Finding software can be overwhelming. Software Advice has helped many business owners choose the right enterprise accounting software to cater to their accounting needs.
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NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive range... Read more
Platforms: MacWinLinux
Deployments: Cloud
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BQE Core - Integrated Accounting and Project Management
BQE Core is a cloud-based solution that offers integrated business accounting, project management, and business intelligence. It can support the operations of a variety of industries, including legal services, architecture firms, engineering,... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Multiview Financials is the flagship ERP system developed, sold, implemented, and supported by Multiview Financial Software. Multiview is designed for organizations ranging in size from rapidly growing small businesses to large enterprises... Read more
Platforms: MacWinLinux
Deployments: CloudOn premise
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Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide financial reporting and operational insights... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Centage’s Planning Maestro is a cloud-native planning & analytics platform that delivers year-round financial insight, transforming how companies budget, forecast and report performance. Centage delivers a level of sophisticated... Read more
Platforms: MacWinLinux
Deployments: CloudOn premise
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Workday Adaptive Planning, founded in 2003, provides a web-based system for budgeting, forecasting and reporting. The solution is suitable for a wide variety of company sizes. Delivered over the Web in a software-as-a-service (SaaS)... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Divvy is a free cloud-based accounting and expense management solution for businesses. Key features include managing payments and subscriptions, building strategic budgets, automated expense reports and virtual cards. Divvy tracks... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Budgyt simplifies the budgeting process for both businesses and non-profits. It is a user-friendly interface hosted on the cloud so that multiple users can work on the same budget, at the same time, using the same format. Administrators... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Limelight is a cloud-based accounting solution which caters to businesses in manufacturing, insurance, higher education, healthcare and telecom. The solution allows users to manage orders, track failed transactions, manage billing... Read more
Platforms: MacWinLinux
Deployments: CloudOn premise
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Financial Edge NXT is a cloud accounting solution from Blackbaud that provides transparency across teams, security, compliance, and reduces the need for manual processes. The system is a fund accounting solution that provides a general... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Purpose-built to meet the needs of the modern nonprofit and government agency, MIP Fund Accounting® empowers organizations to track by fund, manage restrictions based on unlimited funding sources, and meet complex reporting requirements.... Read more
Platforms: MacWin
Deployments: CloudOn premise
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Certify Expense effortlessly streamlines your operations through automation and superior customer service. Automatically create reports for employees, streamline approvals, and make reimbursement and reporting effortless for accountants.... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Nexonia is a configurable expense management solution that eliminates manual reporting, ensures compliance, and helps control your T&E spend. Customers choose Nexonia for tight integrations with ERP's and accounting systems, fast... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Series4000 is an on-premise and cloud-based fixed asset accounting solution for small, mid-sized and large enterprises. It caters to commercial, education, government, healthcare and not for profit industries. Primary features include... Read more
Platforms: MacWinLinux
Deployments: CloudOn premise
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Vena is a financial planning and analysis (FP&A) solution that helps businesses across various industry verticals to manage different business operations such as budgeting, planning, revenue forecasting, and more. Vena appreciates... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Infor CloudSuite Financials is a solution suite that provides financial functionality coupled with a source-to-settle supply management offering. The solution is role-based, mobile responsive and delivered in the cloud. It delivers... Read more
Platforms: MacWinLinux
Deployments: CloudOn premise
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Abacus is a cloud-based T&E solution that offers midsize teams a highly efficient way to track and control expenses, reimburse employees, and book travel. Employees use a mobile app to submit expenses right when they happen. Custom... Read more
Platforms: MacWinLinux
Deployments: Cloud
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AvidXchange is an accounts payable solution for midsize companies in industries including real estate, HOA, construction and financial services. AvidXchange’s cloud-based solutions automate accounts payable processes including purchase... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Bloomberg Tax & Accounting Fixed Assets
Bloomberg Tax & Accounting Fixed Assets is a cloud-based and on-premise solution. It helps small, midsize and large companies manage the entire lifecycle of their fixed assets, from construction and purchase through retirement. Primary... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Fintainium is a cloud-based platform built for businesses looking for a comprehensive accounts payable, accounts receivable, and consumer payment solution. The Fintainium Payment Hub consists of payment, invoice, and business intelligence... Read more
Platforms: MacWinLinux
Deployments: Cloud
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Popular Comparisons
Enterprise accounting software differs from normal accounting software in terms of the extended capabilities (that are in addition to the core accounting functions) the former provides to manage larger business requirements. These requirements can include inventory management, project management, customer relationship management, and support for multiple currencies, regulations, and tax systems.
