If you are looking for What Is Enterprise Accounting Software, I believe that you are in the right place. Here, you can get reliable information about enterprise accounting software. Just like the name suggests, enterprise accounting software is designed for bigger organizations. As these businesses become bigger and more complex, they need proper tooling to maintain their books of accounts. This software helps our clients manage their finances, handle complex cost management activities, streamline business processes including sales and purchasing, etc.
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Enterprise accounting software is software that allows an organization to keep tabs on financial transactions and data. However, enterprise accounting software goes above and beyond the core accounting processes. Enterprise accounting software comprises modules specific to billing and payroll, accounts receivable, accounts payable, general ledger, and more. Historically it has been a solution that was installed locally, but cloud-based solutions are increasingly available that tailor specific to enterprise business.
While enterprise accounting software has typically been used on-premises, in recent years, a number of web-based options have emerged, including FinancialForce Accounting on the cloud. Enterprise accounting software is generally comprised of a number of specializations, such as accounts payable, accounts receivable, general ledger, billing, forecasting and more.
Some of enterprise accounting software’s main functions include:
- Billing and invoice
- Budgeting and forecasting
- Fixed asset
- Payroll
- Inventory management
Benefits of using enterprise-specific accounting software include automation, visibility, cross-departmental collaboration, and streamlined processes. Enterprise accounting is thus prepared to address the top three concerns of CFOs, including developing talent in the finance organization, providing inputs into enterprise strategy, and measuring/monitoring business performance.
When shopping for an enterprise accounting software solution, there are many things to consider, including:
- Ease of use: A user-friendly interface is paramount when you are switching to a new accounting system that you want your employees to adopt.
- Security: Backups, encryption, and user-specific permissions are important, especially for cloud-based enterprise accounting software solutions.
- Mobile access: The cloud affords access to any device with an internet connection, which is ideal for most of today’s business scenarios where employees are remote, traveling, or inclement weather keeps them home.
- Customization: Each organization has different needs, so choosing a solution that will give you some wiggle room to specifically tailor your software to your unique needs is extremely important.
- Integrated modules: Integration is of the utmost important, even if the modules happen to be sold separately. A unified platform will make your business run smoothly.
Advantages over traditional financial accounting software
Would you rather have an accounting system that’s closed off from the rest of your business activities, or one that’s updated in real time with data on every aspect of your financial and related performance? Today, the Cloud makes it possible to easily integrate different business processes with minimal intervention, so if you’re still treating your accounting software as a separate system, you could end up falling behind your peers.
It not only reduces time spent on data entry and other routine tasks; it also cuts down on errors made when transferring data between the different systems. Advanced analytics based on data from across the business will help you to make informed decisions on everything from manufacturing to marketing. Collaboration across the business is made easier, with employees able to access the system in real time wherever they are. Productivity and customer satisfaction are likely to rise as your business processes become more efficient.
Some include;
BlackLine
BlackLine solutions empowers the accounting and finance function to manage and control the end-to-end financial close process by automating accounting workflows, providing a centralized and secure workspace to perform period-end accounting activities, and streamlining financial reporting. The resulting absence of complex, manual, and error-prone steps inherent in dated accounting practices, enables teams to focus on analyzing discrepancies and uncovering new ways to create value for the organization. This Continuous Accounting approach that eliminates non-value adding activities and evenly distributes tasks across the close, facilitates continual monitoring for errors, fraud, and inefficiency, so accounting and finance leaders can innovate to sustain competitive advantage, even in the face of growing workloads and increasingly stringent regulatory environments.
