Managing several businesses can turn out to be tricky, especially regarding finances. Traditional accounting practices result in errors, inefficiency, and increased expenses. On the other hand, automated operating procedures improved decision-making skills, and simplified financial data administration. These are all provided by specialized accounting software solutions.
The advantages and possible drawbacks of the top 10 accounting software for multiple businesses are examined in this article. Scalability, interface capabilities, usability, and compliance requirements are key factors to take into account while picking the right software. Using the right software ensures smooth corporate processes, time-saving, and improves accuracy.
List of the Best Accounting Software for Multiple Businesses
Multi-business management demands sophisticated accounting software that supports several entities, is scalable, and integrates seamlessly. The following are the top accounting software solutions:
| SL | Software |
|---|---|
| 1. | Financfy |
| 2. | QuickBooks Online |
| 3. | Xero |
| 4. | Zoho Books |
| 5. | Sage Business Cloud Accounting |
| 6. | Wave Accounting |
| 7. | Freshbooks |
| 8. | Kashoo |
| 9. | NetSuite |
| 10. | Intacct |
Top 10 Accounting Software for Multiple Businesses
Managing several enterprises necessitates accounting systems that handle many entities. The following is full details of the top ten accounting software solutions, including features, benefits, restrictions.
1. Financfy
Financfy offers a cloud-based accounting system that is specially built for managing corporate entities. It provides real-time financial aggregation, AI-enhanced analytics, and easy interface capabilities, allowing for seamless multi-business financial management. This solution is ideal for expanding enterprises that require digitization and sustainability.
Key Features:
- Financial aggregation across many entities with real-time updates
- Ai-driven analytics to improve decision-making
- A centralized dashboard for managing several businesses
- Cloud-based solution and accessible from many devices
- Automatic expenditure tracking and tax computations
- Scalable architecture for companies of different sizes
Pricing Plans:
- Simple: 1800 BDT/ month
- Mini: 4500 BDT/month for
- Mid: 6300 BDT/month
- Advance: 9000 BDT/month
- Advance Plus: 10800 BDT/month
Pros:
- Advanced AI analytics
- Broad automation
- User-friendly dashboard.
Cons:
- The Simple package is suitable for only one user
Best For: Growing businesses managing multiple entities.
Contact: support@financfy.com
2. QuickBooks Online
QuickBooks Online is a popular cloud-based accounting system known for its user-friendly interface and configurable reporting features. It helps SMEs manage several bank accounts in a single environment.
Key Features:
- Multi-business management with single login credentials
- Cloud-based accessibility from many devices
- Automated tax computations and financial reports
- Collaboration with PayPal, Shopify, and other third-party programs
- AI-powered invoicing and bank reconciliation
Pricing Plans:
- Simple Start: $30/month
- Essentials: $55/month
- Plus: $85/month
- Advanced: $200/month
Pros:
- User-friendly design
- Sustainable design
- Seamless integration options
Cons:
- Advanced features are only available in premium packages.
Best For: Small and medium-sized businesses
Contact: support@quickbooks.com
3. Xero
Xero provides a cloud-based accounting system designed for organizations that handle transactions worldwide. Its multi-currency capability and automatic tracking of finances features are ideal for developing enterprises with worldwide activities.
Key Features:
- Multi-currency compatibility and automated exchange rate changes
- Cloud-based design, including access for remote management
- Automatic billing and payment processing
- Project management and actual time financial insights
- Compatibility with more than 1000 third-party business apps.
Pricing Plans:
- Early: $13/month
- Growing: $37/month
- Established: $70/month
Pros:
- Exceptional support for businesses worldwide
- Full automation and optimized for mobile design
Cons:
- Restricted user assistance for entry-level programs
Best For: Businesses with global financial operations
Contact: support@xero.com
4. Zoho Books
Zoho Books is an intelligent accounting solution that integrates seamlessly with the whole Zoho application stack. It provides multi-business support, particularly for enterprises that already use Zoho apps, along with automated processes.
Key Features:
- Multiple company administrations on one dashboard
- Submitting taxes, automated billing and reconciling banks
- Linkage of payroll, stock and Zoho CRM
- Intelligent AI and cash flow prediction
- Role-based access for safe multi-user management
Pricing Plans:
- Free: $0 (applicable for businesses with less than $50k/year revenue)
- Standard: $15/month
- Professional: $40/month
- Premium: $60/month
- Elite: $120/month
- Ultimate: $240/month
Pros:
- Cost-effective
- Complete automation
Cons:
- Restricted integration options beyond the Zoho ecosystem.
