The days of using a spreadsheet to monitor important business finances are long gone. Software platforms are now available to handle labor-intensive tasks for you. Payroll through accounts payable, businesses may manage and track their finances with the use of enterprise accounting software. These platforms, though, go beyond.
The capabilities required for accounting automation, inventory management, compliance, and much more are included in enterprise accounting software. There are numerous types of accounting software available for businesses to select from. In this article, we deconstruct the fundamentals of enterprise accounting software and highlight the best software solutions on the market.
Top 8 best enterprise accounting software suites
Here are the top 8 best enterprise accounting software suites discussed below.
1. Oracle NetSuite ERP
Enterprise resource planning (ERP) software pioneer Oracle NetSuite. Strong accounting tools are available in Oracle NetSuite ERP, from cash management to tax management.
The customer management and e-commerce features of NetSuite are smoothly integrated with its accounting software. As a result, businesses in every industry may now use a full-service suite that gives them a 360-degree view of their finances.
2. SAP
Leading ERP provider SAP provides whole financial administration for the business, ranging from fundamental accounting to governance, risk, and compliance (GRC).
Businesses can automate their billing and invoicing procedures, for instance, using SAP Billing and Revenue Innovation Management. Additionally, businesses can increase the precision of their financial closing procedures by utilizing SAP S/4HANA Cloud.
3. QuickBooks Enterprise
Known for its user-friendly yet feature-rich accounting software, QuickBooks. Along with enterprise-specific capabilities, QuickBooks Enterprise offers all of the streamlined accounting features found in regular QuickBooks.
Businesses can use sophisticated order management, inventory management, and even field service management. Along with 200+ configurable reports and other powerful reporting capabilities, QuickBooks Enterprise also comes with integrated forecasting and budgeting features.
4. Sage Intacct
A full-featured platform for cloud-based accounting, Sage Intacct. Sage Intacct provides the fundamental accounting tools required by all businesses, such as a general ledger, accounts payable and receivable, and cash management.
Sage Intacct goes above and above by providing cutting-edge capabilities like dynamic allocations, AI-powered timesheets, project-based accounting, and even time and expense management.
5. Xero
Although Xero is a small business-focused accounting system, the platform also has options for enterprise accounting firms. For instance, accounting firms can benefit from Xero’s accounting capabilities, which cover everything from fixed asset management to payment processing.
Enterprise accounting organizations can also utilize Xero Workpapers to automate compliance procedures. Enterprise organizations can also profit from detailed analytics and reports that include information on client cash flows. Additionally, businesses may use predictions with Analytics Plus to gain even more information.
6. FinancialForce
A world-class accounting system, FinancialForce is ideal for multinational corporations. Accounts payable and receivable, asset management, and cash management are among the functionalities of FinancialForce that support several languages and currencies.
The best customer relationship management (CRM) platform, Salesforce, serves as the foundation for FinancialForce. Because of this, businesses can benefit from Salesforce Einstein-powered deep analytics. As a result, precise financial forecasting with projections is produced.
7. Acumatica Cloud ERP
Enterprises, particularly those with several businesses, can make use of a variety of financial management and accounting tools provided by Acumatica Cloud ERP. Businesses may centralise their financial data and procedures across all of their offices and subsidiaries by using Acumatica Cloud ERP.
Acumatica offers project-specific accounting in addition to multi-entity accounting, allowing teams to handle billing, budgeting, and other aspects for distinct business endeavors. Users of Acumatica can access many accounting tools, such as a general ledger, accounts receivable and payable, currency management, tax management, time management, and payroll administration.
8. Microsoft Dynamics 365 Finance
For companies of all sizes, Microsoft Dynamics 365 offers a collection of intelligent ERP products. A tool designed for tracking financial processes is Microsoft Dynamics 365 Finance. Enterprises may use Dynamics 365 Finance to estimate cash flow and client payments rapidly, enabling them to make wise financial decisions.
Additionally, businesses can make closing simpler by using built-in financial reporting tools. Other Microsoft platforms like Dynamics 365 Sales and Dynamics 365 Commerce are seamlessly integrated with Dynamics 365 Finance.
