Enterprise accounting software helps companies manage and track their financials, from accounts payable to payroll. Ideally, it should also include the tools necessary for accounting automation, inventory management, compliance and so much more.
There are many examples of accounting software enterprises can choose from. In this guide, we showcase the top software options available and break down the basics of enterprise accounting software.
SEE: Follow These Steps When Choosing an ERP System (TechRepublic)
Jump to:
Oracle NetSuite is a leader in enterprise resource planning software. NetSuite ERP offers robust accounting features, including everything from cash management to tax management.
NetSuite’s accounting software for large businesses integrates seamlessly with the rest of NetSuite’s products, including its customer management and e-commerce tools. The result is a full-service suite that enables enterprises in any industry to gain a 360-degree view of their finances.
Contact Oracle Netsuite for pricing details.
SAP, an industry leader in ERP software, offers complete financial management for enterprises, from basic accounting to governance, risk and compliance. Through SAP Billing and Revenue Innovation Management, enterprises can automate their billing and invoicing processes. And through SAP S/4HANA Cloud, companies can improve the accuracy of their financial closing processes.
See SAP’s website to request a demo.
QuickBooks is known for its easy-to-use yet feature-rich accounting software. QuickBooks Enterprise includes all of the streamlined accounting tools of traditional QuickBooks Online along with enterprise-specific tools.
For example, companies gain access to advanced inventory management, order management and even field service management. QuickBooks Enterprise also includes robust reporting tools, including 200+ customizable reports, as well as built-in budgeting and forecasting tools.
According to QuickBooks, enterprise users experience six times the list capacity by taking advantage of QuickBooks’ automation tools, including batch transactions, automatic time tracking and more.
Pricing starts at $1,830 per year. An annual subscription is required to use the service.
Sage Intacct is a complete, cloud-based accounting platform. Like its competitor SAP, Sage Intacct offers basic accounting tools for most big businesses, including accounts payable and receivable, cash management and a general ledger.
In addition to these core accounting tools, Sage Intacct offers advanced tools such as dynamic allocations, AI-powered timesheets, project-based accounting, and even time and expense management. It’s also a solid solution for multi-business accounting management.
One hallmark feature of Sage Intacct is the platform’s intelligent general ledger. This tool is driven by AI and enables enterprises to benefit from various capabilities. For example, enterprises have the ability to close continuously instead of all at once at the end of each month, saving time and effort.
Key features
Contact Sage to schedule a demo and get pricing details. You can also learn more about Sage’s other products by reading our Sage Accounting review.
While Xero’s accounting solution is primarily geared toward small businesses, the platform does offer solutions for enterprise accounting. Its enterprise-level accounting tools include everything from payment processing to fixed asset management.
Enterprises can use Xero to automate compliance processes using Xero Workpapers. Large businesses will also reap the benefits of robust reports and analytics that include in-depth data about client cash flows. And with Analytics Plus, firms can utilize predictions for even more insights.
Learn more about Xero’s capabilities by reading our Xero review.
Xero has three plans that accommodate freelance, small and large businesses alike:
All Xero plans include a 30-day free trial. Frequent discounts may lower Xero’s starting price by up to 75%.
Certinia—previously FinancialForce—is an enterprise-grade accounting solution that is perfect for companies operating globally. Certinia FinancialForce features multi-language and multi-currency capabilities, including multilingual accounts payable and receivable, asset management and cash management.
Certinia is built on the top customer relationship management platform Salesforce. Due to this fact, enterprises can take advantage of in-depth analytics powered by Salesforce Einstein. The result is clear financial forecasting complete with extended predictions.
While Certinia offers many advanced features, it also delivers simple features such as invoicing.
Pricing is available on request on the vendor’s site.
Acumatica Cloud ERP’s corporate accounting software offers a wide range of financial management and accounting features for enterprises, including multi-entity enterprises. Using Acumatica Cloud ERP, enterprises can centralize their financial data and processes across offices and subsidiaries.
In addition to multi-entity accounting, Acumatica provides project-specific accounting, enabling teams to manage billing, budgeting and other elements for individual business initiatives.
Acumatica users have access to a wide range of accounting tools, including accounts receivable and payable, currency management, tax management, time management and enterprise payroll management.
Pricing is available on request on the vendor’s site.
Enterprise accounting software enables large companies to track and manage their finances, which includes everything from accounts receivable and tax management to employee payroll.
Accounting software provides automation, eliminating the need for tedious manual processes that often result in costly mistakes. Plus, accounting software integrates with other critical enterprise tools such as CRM software.
Using enterprise accounting software in conjunction with other platforms gives companies a real-time overview of all financial data in one place.
The accounting software market is experiencing rapid growth. According to data by Allied Market Research, the global accounting software market was valued at $11.9 billion in 2020; by 2030, the market is expected to reach $70.2 billion.
According to the report, the growth of accounting software use can be attributed to an increase in the adoption of technology used for improving business productivity. Another inspiration behind the growth is the push to utilize automation to eliminate manual processes and accounting mistakes.
It’s important to note the effects of COVID-19 when considering the rapid growth of accounting software. In an effort to be proactive and fight against future threats, many enterprises are prioritizing automation and other tools to modernize their accounting practices. In addition, many businesses are looking for cloud-based software solutions for easy access, whether employees are working in the office or remotely.
Efficiency is the key driver behind many software implementation projects. Accounting software increases operational efficiency in many ways.
