Have you ever wondered what the best accounting software for large business is? It’s no secret that running a business often requires an array of software to handle the specific requirements of managing your finances. This may be something that you haven’t considered before or even if it is an aspect of running your company that you haven’t given much thought to, then the information in this article will hopefully help give you an insight into which accounting software packages could be right for your business.
Reliable accounting software for large businesses
Improving your organization’s ability to provide financial information and insight is crucial to increase agility and competitiveness in the market. The financial process can be tedious and confusing, particularly when your accounting software is not up-to-date or if your business largely depends on spreadsheets. Large businesses need the right software that can increase the efficiency and accuracy of accounting, and automate and streamline the business processes. Cloud accounting software is the answer.
Is your large business interesterd in cloud accounting software?
FINANCIALFORCE ACCOUNTING DATASHEET
Cloud-based large business accounting software
Cloud based accounting software brings benefits to the entire organization, especially a large one. With FinancialForce, you have access to a central location to easily analyse your business’s needs. FinancialForce Accounting provides the financial information your accounting teams require to make better decisions anywhere, anytime, across the entire organization.
Designed as a true cloud app, FinancialForce offers an end-to-end solution that’s ideal for large companies seeking ways to make their operations more efficient at less cost.
Benefits of large business accounting software:
- View departmental tabs that combine billing, collections, sales and related expenses on a single page
- Deliver key metrics and financial reporting straight from the cloud to your tablet, browser or mobile device
- Eliminate the numbers of emails by using “Chatter” for accounting and reports
Accounting software for large businesses – Watch Now
Streamline, simplify, and automate your financial operations on the Salesforce platform. FinancialForce Financial Management gives you a flexible general ledger, automated billing processes, and brilliant intelligence all in one place.
1. Best Accounting Software For Mid-Sized Businesses: QuickBooks Online
QuickBooks Online | Visit SiteRead our Review |
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QuickBooks Online is best for mid-sized businesses with up to 25 users and is a great scalable option for growing businesses. QBO is also ideal for businesses needing strong invoicing and mobile apps.
QuickBooks has been one of the biggest names in accounting since the dawn of time (or at least it feels that way). With advanced features, strong accounting, full-featured mobile apps, and over 650+ integrations, it’s easy to see how this cloud-based software is the favorite choice for over 2.2 million users and thousands of accounting firms.
In the past, QuickBooks Online (QBO) was unsuited for larger businesses. Recently, QuickBooks Online added a brand new pricing plan called QuickBooks Advanced which offers up to 25 users, customizable user permissions, and other features like Priority Care, making it a viable accounting solution for large businesses.
Granted, this plan is a bit expensive, but if your company needs more advanced reporting, the Fathom reporting subscription that is included with QBO Advanced may be more than worth the cost. Plus, QuickBooks Online also has the best invoicing options and automations of any program on this list. The only other potential downsides to consider are poor customer support and occasional navigational difficulties.
Pros
- Advanced features
- Strong accounting
- Numerous integrations
- Easy to use
Cons
- Poor customer support
- Only supports 25 users
QuickBooks Online Pricing
QuickBooks Online offers four pricing plans ranging from $25 – $180/month. The two biggest plans, Plus ($80/month with up to 5 users) and Advanced ($180/month with up to 25 users), are the best suited for large businesses. There are three payroll options priced at $45/month + $4/month per employee; $80/month + $4/month per employee; or $125/month + $10/month per employee.
(Note: You can add an unlimited number of time tracking only uses to QBO.)
QuickBooks Online Features
QuickBooks Online has a strong feature set and great accounting capabilities like expense tracking, bank reconciliation, fixed asset management, a chart of accounts, accounts payable, journal entries, and up to 80 customizable reports (depending on your plan). Here are some of QuickBooks Online’s other features:
- Invoicing
- Estimates
- Contact management
- Inventory
- Project management
- Time tracking
- Budgeting
- Packing slips
- Purchase orders
- Tax support
- Multiple currencies
One of the biggest selling points of QuickBooks Online is invoicing. There are plenty of attractive, customizable templates to choose from and advanced automations like recurring invoices, late invoice reminders, and the ability to auto-schedule invoices.
QuickBooks Online also offers a lending service called QuickBooks Capital, so you can manage all areas of your business’s finances in one location. A new add-on called QuickBooks Live is also available. This service pairs you with a virtual bookkeeper to help set up your account, review and close accounts, and provide expert accounting advice.
QuickBooks Online is fairly easy to use, although there are some navigational difficulties. While the software has an attractive UI and seems well-organized, some features are hidden in odd places, making them more difficult to find.
QuickBooks Online’s customer support is hit or miss. Sometimes your call is answered right away; other times, you’re waiting for upwards of 30 minutes just to talk to someone. Customer support reps vary in terms of helpfulness and knowledge. There is no email support either. There is a recently redesigned help center, and the company is working on bettering their response times and offering more in-software help options (although they still have a ways to go).
Luckily, if you go with the QuickBooks Online Advanced plan, you will automatically receive a dedicated account manager and Priority Care support (meaning all of your calls go straight to the front of the line).
When To Use QuickBooks Online
QuickBooks Online has always been ideal for small businesses, but its largest plan makes it a viable option for medium to large businesses who need cloud-based software with strong accounting, features, and mobile apps. The software is not ideal for businesses with over 25 users.
