Accounting software is a crucial tool for businesses of all sizes. Still, it is especially important for large companies with complex financial operations. These companies need software that can handle high volumes of transactions, provide detailed financial analysis, and integrate with other business systems. Let’s take an overview of the best accounting software used by businesses –
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Table of Contents
List of 12 Best Accounting Software Used By Businesses
FinancialForce
Overview Year Founded - 2009 President and CEO - Scott Brown Founder - Jeremy Roche & Debbie Ashton Headquarters - San Francisco, California, United States
FinancialForce is a cloud-based ERP software designed for businesses of all sizes. It provides a range of features, including financial management, accounting, billing, and more. Here are some of the key features, pros, and cons of FinancialForce:
Features:
- Includes various accounting features, such as journal entries, bank reconciliation, and more.
- Allowing businesses to make informed decisions based on up-to-date financial data.
Pros:
- Businesses can access their financial data from anywhere.
- Good choice for businesses to grow.
Cons:
- Limited support.
- Require some training and support for new users.
JD Edwards Enterprise
Overview Owned By - Oracle Year Founded - 1977 Founder - Ed McVaney, Dan Gregory, and Jack Thompson Headquarters - One Technology Way, Denver, Colorado, United States
JD Edwards Enterprise is an enterprise resource planning software solution for businesses of all sizes. It provides a range of features, including financial management, supply chain management, project management, and more. Here are some of the key features, pros, and cons of JD Edwards Enterprise:
Features:
- Helpful in resource planning, project costing, and more.
- Integrate with Oracle products, such as Oracle Database and Oracle Cloud Infrastructure.
Pros:
- Helping businesses to tailor the software to their specific needs and requirements.
- It can be integrated with other products.
Cons:
- Expensive, especially for small businesses.
Oracle
Overview Year Founded - June 16, 1977 Founders - Larry Ellison, Bob Miner, and Ed Oates Headquarters - Austin, Texas, U.S
Oracle is a multinational computer technology corporation that provides various software solutions for businesses of all sizes. Here are some of the key features, pros, and cons of Oracle:
Features
- Provides a range of cloud-based solutions.
- Oracle’s software solutions are scalable.
Pros
- Providing software solutions to businesses of all sizes.
- Allowing businesses to make informed decisions.
Cons
- Time-consuming and costly.
- Difficulties with integration and data transfer issues.
NetSuite
Overview Year Founded - 1998 Founder - Evan Goldberg Headquarters - Austin, Texas, U.S
NetSuite is a cloud-based accounting tools used by many large companies. NetSuite is a cloud-based ERP software solution designed for businesses of all sizes. Here are some of the key features, pros, and cons of NetSuite:
Features:
- Provides solutions for demand planning, order management, and more.
- Provides real-time analytics and reporting tools.
Pros:
- Businesses can access their financial data from anywhere with an internet connection.
- The software is scalable and a good choice for new businesses.
Cons:
- Cost-effective for small businesses.
- Steep learning curve.
Tally ERP
Overview Year Founded - 1986 Founder - Shyam Sunder Goenka, Bharat Goenka Headquarters - Bangalore, Karnataka, India
Tally ERP is an enterprise resource planning software solution for businesses of all sizes. It was originally developed by Tally Solutions in India and is now used by businesses in more than 100 countries. Tally ERP includes various financial management, inventory management, payroll, and more features. Some of its notable clients include Reliance Industries, Mahindra & Mahindra, and Godrej Industries.
Features:
- Designed to be GST compliant.
- Supports multiple languages, making it accessible to businesses in different regions.
- Have data backup and recovery.
Pros:
- Simple interface that is easy to navigate.
- Priced competitively and accessible to small and medium-sized businesses.
Cons:
- Has limited integrations with other business systems.
- It may not provide businesses with advanced reporting and analytics tools.
BlackLine
Overview CEO: Marc Huffman Year Founded - 2001 Founder - Therese Tucker Headquarters - California, United States
BlackLine is a cloud-based software company that provides financial automation solutions to businesses of all sizes. BlackLine has become a leader in financial automation, providing innovative solutions to help companies streamline their financial processes and improve their financial reporting.
Features:
- Provides features for automating the immediate financial process.
- Allowing businesses to track and manage close financial tasks more efficiently.
Pros:
- Help businesses save time and reduce errors.
- Allowing businesses to make informed decisions.
Cons:
- Limited customization options.
- Some businesses may have concerns about data privacy and security.
SAP
Overview CEO: Marc Huffman Year Founded - 1972 Headquarters - Walldorf, Baden-Württemberg, Germany Founder - Dietmar Hopp, Hans-Werner Hector, Hasso Plattner, Klaus Tschira, and Claus Wellenreuther
SAP is another cloud-based accounting software used by many large companies. It provides a range of features, including financial management, procurement, inventory management, and more. SAP is known for integrating with other SAP systems, making it a good choice for companies that use other SAP products.