For example, automation features eliminate the need for manual data entry. Plus, accounting software stores all financial data in one place, eliminating the need for employees to search several databases for the information they need to perform work-related tasks.
Using a centralized, cloud-based platform, employees can access accounting tools and data from anywhere.
Accounting mistakes such as consistent invoice errors and unmonitored spending can quickly drain an enterprise’s resources; fortunately, accounting software features such as automation and reporting help companies eliminate these mistakes, reducing overall costs.
Accounting software can also reduce the costs associated with hiring accounting professionals or outsourcing accounting procedures.
Mistakes within the balance sheet are frustrating and often result in hours of wasted time. In addition, accounting mistakes lead to poor business decision-making, denial of credit, negative cash flow and a slew of other consequences.
Enterprise accounting software uses built-in controls and tools to eliminate mistakes. These controls alert enterprises to errors before they take hold. In some cases, the software will fix any mistakes automatically.
Enterprise accounting software enables real-time visibility into a company’s finances and key performance indicators. With a clear picture of a company’s health, stakeholders can make informed financial decisions.
Financial regulations change rapidly, and trying to keep up with tax regulations as well as everyday accounting tasks can be a challenge for large enterprises. Enterprise accounting software offers consistent and automatic software updates to ensure accounting processes follow the evolving standards of GAAP and other guidelines; as a result, enterprises can remain in compliance without nearly as much effort.
SEE: Quick glossary: Accounting (TechRepublic Premium)
Enterprises must move fast, and that means reducing the number of manual tasks that must be completed each day. Automation can help.
Enterprise accounting software can help to automate virtually any accounting task, from tax filing to invoicing. Automation enables accounting and finance teams to spend less time on the numbers and more time on higher-value tasks.
Enterprise accounting software includes tools that simplify all basic accounting procedures; for example, capabilities include a general ledger, accounts payable and receivable, cash management and tax preparation. Plus, all basic accounting processes can be automated to save enterprises time and effort.
Modern enterprises need modern billing and payment capabilities. Enterprise accounting software enables the automation of invoices, which reduces costs. For example, accounting software helps to reduce costly invoice mistakes and time wasted on manual billing tasks.
Accounting software can automate every invoice sent, including those that recur each week, month or quarter.
Enterprise accounting software can also track invoices throughout the billing cycle and send reminders to ensure customers pay on time. Another key feature of accounting software is built-in payment processing tools, providing the ability to accept credit and debit payments.
SEE: FreshBooks vs QuickBooks: Which accounting solution is best for your business? (TechRepublic)
Although it’s a critical business process, payroll is often challenging and complex. Timesheets must be wrangled, wages and payroll tax withholding must be calculated, and payments must be processed, all in a timely manner.
Ideally, your enterprise payroll processing software integrates seamlessly with your accounting software to ensure your books accurately reflect your current financial status at any given moment.
Just like payroll, tax management is a draining process. There are many tasks involved in managing taxes, from calculating sales tax to filing quarterly business taxes. These processes are made even more complicated when both domestic and international taxes are involved, which is common for large enterprises.
Enterprise accounting software provides support for all tax management processes within an enterprise. For example, accounting software can track payroll taxes, calculate complex figures such as value-added tax, automatically file annual taxes and so much more. Plus, an accounting platform helps enterprises remain compliant with ever-changing tax regulations.
Many enterprise accounting platforms offer payment processing built right into the software. Using these tools, payments can easily be accepted from credit and debit accounts in addition to traditional check or Automated Clearing House payments.
Access to additional payment methods simplifies the payment process for customers, which may reduce the time spent waiting on cash.
Financial forecasting is offered by most enterprise accounting software suites. For example, some platforms offer data visualizations, so finance teams can see current budgets and trends in real-time.
Tools such as Oracle NetSuite allow teams to generate what-if scenarios based on financial data, so they can create custom forecasts to fit their needs.
Perhaps the most coveted feature of enterprise accounting software is reporting and analytics. Financial data about each and every transaction is wrangled and stored right within the software. Companies can then use this data for financial forecasting, compliance, tax planning and making strategic business decisions.
Enterprise accounting software typically comes standard with a wide range of pre-built reports. For example, the software may contain accounting-specific reports such as profit and loss statements, cash flow statements and tax summaries.
Although, many platforms allow users to create their own custom financial reports to fit their unique needs. Enterprise accounting software also provides access to financial dashboards that serve as visual reports that communicate the enterprise’s real-time financial health via graphs and charts.
Financial data should be kept under lock and key – after all, data breaches are on the rise. And according to recent data by IBM, the average cost of a data breach reached $4.35 million in 2022. The more security layers that can be added to data, the better protected an enterprise will be.
Luckily, enterprise accounting software platforms typically come with robust security features such as two-factor authentication, bank-level encryption, access control and permissions. Using these tools, companies can ensure those who need data have access, and those who don’t — well, don’t.
Which accounting software is right for your enterprise will depend on several factors including the type of business, the number of employees, how much your business earns, and your budget for software purchases.
Does any particular type of enterprise accounting system fit the niche you work in? You may be able to find specific software for manufacturing, for example. Plus, you will want to balance what the software can do with your accounting team’s financial literacy. Does your accounting team want hand-holding, or a lot of customization, or something in between? Ask the people who will be directly using the software, maybe every day, for their input.
Other important factors to take into consideration include whether the software has a mobile app or a cloud service. Where will your employees be physically when they access it? What kinds of devices do they already use on the job? This may matter to how convenient the accounting software can be for them. After all, different software meets different business needs.