Get Started with QuickBooks Online
2. Best Accounting Software For Large Businesses: Xero
Xero is the best accounting software for medium- to large-sized businesses searching for the full accounting package. Unlike, QBO offers unlimited users making it a great fit for large businesses.
Xero is cloud-based accounting software that has been giving QuickBooks a run for its money since 2006. The software offers strong accounting, advanced features, unlimited users, and is the software of choice for over 1,000,000 users and 16,000 accounting firms.
While Xero has a semi-steep learning curve, that’s the price you pay for advanced features like detailed contact management, inventory, project management, time tracking, budgeting, and more. The company’s customer service and mobile apps leave something to be desired, but Xero still receives a large number of positive customer reviews. Xero also has some of the best security on the market when it comes to cloud-based accounting and offers 800+ integrations.
The software is ideal for medium to large businesses in need of multiple users and advanced features at an affordable monthly cost.
Pros
- Unlimited users
- Advanced features
- Strong accounting
- Numerous integrations
Cons
- Poor customer support
- Steep learning curve
Xero Pricing
Xero offers three pricing plans ranging from $11 – $62/month. Each plan comes with unlimited users. The larger the plan, the more features you have access to. Xero does not offer payroll; however, it does integrate directly with Gusto, starting at $39/month + $6/month per person.
Xero Features
Xero offers a large number of features. In terms of accounting, the software supports expense tracking, bank reconciliation, fixed asset management and depreciation schedules, a chart of accounts, accounts payable, journal entries, and over 55 customizable reports. Some of our other favorite features include:
- Invoicing
- Estimates
- Contact management
- Expense claims
- Inventory
- Project management
- Time tracking
- Packing slips
- Purchase orders
- Budgeting
- Multiple currencies
- Class tracking
Xero also has several automations to save you valuable time. You can set recurring invoices, automatic invoice reminders, and default email messages to name a few.
Xero is easy to use once you get to know the software. Although the interface is well-organized, initially setting up the software and learning how Xero works can be difficult. If you can get past the semi-steep learning curve, Xero’s advanced features and other offerings are more than worth it.
This is where Xero drops the ball. Xero offers poor customer support. There’s no phone support and email response times are long (and often the responses are unhelpful). To Xero’s credit, there is a help center with many how-to articles. If you need extra help, download our complete How To Set Up Your Xero Account ebook for free.
When To Use Xero
Xero is a great choice for medium- to large-sized businesses. It offers unlimited users, tons of features, and strong accounting to meet almost any business need — and what Xero doesn’t have, one of its 800+ integrations will.
3. Best All-In-One Accounting Software: FINSYNC
FINSYNC | Visit SiteRead our Review |
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Best accounting software for medium- to large-sized businesses looking an all-in-one accounting, payments, payroll, and cash flow management solution.
FINSYNC may be a newer software program with only a few thousand users, but this is one accounting solution that shouldn’t be underestimated. Launched in 2014, FINSYNC was designed to be the all-inclusive accounting software created to “get your finances in sync.” This cloud-based software provides impressive features and unlimited users in a well-organized, easy-to-use package. The company also has wonderful customer support, which is more than its competitors Xero and QuickBooks can say.
While the software has a lot going for it, there are a few drawbacks, like a lack of mobile apps and a limited selection of integrations. But if your company doesn’t rely on these, FINSYNC could be an affordable choice.
Pros
- Unlimited users
- Strong cash flow & analytics
- Affordable
- Easy to use
Cons
- Limited features
- Limited integrations
- No mobile apps
FINSYNC Pricing
With FINSYNC you can buy the payments ($10/month), accounting and cash flow analysis ($55/month), and payroll services a-la-carte ($40/month), or you can pay $95/month for all three (plus payment processing transactions charges.
FINSYNC Features
For such a young company, FINSYNC offers an impressive number of features. In terms of accounting, you’ll find staples like expense tracking, bank reconciliation, accounts payable, and a chart of accounts. The software could offer more reports but it does cover the basics. In addition to these features, FINSYNC also provides:
- Invoicing
- Estimates
- Contact management
- Inventory
- Time tracking
- Budgeting
- Class tracking
One of the most unique aspects of FINSYNC is its cash flow feature. The software helps you visualize and analyze your cash flow so you can have more control over your business’s finances and better plan for your company’s future.
FINSYNC offers a beautiful UI that is well-organized and easy to use. The company also offers a “concierge” service where you can pay to have a FINSYNC expert set up your account for you — not a bad option for businesses dreading the transition to a new program.
FINSYNC has great customer service with knowledgable support reps and quick response times. You can contact support via phone, email, and live chat, or you can check out one of FINSYNC’s many resources, like its comprehensive help center.
When To Use FINSYNC
FINSYNC is a great option for medium to larger businesses with multiple users looking for advanced features and cash flow management — plus, FINSYNC could be cheaper than both Xero and QBO. The software is not ideal for businesses in need of mobile apps or a large number of integrations.
Conclusions
Large businesses are equally important as the small ones. they have their own methods, way of dealing with things, methods of cost cutting etc. large companies have their own problems too, be it scaling or handling of accounts or taxes or any other administrative affair.