Best For: Companies already using Zoho Suite
Contact: support@zohobooks.com
5. Sage Business Cloud Accounting
Sage Business Cloud Accounting is a powerful financial solution built for reputable companies and accounting specialists. It provides multi-entity support and real-time analytics, which improves managerial efficiency.
Key Features:
- Multi-entity administration and financial unification characteristics
- Cloud-based design enables remote accessibility
- Modular solution to accommodate organizational development
- Customizable tax and invoicing features
- Comprehensive compliance and security measures
Pricing Plans:
- Accounting start: $10/month
- Accounting: $25/month
Pros:
- Effective reporting
- Expandable Design
- Increased security mechanisms
Cons:
- Potential difficulty for inexperienced users
Best For: Accountants and growing businesses
Contact: support@sage.com
6. Wave Accounting
Wave Accounting is a free accounting system specifically designed for startups and small companies. It includes crucial bookkeeping features and multi-entity monitoring at no additional expenses.
Key Features:
- Free accounting software with multi-business support
- Unlimited invoicing, receipt scanning, and cost tracking
- Payroll and tax filing are accessible as supplemental services
- Simplified layout
- Cloud-based access and cell phone support
Pricing Plans:
- Billing: Free
- Payments: 2.9% + 30¢ per transaction (credit card procedure)
- Payroll: Starts at $20/month+$6/active employee or entrepreneur
Pros:
- Basic features are free
- Simple layout
Cons:
- Advanced tools are not sufficient
- Extra payment for extra features
Best For: Small businesses with limited budgets
Contact: support@waveapps.com
7. FreshBooks
FreshBooks is a cloud-based accounting solution for service-minded businesses. It provides project-based accounting and extensive client management features.
Key Features:
- Multi-entity support and automatic invoicing
- Integrated time tracking for project based businesses
- The payment system is integrated with Stripe, PayPal, and credit card processing
- Expenditure tracking and filing taxes
- Wireless accessibility for both home and phones
Pricing Plans:
- Lite: $17/month
- Plus: $30/month
- Premium: $55/month
Pros:
- Streamlined for freelancers and agencies
- Simplified layout
Cons:
- Stock management is inefficient
- Advanced features are costly
Best For: Service-based businesses managing multiple projects
Contact: support@freshbooks.com
8. Kashoo
Kashoo is a simplified, user-friendly software for contractors and entrepreneurs. It aids multiple businesses from a single account.
Key Features:
- Automatic bank integration
- Cloud-based system
- Simpler user-interface
- Financial tracking and administration of many businesses.
- Tax preparation tools and expense classifications.
- Secured storage of data using role- based authorization hierarchies
Pricing Plans:
- True North: $20/month
Pros:
- Simplified dashboard
- Best suited for freelancers
- Affordable package
Cons:
- Limited advanced analytics and interface possibilities
Best For: Freelancers and solo entrepreneurs
Contact: support@kashoo.com
9. NetSuite by Oracle
NetSuite is a sophisticated ERP system that includes powerful finance managing functionality. It is designed to help major organizations manage complicated multi-business activities.
Key Features:
- Enterprise grade-financial management for several entities
- Comprehensive accounting and forecasting
- Supports several currencies and tax jurisdictions
- AI-driven company perspectives that improve decision making
- Expandable design for businesses with complicated accounting arrangements
Pricing Plans:
- Custom pricing depending on business needs
Pros:
- Configurable platform
- Exceptional data analysis and reporting
- Suited for corporate setup
Cons:
- Major expenses
- Expertise in the field is required
Best For: Large enterprises with complex financial operations
Contact: support@netsuite.com
10. Intacct
Intacct provides powerful accounting software for small to big organizations. It supports many entities and currencies while also providing complete automation features.
Key Features:
- Tools for consolidating many businesses and finances
- Ai powered data analysis and financial projections.