QuickBooks Online
QuickBooks Online is the best overall accounting software for small businesses of those reviewed. Not only do the majority of small business accounting professionals use QuickBooks Online, but there are also endless online training resources and forums to get support when needed. All accounting features can be conveniently accessed on one main dashboard, making bookkeeping more fluid and efficient.Pros
- Scalable
- Commonly used by accounting professionals
- Integration with third-party applications
- Cloud-based
- Mobile app
Cons
- Upgrade required for more users
- Occasional syncing problems with banks and credit cards
Intuit’s QuickBooks Online has been the most common accounting software used by small businesses and their bookkeeping and tax professionals. The software is cloud-based and can be accessed through a web browser or through the mobile app.
After the 30-day free trial, the four options for subscription plans include: Simple Start at $25 per month, Essentials at $40 per month, Plus at $70 per month, and Advanced at $150 per month. Typically there is a significant discount offered for the first few months, and some accountants are able to offer wholesale pricing to small businesses, as well.
The monthly subscription for this software can be upgraded as a business grows, and there are many customization options with the mobile app that can be used to receive payments, review reports, capture an image of a receipt, and track business mileage. For businesses looking for a payroll solution, QuickBooks Payroll fully integrates with QuickBooks Online.
Each plan offers more advanced features like inventory management, time tracking, additional users, and budgeting. Most service-based small businesses will find that Simple Start meets all of their needs. For product-based small businesses, Essentials or Plus will have more options for inventory and customizations. The Advanced subscription is a new offering and provides robust financial reporting that is powered by Fathom. Fathom is an elite online financial report analysis tool used by many large companies all over the world.
All plans allow integration with third-party apps such as Stripe or PayPal. QuickBooks Online’s app store breaks down all of their apps by function and provides helpful examples of the benefits of each app.
SAP ERP
Leverage world-class ERP software. Sharpen your competitive edge and drive growth with enterprise resource planning from SAP. With more than 40 years of experience and nearly 50,000 customers, our market-leading enterprise resource planning (ERP) software is a proven, trusted foundation built to support the world۪s largest organizations as well as small and midsize companies in 25 different industries. Leverage role-based access to critical data, applications, and analytical tools and streamline your processes across procurement, manufacturing, service, sales, finance, and HR.
Xero
Xero is the best in our review for micro-businesses that are looking for very simple accounting software. This software has a clean interface and also fully integrates with a third-party payroll service. Businesses can collect payment online from customers through Xero’s integration with Stripe and GoCardless.Pros
- Cloud-based
- Mobile app
- Payroll integration with Gusto
- Third-party app marketplace
- Simple inventory management
Cons
- Limited reporting
- Fees charged for ACH payments
- Limited customer service
Xero was founded in 2006 in New Zealand and now has over two million users worldwide. This accounting software is popular in New Zealand, Australia, and the United Kingdom. Xero has over 3,000 employees and is growing rapidly in the U.S., as well.
Xero offers three monthly subscription options and a full-service payroll add-on: Early at $11 per month, Growing at $32 per month, and Established at $62 per month. The full-service payroll option is offered through Gusto and is an additional $39 per month, plus $6 per employee. The company offers a 30-day free trial and a promotion for 50% off for two months.
The Early plan limits usage and only allows entry for five invoices or quotes, five bills, and reconciliation of 20 bank transactions per month. This limited plan may be suitable for a micro-business with high-ticket transactions, but only a few per month, such as a consulting or small service provider. Both the Growing and Established plans offer unlimited invoices, bills, and transactions. The only difference between the two is that the Established plan has additional features like multi-currency, expense management, and project costing. All three plans offer Hubdoc, a bill and receipt capture solution.
Conclusion:
Enterprise accounting software is designed for medium to large-sized companies. There are many enterprise accounting software solutions available in the market for small, medium and large businesses that are looking for effective accounting solutions. An enterprise accounting system is basically one that manages all kind of financial transactions within your organization. It supports the organizational structure with separate venture teams, makes overseeing management scenarios simple, reduces dangers related to loss of information, and improves processing efficiency. It further offers advanced cost segregation, computerized expense systems, integrated access to the previous data, multi channel access to government laws, compliance controls associated with financial transactions, etc.