solutions allow you to purchase a base package and add capabilities as your business grows. Additional features such as advanced budgeting, forecasting, and payroll will almost always include an added cost onto the base package.
Functionality such as payroll requires constant updates to provide tax calculations, filings, and payments. Payroll modules will almost always incur ongoing monthly/yearly costs per user.
Compared to normal accounting solutions, enterprise accounting packages will typically cost more due to an increased need for additional features. These features include multi-currency support, multi-entity accounting, order management, and recurring invoicing.
Will QuickBooks Work For Enterprise Accounting?
QuickBooks Enterprise is Intuit’s answer for businesses who enjoy the ease of use and familiarity of QuickBooks Pro or QuickBooks Online but have simply outgrown the solutions. The Enterprise option is the most advanced version of QuickBooks on the market, with more industry-specific features for manufacturing/wholesale, construction, nonprofit, professional services, or retail businesses.
Compared to lesser versions of QuickBooks, the Enterprise version has 6x the storage capacity and can give access to up to 30 users. Features uniquely available in QuickBooks Enterprise include:
- Advanced inventory management
- In-depth job costing
- Nonprofit workflows
- End-to-end project management
- Automated pricing
- Industry-specific reports
The cost of QuickBooks Enterprise starts at $1,039.50 for the first year. This price reflects locally installed versions of QuickBooks where data is stored locally, and users won’t be able to access data remotely. Hosted options can be accessed from anywhere, anytime, with any device (including Macs), starting at $130.40/month.
Roughly speaking, the more users and features required, the higher the monthly or yearly cost. Features such as payroll and advanced inventory will require a more expensive plan.