- Role-based control over access boosts protection
- Effortless interaction with Salesforce and other corporate apps
- Automatic filing of taxes and disclosure to regulators
Pricing Plans:
- Customizable pricing depending on business requirements
Pros:
- Best for developing companies
- Resilient digitization
- Smart financial insights
Cons:
- Requires expertise before usage
- Expensive
Best For: Mid-to-large businesses requiring advanced financial consolidation
Contact: support@intacct.com
Quick Comparison of Top 10 Accounting Software for Multiple Businesses
The suitable accounting software is chosen based on company size, difficulty of operation, automation demands, and financial limitations. A full comparison study of the top 10 accounting software systems is provided here to help entrepreneurs make the best choice for unique business needs.
| Software | Multi-Business Management | Automation & AI | Reporting & Analytics | Integration with Other Tools | Ease of Use | Customization | Mobile Accessibility | Customer Support |
|---|---|---|---|---|---|---|---|---|
| Financfy | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| QuickBooks Online | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Xero | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Zoho Books | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Sage Business Cloud | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes |
| Wave Accounting | Yes | No | No | No | Yes | No | Yes | Yes |
| FreshBooks | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Kashoo | Yes | Yes | No | No | Yes | No | Yes | Yes |
| NetSuite | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes |
| Intacct | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes |
Factors to Consider When Choosing Accounting Software for Multiple Businesses
Organizations must consider their organizational structure, growth trajectory, and operational needs when choosing accounting software. The important elements consist of:
Multi-entity Support
This feature eliminates the need for separate systems by allowing thorough supervision of every financial activity on a single platform. To ensure a smooth transition between firms, software intended for handling funds across several company units needs to be optimized.
Scalability and Flexibility
Accounting systems need to grow within an organization. As more companies, employees, and financial operations are added, scalability guarantees steady performance. Flexibility takes into account the various financial needs of various corporate divisions. It is important to consider the industry-centric integrations and customization options that may improve future usability.
User-friendliness
Staff members with different backgrounds and skill levels may navigate more easily thanks to intuitive design. User-friendly solutions improve productivity, shorten training times, speed up learning and need less adjustment from employees.
Add-ons and Integrations
Accounting software needs to work in alignment with current business management software. This includes inventory tracking programs or Customer Relationship Management (CRM) systems.
Security and Compliance
Accounting systems need to grow within an organization. As more branches, employees, and financial operations are added, scalability guarantees steady performance. Flexibility takes into account the various financial needs of various corporate divisions. It is important to consider the industry-centric integrations and customization options that may improve future usability.
Pricing and Value Evaluation
The choice of accounting software is heavily affected by cost. One-time payment plans and subscription-based services have different pricing schemes. Instead of spending money on irrelevant features, companies should assess the basic functionality needs. The best software solutions generate significant value by striking a balance between functional capabilities and cost concerns.
Benefits of Using Accounting Software for Multiple Businesses
Managing several corporate entities presents practical problems. Especially, in terms of finances, reporting requirements, and regulatory compliance. Accounting software streamlines these tasks, lowering operational costs, and increasing financial effectiveness.
Time Efficiency: Accounting software automates financial procedures such as invoicing, payroll, administration, and cost management. This lowers the need for human data input. Organizations may allocate resources toward growth initiatives and strategic planning with features that include automated bank reconciliation and rapid accounting reports.
Centralized Financial Management: Accounting software reduces the need for separate software accounts or spreadsheet systems. It offers a unified platform for the management of financial information. Through this, stakeholders can maintain control over finances, spending management, and data collection across various companies. This does not require the user to change platforms.
Enhanced Accuracy: Financial inconsistencies are typically caused by human accounting mistakes. Accounting software has automated features that reduce computing mistakes, tax filing irregularities, and reporting inconsistencies. Several systems have audit trail features to encourage disclosure and responsibility.
Reduced Cost: When compared to individual subscription services for each corporation, unified software solutions that manage several corporate units are less expensive. Several accounting solutions include support for multi-business. This aids businesses in integrating accounting information while minimizing costs.
Types of Accounting Software for Multiple Businesses
Accessibility, security protocols, and organizational structure influence accounting software selection. Multi-entity accounting systems are offered in a variety of configurations, with each having its distinct purpose. Some companies lean towards cloud-based platforms for greater flexibility, while others favor on-site solutions for added protection. Hybrid systems offer balanced functionality. Consider these options:
Cloud-Based Accounting Software
Cloud solutions enable remote financial data access from any location with internet connectivity. These systems feature automatic updates, reducing IT maintenance expenditures. They typically offer straightforward integration with additional business technologies, including CRM and payroll systems. However, internet dependency presents challenges for organizations with unreliable connectivity.