What exactly is business accounting software?
Large organizations can monitor and manage their money thanks to enterprise accounting software. Accounts receivable, tax management, and payroll are all included in this.
Accounting software automates tasks, doing away with the need for laborious manual procedures that frequently lead to expensive blunders. Additionally, accounting software connects with other essential business tools like platforms for ERP and CRM.
The market for business accounting software
The market for accounting software is expanding quickly. The market for accounting software worldwide was estimated by Allied Market Research to be worth $11.9 billion in 2020. The market is anticipated to grow to $70.2 billion by 2030.
The increase in technology usage for boosting corporate efficiency, per the report, might be linked to the expansion in the use of accounting software. The drive to use automation to get rid of human operations and accounting errors is another factor driving the increase.
Principal advantages of business accounting software
Increased efficiency
The main motivation behind many software implementation efforts is efficiency. In many respects, accounting software improves operational effectiveness. For instance, automation tools do away with the requirement for manual data entry. Additionally, accounting software consolidates all financial data into a single location, removing the need for employees to seek many databases for the information they require to complete duties in the workplace. Employees can access accounting tools and data from any location by using a centralized, cloud-based platform.
Reduced costs
Accounting issues like persistent invoice inaccuracies and unchecked expenditures can swiftly deplete a company’s resources. Fortunately, businesses may avoid these errors by using accounting software features like automation and reporting, which lower total expenses. Accounting software can help lower the costs of employing accounting specialists or contracting out accounting tasks.
Improved accuracy of financial data
Balance sheet errors may be irritating and frequently cost hours of time. Additionally, accounting errors result in bad company decisions, credit denials, negative cash flow, and a host of other negative effects. To prevent errors, enterprise accounting software has built-in tools and controls. These controls warn businesses about faults before they spread. Sometimes the software will automatically correct any errors.
Simplified financial decision-making
Real-time visibility into a company’s finances and critical performance metrics is made possible by enterprise accounting software (KPIs). Stakeholders can make wise financial decisions if they have a clear view of the company’s health.
Easier tax compliance
Financial laws are subject to frequent modification. And it can be difficult for large businesses to stay on top of both tax laws and routine accounting responsibilities. Enterprise accounting software provides regular and automatic software updates to guarantee that accounting procedures adhere to changing GAAP standards and other regulations. As a result, businesses don’t need to put in nearly as much work to stay compliant.
Key enterprise accounting software features
Automation capabilities
Businesses must operate quickly. And doing so entails fewer manual duties needing to be done each day. Automation is useful. Virtually every accounting job, from tax preparation to invoicing, may be automated with the use of enterprise accounting software. The accounting and finance teams are able to focus more of their time on jobs that have a higher return on investment thanks to automation.
Basic accounting
All fundamental accounting processes are made simpler by the features included in enterprise accounting software. General ledger accounts payable and receivable, cash management, tax preparation, and more are a few examples of capabilities. Additionally, businesses can save time and effort by automating all fundamental accounting procedures.
Billing and invoicing
Modern billing and payment systems are necessary for modern businesses. Automation of invoices using enterprise accounting software lowers costs. Accounting software, for instance, reduces expensive invoice errors and time lost on human billing chores. Every invoice sent, including those that repeat every week, month, or quarter, can be automated using accounting software.
Payroll processing
Payroll is a crucial corporate function, but it’s also frequently difficult and complicated. Timely processing of payments, calculation of wages and withholding, and management of timesheets are all required. These time-consuming payroll activities are automated by enterprise accounting software. For instance, accounting software can swiftly determine an employee’s compensation while accounting for taxes, bonuses, and overtime.
Security
Financial information should be kept secure. After all, there are more and more data breaches. Additionally, recent data from IBM indicates that in 2022, the average cost of a data breach would be $4.35 million. An enterprise will be better protected the more security layers that can be applied to the data. The good news is that enterprise accounting software systems frequently include strong security features like two-factor authentication, bank-level encryption, access control, and permissions.
