Businesses are getting bigger over time. Most of the companies are not only focusing on the local business, they are also looking to expand globally. Multinational companies have offices in different parts of the world which makes it difficult to manage the business accounts. If your company is located in different parts of the world then you should definitely look for an accounting software that can be used on a multinational level too.
Multinational companies are becoming more and more common across the world. With the ability to access services, information, money, legal systems, and other features in different countries easier than ever, countless businesses are taking advantage of this ability. More options are popping up to help these multinationals track their finances. There are many software companies that specialize in accounting software specifically designed for these large corporations.
What is the best accounting software?The best accounting software is Freshbooks. It’s a completely cloud-hosted fast, reliable, and user-friendly accounting suite that can create invoices in a few clicks, automate administrative tasks, and integrate with online payment solutions. It also has an easy-to-use yet flexible user interface.
Enterprise accounting goes beyond core accounting and includes other key business processes that impact the process. These include financial management, inventory control, order and purchase, payroll and human capital management, and so on. We can say that they are enterprise resource planning software or ERP as these solutions expand their capabilities to encompass the critical areas of running the business. At a time when the COVID-19 pandemic impacts all areas of your business, these tools can help you build business resilience.
In this article, we discuss five accounting software for enterprises and their unique features, and how we believe they can help your business in managing resources. While some of the following may be geared toward startups and small businesses, it’s a matter of how straightforward and simple they are, not for lack of capability.
f you’re a business with increasingly complex operational expenses and revenue streams, it’s time to prepare to consolidate your business processes. To hurdle common enterprise-level challenges such as integrating accounting with invoicing and payments, managing costs, and learning the system, you need an ERP to streamline processes, consolidate data, and automate recurring tasks. However, you need to carefully select a vendor to avoid these infamous ERP disasters and disappointments.
There are plenty of benefits to using enterprise accounting applications, such as visibility, automation, streamlined processes, and cross-departmental collaboration, among others. This is a distillation of the top four benefits cited by organizations in the Panorama 2021 ERP Report:
- Operational efficiency
- Reporting and visibility
- Updating technology
- Growth and competition
96.6%96.6%85.7%85.7%80%80%68.4%68.4%Operational EfficiencyReporting and visibilityUpdating TechnologyGrowth and Competition0255075100125Reporting and visibility: 85.7%
Benefits Realized with An ERP Implementation in 2021
Designed by
Soure: Panorama, 2021
Enterprise accounting tools do not simply track numbers on a ledger, however. They also track, manage, automate, and optimize the available resources in a company, whether they’re assets, cash, time, and even manpower. While ERP software used to be installed on local machines, the increasing reliability of the cloud, plus the better security and uptime they offer these days, are now more attractive to forward-thinking C-level executives.
To that end, we present our best five picks of enterprise accounting solutions.
1. Freshbooks
Freshbooks has gained a following because it’s simple and easy-to-use, contrary to the popular notion that accounting and ERP software is convoluted. At its core, Freshbooks can streamline time tracking and client invoicing. While it’s beloved by startups and SMBs, Freshbooks is full-featured enough to accommodate the demands of an enterprise-level organization without being too pricey that small businesses can’t access it.
The main draw of Freshbooks is that it’s fast and reliable. It can turn complex financial tasks into an enjoyable experience. For example, generating invoices can be as simple as a few clicks, and it can also automate common functions like client follow-ups, time tracking, payroll, and expenses. You can even manage online payments by integrating with several payment processors like PayPal and Stripe and ecommerce platforms like Shopify.
Try out FreshBooks with their free trialGET 60% OFFFREE TRIAL
The solution’s native apps on both iOS and Android enable you to run your business even when you’re out of the office. You can send invoices, log expenses, track time, receive updates, and chat with clients, all synced across devices. With its new collaboration engine, improved search filter, invoice conversations, and multi-currency support, Freshbooks is always up-to-date to leverage cutting-edge ERP technologies.
Detailed FreshBooks ReviewREAD MORE
Freshbooks highlights:
- Enjoy a dynamic accounting solution. Freshbooks constantly updates the software for optimized performance and quality-of-life improvements. It offers advanced features not found in other solutions, such as enabling saved credit cards to be visible on the client’s profile and filtering by uncategorized expenses when searching in the Expense section.
- Save time with an intuitive UI. Freshbooks simplifies accounting with a modern interface, natural collaboration with your team companions and partners, and improved quality of work. Managing your business is simpler with automated task prioritization, customizable dashboard, and late payment tracking.
- Manage accounting anywhere. Freshbooks has a native mobile app for both iOS and Android. The app can create and send invoices, take a photo of receipts, manage expenses, keep up with updates, communicate with your team members and clients, and sync data across all devices.
- Automate payments. Automating recurring payments charges your client’s card automatically and securely. Invoices are also sent in any currency you and your client prefers.
- Optimize expense tracking. Link the Expense Tool to your bank or credit card account, import expenses from your bank account, and attach and organize receipts. You can also easily track which expense belongs to which client or add the expense to an invoice as a reimbursement deal with a particular client.
- Track time accurately. You can track time against specific clients and projects that integrate with Basecamp, Asana, and Trello. Freshbooks also offers flexible billing features. Your team members can log in their time separately for projects, allowing you to track individual and team time worked, and calculate a running bill for payment.