Onsite Accounting Software
Onsite accounting software is installed on company servers. These programs allow complete control over financial data. This structure is ideal for enterprises with strong security needs. For example- healthcare and banking institutions. While onsite software provides stronger data protection, it requires regular system upgrades and technical assistance, which in turn increases expenses.
Hybrid Solutions
These systems combine cloud and onsite architecture benefits. Organizations can utilize cloud-based functionality while maintaining sensitive data on local infrastructure. This configuration accommodates businesses requiring both security and flexibility across multiple corporate accounts.
How to Choose the Right Accounting Software for Multiple Businesses
Effective financial management necessitates the selection of suitable accounting software for different corporate units. The approach is required to be consistent with the framework of the company, business needs, and organizational objectives. Consider the following crucial factors:
- Business Requirement Assessment: The number of organizations under administration, the type of financial activities, and reporting criteria all have a substantial impact on software choices. A thorough awareness of company requirements provides consistency with the business structure.
- Integration Capabilities: Accounting software should be capable of integrating seamlessly with current technologies like CRM, inventory management, payroll, and e-commerce platforms. Effective integration streamlines financial operations, reducing duplicate data entry and increasing productivity.
- Scalability: As firms grow, accounting software has to accommodate different organizations without sacrificing efficiency. Adaptable solutions allow for the inclusion of additional entities, consumers, and features without requiring a platform upgrade.
- Cost Structures and Pricing Models: Pricing choices include packages for subscriptions, single-use purchases, and variable rates based on customer volume and company management needs. Analyzing pricing models aids in the selection of cost-effective solutions that save needless expenses.
Challenges of Using Accounting Software for Multiple Businesses
While accounting software simplifies multi-business financial management, there are implementation obstacles to consider. Understanding these problems helps organizations plan for smooth deployment operations:
- Regulatory Compliance Across Business Entities: Organizations operating in many regions must follow different taxation regimes, financial reporting standards, and legal obligations. Some accounting software systems may not meet all compliance standards. Thus, businesses may need further customization or manual workarounds.
- Software functionality limitations: Not every accounting software is designed for multi-business administration. Some platforms limit the number of controllable entities, have limited reporting capabilities, and give few customization possibilities. Selecting software that is compatible with company procedures is critical.
- Training Needs and Adoption Challenges: Transitioning to a new accounting system necessitates time investment and company commitment. Learning curve concerns may have a temporary influence on operational efficiency. Especially, in businesses that manage many business units. Allocating proper training resources guarantees long-term efficiency gains.
How to Get the Most Out of Accounting Software for Multiple Businesses
Accounting software investment represents enhancing functionality enabling efficiency and effectiveness in financial management. To maintain operational continuity, companies should prioritize regular maintenance, employee training, and automation adoption. Consider the following optimization strategies:
Regular Software Updates and Data Backup Protocols
Through regular updates users get access to the latest functionality advancements, security updates, and compliance changes. While some local solutions require manual upgrades, many cloud-based systems provide automatic update methods. Regular data backup processes help to reduce the risk of information loss due to system failures or security breaches.
Employee Training
This is crucial for maximizing the effectiveness and efficiency of accounting software. It is critical to teach the personnel and financial team to guarantee easy navigation, use of sophisticated capabilities, and avoid errors. Employees can also benefit from continual training to help them adjust to new features.
Automation and Customization
This automates repetitive tasks such as billing, expense monitoring and financial reporting. Using these tools reduces the need for manual labor and guarantees accuracy. Companies may also tailor the program to their own company needs and improve financial management by customization dashboards, workflows, and reporting.
Conclusion
Managing many businesses may be difficult, but the right accounting software makes financial monitoring easier, increases accuracy, and saves time. Support for many entities, scalability, integrations, and usability are all critical factors. Cloud-based solutions offer flexibility and security but issues like regulatory compliance and training persist.
The finest software is suitable for a business size, operations, and budget. Free samples and demonstrations aid in making an educated decision. Choosing the right solution results in more effective financial management, better visibility, and long term profitability.