These capabilities make the software specifically useful for enterprises that typically deal with multiple regulations and markets across subsidiaries and countries. However, small or midsize businesses that want an integrated view of their operations while managing financial aspects can also benefit from this type of tool.
We’ve prepared this buyers guide to help you understand enterprise accounting software and its key features.
Here’s what we’ll cover:
- What is enterprise accounting software?
- Key features of enterprise accounting software
- What type of buyer are you?
- Key considerations for selecting enterprise accounting software
What is enterprise accounting software?
Enterprise accounting software is a tool that goes beyond core accounting functionalities to support other business requirements such as inventory management, customer relationship management, and procurement.
These additional capabilities are supported by modules that are either part of the tool or available as add-ons.
Common features of enterprise accounting software
The range of enterprise accounting software features varies with vendors. However, some common features remain largely consistent across solutions.
| Accounting and financial consolidation | Manage core accounting functions such as journal entries, accounts receivables, and profit and loss statements in multiple currencies. Prepare consolidated or subsidiary-specific financial statements in the applicable currencies. |
| Taxation and regulatory compliance | Manage taxes and comply with regulations across the different legislations/jurisdiction applicable to operations. |
| Reporting and analytics | Generate consolidated as well as subsidiary-specific operational reports by collating data from multiple sources. Run analytics on available data to identify trends or predict business scenarios. |
| Integrated modules | Leverage industry- or process-specific modules, such as customer relationship management, purchasing, and marketing, to handle non-accounting functions. |
| Payments | Manage payments across business units/subsidiaries over multiple channels. |
What type of buyer are you?
There are two broad types of buyers that enterprise accounting software caters to:
- Enterprises looking to manage geographically scattered operations: Enterprises typically operate in multiple markets/jurisdiction, which could be across states or countries. This exposes them to varied currencies, tax systems, and accounting standards. The software’s extended capabilities in handling these requirements make it ideal for such buyers.
- Non-enterprise buyers looking for a unified business view: These buyers could be small or midsize businesses that don’t necessarily operate in multiple markets/jurisdiction but want a single software platform that provides for consolidated management of business operations. The software’s non-accounting modules for handling other business functions serve this purpose.
Benefits of enterprise accounting software
Let’s look at some key benefits that will be of value to you.
- Data-rich reports: The tool helps generate reports that cover more than standalone balance sheets, profit and loss statements, and income statements. Enterprise accounting software can help generate cash flow projections based on inventory levels, orders in the pipeline, and accounts receivables aging. Instead of merely informing about the financial position of a business, the software provides broader insights into multiple business functions.
- Reduced data duplication: Using disparate tools to handle various functions creates silos that lead to data duplication (the same data stored in multiple systems). The software solves this via its additional modules that can be integrated to eliminate data silos. This also helps improve productivity by reducing the effort required for feeding redundant data to multiple tools.
Key considerations for selecting enterprise accounting software
Since the software cuts across business functions, customizability is the key consideration while selecting the right product. It’s a broad aspect so we have broken down the customization areas interested buyers can look into.
- Industry of operation: The kind of industry you operate in will decide the specific modules you may need in addition to the accounting module. For example, a manufacturing business will require inventory management capabilities while a marketing agency will need a customer relationship management module.
- Additional capabilities: These requirements are not industry-specific and depend on the unique needs of a business. Some examples are multilingual support, crypto-currency integration, and role-based access to users.
If you wish to further understand the features and benefits of enterprise accounting software, you may fill out this form for a no-obligation, free consultation. We have helped numerous businesses avoid costly mistakes and pick software that is best for them. Our advisors will understand your requirements and guide you in shortlisting the most suitable options for your business.
Note: The applications selected in this article are examples to show a feature in context and are not intended as endorsements or recommendations. They have been obtained from sources believed to be reliable at the time of publication.