- Report beautifully. Freshbooks generates financial reports, including tax summaries, by simply processing data already entered. You can easily generate a profit and loss report with just a few clicks. You can also create an expense report to track monthly costs and monitor your balance sheet in real-time. Plus, you can export them in CSV or other formats for review with an accountant.
2. FreeAgent: Best For UK Businesses
FreeAgent | Visit SiteRead our Review |
|---|
Best for small to medium businesses in need of unlimited users. Ideal for UK businesses in need of VAT support.
Founded in 2007, FreeAgent is a cloud-based accounting software used by over 70,000 businesses. The software is specifically designed for UK users and offers unlimited users and VAT support for an affordable, flat monthly fee. The software also has great international business features including multiple currency support and the ability to send invoices in over 25 different languages.
While some of FreeAgent’s features are underdeveloped, like the lack of invoice customizations, FreeAgent is still a good choice for small, UK-based businesses looking for accounting, tax support, or international invoicing.
Pros
- Ideal for UK businesses
- Good customer support
- International invoicing
- Unlimited users
Cons
- Limited reporting
- Limited invoice customizations
Pricing
FreeAgent has a single, flat pricing plan which costs $24/month. Payments are made monthly and there is a generous referral program as well. (Prices are in US currency; contact FreeAgent directly for UK pricing.)
International Support
- Multi-currency support
- Send invoices in multiple languages
- International bank support
With FreeAgent, you can send invoices in 28 different languages, including Brazilian Portuguese, Bulgarian, Catalan, Czech, Danish, Dutch, English, Estonian, French, German, Icelandic, Italian, Latvian, Norwegian, Polish, Spanish, and more. You can also add international bank accounts to your software to get a full view of your business’s finances. FreeAgent supports 115+ different currencies which are updated automatically, and the software has a nice feature where you can easily see your currency gains/losses directly on your invoices.
Features
In addition to its international offerings, FreeAgent has a good selection of other features. These features are easy to use and are well-organized. Here’s what you’ll find with FreeAgent:
- Invoicing
- Estimates
- Contact management
- Expense tracking
- Accounts payable
- Basic inventory
- Project management
- Time tracking
- Reports
The software only has a small selection of reports and limited invoice customizations. However, it does offer VAT support for UK businesses.
When To Use FreeAgent
FreeAgent is one of the best cloud accounting choices for UK-based businesses, especially those looking for good features, strong customer support, and an easy to use interface. Add international invoicing and banking to the mix and it’s easy to see why FreeAgent is our second choice for international businesses.
3. QuickBooks Online Canada: Best For Canadian Businesses
QuickBooks Online Canada | Visit SiteRead our Review |
|---|
Best for small businesses in need of strong accounting and GST & HST support. Ideal for Canadian businesses.
QuickBooks Online Canada is similar to its US cousin QBO in that it offers strong accounting and great features but in a package specifically designed for Canadian businesses. However, unlike the US version of QBO, QuickBooks Online Canada actually has good customer support and bilingual invoicing (according to some articles, QBO Canada is the QuickBooks guinea pig for testing international invoicing and the feature was released for Canadian users in early 2019). The software also has over 500 integrations, GST & HST support, and mobile apps.
The software is not suited for companies in need of more than five users (time tracking-only employees don’t count toward the limit). QuickBooks Online Canada is ideal for small Canadian businesses in need of numerous features, advanced accounting, and the ability to send invoices to both English and French-speaking customers.
Pros
- Ideal for Canadian users
- Numerous features
- 500+ integrations
- GST & HST support
Cons
- Limited users
- Limited invoicing
- Moderate learning curve
Pricing
QuickBooks Online Canada offers three pricing plans ranging from $20 – $50/month. Payments are made monthly and certain additions like payroll and payment processing cost extra. The larger the plan, the more features and users you have access to.
International Support
- Multi-currency support
- Send invoices in multiple languages
With QuickBooks Online Canada, you can send your customers invoices in either French or English so you can successfully run your business in North America. The software itself also comes in either French or English. Additionally, QuickBooks Online Canada supports over 150 currencies that are updated regularly.
Features
In addition to the new bilingual invoicing feature, QuickBooks Online Canada has a lot more features to offer. The features are well-developed and the software is generally easy to use (albeit a bit difficult to navigate while learning). Here are some of the most notable QuickBooks Online Canada features:
- Invoicing
- Estimates
- Contact management
- Expense tracking
- Accounts payable
- Inventory
- Project management
- Time tracking
- 100+ reports
- Budgeting
For Canadian users, QBO Canada also offers GST & HST support and strong accounting, including a customizable chart of accounts, fixed asset management, and more.
When To Use QuickBooks Online Canada
QuickBooks Online Canada is a comprehensive small business accounting solution complete with GST & HST support and bilingual invoicing, making it a great option for Canadian-based businesses. Good customer support and over 500 integrations are icing on the cake.
Get Started with QuickBooks Online Canada
Conclusions
If you’re looking for a solution that will help you consolidate financial reports and integrate multiple branches and currencies, an integrated accounting system may be what you need.