Features:
- Provides a range of ERP solutions.
- Provides CRM solutions.
- Designed to integrate with other business systems.
Pros:
- Good choice for businesses.
- Allowing businesses to make informed decisions.
Cons:
- SAP can be limited support.
QuickBooks Enterprise
Overview Released - 2021 CEO: Laura Redmond Headquarters - Mountain View, CA Operating system - Microsoft Windows, macOS (USA only)
QuickBooks Enterprise is a desktop-based accounting software used by many large companies. It provides a range of features, including financial management, inventory management, payroll, and more.
Features:
- Allows businesses to create and send invoices to customers.
- Designed to integrate with other business systems.
Pros:
- Easy to navigate.
- Accessible to small and medium-sized businesses.
Cons:
- Not be suitable for businesses that are experiencing rapid growth.
- It may not provide businesses with the same level of automation.
Acumatica
Overview Year Founded - 2008 Founder - Serguei Beloussov, Mike Shchelkonogov, and John Howell Headquarters - Kirkland, Washington, United States
Acumatica is a cloud-based enterprise resource planning (ERP) software company that provides various solutions for businesses of all sizes Acumatica’s ERP solutions are used by businesses in various industries, including manufacturing, distribution, retail, and more. Some of its notable clients include Mitsubishi Hitachi Power Systems Americas, Inc. and Christian Brothers Services.
Features:
- Allowing businesses to manage their customer relationships more effectively.
- Allowing for seamless data transfer and improved efficiency.
Pros:
- Highly customizable.
- Allowing businesses to make informed decisions.
Cons:
- It may not provide the same level of automation as other ERP software solutions.
Xero
Overview Year Founded - 2006 Founder - Rod Drury, Hamish Edwards Headquarters - Wellington, New Zealand
Xero is a cloud-based accounting software that is used by many large companies. Xero is known for its ease of use and affordability, making it a good choice for small and medium-sized businesses looking for a cost-effective accounting solution.
Features:
- Managing payroll, including processing and filing taxes.
- Has time tracking features for employees and contractors.
Pros:
- Supports transactions in multiple currencies.
- Allows businesses to manage their finances on the go.
- Allows multiple users to access and collaborate on financial data.
Cons:
- Doesn’t have a fully-fledged project management module.
- It may not be as comprehensive as other payroll solutions.
Microsoft Dynamics 365
Overview CEO - Satya Nadella Year Founded - November 1, 2016
Microsoft Dynamics is a suite of enterprise resource planning (ERP) and customer relationship management (CRM) software solutions designed to help businesses manage their operations and improve their financial performance. Microsoft Dynamics ERP includes a range of solutions for financial management, supply chain management, project management, and more.
Features
- Allows businesses to track inventory levels, costs, and locations in real time.
- Allowing for seamless data transfer.
- Automate sales processes and manage leads.
Pros
- Allowing businesses to tailor the software.
- Integrates seamlessly with other Microsoft products, such as SharePoint and Outlook.
- Offers industry-specific solutions for healthcare, retail, manufacturing, and more businesses.
Cons
- Payroll features may not be as comprehensive as other payroll solutions.
- It may not provide businesses with advanced reporting and analytics tools.
Sage Intacct
Overview Year Founded - 1999 Founder - Odysseas Tsatalos and David Chandler Thomas Headquarters - San Jose, California
Sage Intacct is a cloud-based accounting software used by many large companies. It provides a range of features, including financial management, order management, project accounting, and more.
Features
- Provides features for financial management.
- Allows businesses to create and send invoices to customers.
- Allowing businesses to monitor their spending and manage their budgets more effectively.
Pros
- Allowing businesses to access their financial data.
- Provides real-time reporting and analytics tools.
Cons
- Project management features may not be as comprehensive.
In conclusion, accounting software is an essential tool for big companies, and there are many options. Oracle NetSuite, SAP, QuickBooks Enterprise, Xero, and Sage Intacct are just a few examples of accounting software used by big companies. When selecting accounting software, companies should consider scalability, integration with other business systems, ease of use, and affordability. By choosing the right accounting software, companies can streamline their financial operations and make informed decisions based on up-to-date financial data.
FAQs
Is accounting software secure?
Accounting software providers take security seriously and employ various measures to protect their users’ financial data. Some of these measures include encryption, two-factor authentication, and regular backups.
How much does accounting software cost?
The cost of accounting software varies by feature set and vendor. Some vendors offer a one-time payment, while others require a monthly or annual subscription fee. Businesses should choose accounting software that fits their budget and meets their needs.
Is accounting software easy to use?
Using accounting software can be easy or difficult, depending on the complexity of its features and the experience of the user. Most accounting software vendors offer user-friendly interfaces and training resources to help businesses get started.
