Enterprise accounting goes beyond core accounting and includes other key business processes that impact accounting. These include financial management, inventory control, order and purchase, payroll and human capital management and so on. We can say that they are enterprise resource planning or ERP as these solutions expand their capabilities to encompass the critical areas of running the business.
In this article, we discussed 5 accounting software for enterprises and their unique features and functions. These solutions excel in core accounting, but they go beyond it. To help you appreciate each of these enterprise solutions, we’ll guide you first on the fundamentals of large enterprise accounting and what to expect from it.
If you’re a mid-sized business with increasingly complex operational expenses and revenue streams, it’s time to prepare to consolidate your business processes. The common problems of companies reaching the enterprise level is, according to CPA Practice Advisor, the difficulty of integrating their accounting with invoicing and payments (68%), managing costs (35%) and learning the system (18%). They’ll need an enterprise accounting solution or ERP to streamline processes, consolidate data and automate recurring tasks.
Enterprise accounting software covers more than just your core accounting processes. It comprises a series of modules ranging from billing and payroll, accounts receivable, accounts payable, and general ledger, among others. While it used to be on-premise solutions, there has been a couple of cloud-based solutions available to support this type of system. These are some of its main functions:
There are plenty of benefits to using enterprise accounting software: visibility, automation, streamlined processes, cross-departmental collaboration, etc. In essence, these benefits address the top three concerns of CFOs based on an IBM study, “Pushing the Frontiers.” These are: “measuring and monitoring business performance, providing inputs into enterprise strategy, and developing talent in the finance organization.”
Getting an enterprise accounting solution is a milestone for a company; hence, careful considerations must be taken. Here are a few of the things you should consider:
Netsuite ERP is a cloud-hosted ERP system regarded for its depth and highly configurable features. Much of the customization hinges on it being a part of the NetSuite infrastructure. The suite is designed for fast-growing mid-sized businesses and can scale to the requirements of large enterprises. This software has state-of-the-art UI and streamlined navigation tools built on user-friendly processes. Although small businesses may use it, the system is not for companies looking only for basic accounting.
The system has advanced functionalities and is commonly used for financial close, revenue management, fixed assets, order management, billing, inventory management, and expense management. It’s important to get to know the platform well as it covers various crucial aspects of your business whether it’s financial management and planning or production and supply chain management. You can sign up for NetSuite ERP free demo here to understand the product better and determine if it suits your business requirements.
Moreover, Netsuite ERP features a rule-based algorithm for financial reporting that is synchronized and set based on country regulations, making it compliant with global accounting protocols. It also allows for organizational wide KPI visibility, from the executive board down to the frontline staff. The software is also capable of multi-book accounting. Its built-in BI generates actionable and meaningful insights by combining data with visual analytics.
Leveraging its infrastructure, NetSuite ERP can be expanded to include CRM and online shopping functions via the NetSuite Ecommerce. Likewise, there’s a wide array of add-ons to extend its capabilities through the SuiteCloud Platform such as setting up an integrated development environment, an e-commerce front-end/back-end builder and integrated analytics.
What is unique about NetSuite ERP?
QuickBooks Enterprise offers what you’d expect from a ubiquitous accounting tool, only this time with enterprise-class features and more power. It’s aimed at medium-sized companies that want to scale to enterprise-grade accounting systems. Contractors, manufacturing, wholesale, nonprofits and retailers will find this upgraded software adaptive to their unique processes.
If you’ve been using QuickBooks as an entry-level accounting software, you’ll find the enterprise version familiar but a little more complex. It has more storage capacity, advanced inventory management, and multiple entities support, but, overall, the interface and navigation remain classic Quickbooks.
QuickBooks Enterprise is an on-premise solution with a cloud version. It’s bundled as an end-to-end solution, featuring key functions as reporting & finance, inventory, sales & customers, purchasing & vendors, and payroll & employees.
Managing finances is streamlined with QuickBooks. The software lets you input all revenue-related transactions in one place which gives you full visibility on your income. Visibility further extends to other aspects of the company’s finances by giving you access to more than 130 reports like the statement of cash flows, profit and loss, forecast vs. actual budget and A/R aging detail. You can also automate expense tracking and bill payments, as well as monitoring of tax-deductible expenses.
Moreover, the accounting software makes it easy to manage inventory tasks by centralizing inventory items and reports in one location via the QuickBooks Inventory Center. It helps you monitor stocks quickly and manage reorders on a needs-basis. You can also track sales rep performance and expenses and monitor leads using the QuickBooks Lead Center. The software also features payroll and productivity tools, making it a full-fledged enterprise system.
What is unique about QuickBooks Enterprise?
Intacct ERP is an enterprise system class that features basic accounting, fixed assets, project management and workflow automation. It is a utilitarian ERP designed for non-technical users with a focus on financial processes and business visibility.
By automating financial processes like consolidating accounts payables and accounts receivables and organizing entries in the general ledger, the software helps accelerate work turnaround times. As a cloud-hosted ERP, Intacct makes it easy for users to pull up financial data anywhere from either on their desktop or mobile devices. Income vs. expense reports, revenue trends, and other financial reports are quick to access when you need them, for example, in meetings or presentations.
Additionally, the software has sophisticated reporting. Financial reporting can be customized based on your settings to filter the metrics you need. You can also set your dashboard for at-a-glance insights, displaying on one panel the important numbers like balance sheets, revenue pattern, win-loss rate, project progres, and other daily issues that require close monitoring.
Conversely, the dashboard links to detailed reports which enables you to open a report from the same window to investigate the figures closely. You can optimize this feature, for example, by posting daily revenues with a link to their breakdowns like the cost of sale, source, and net margin.
Another key feature you’ll like about this software is its Dimensions. It allows for an efficient way to manage a general ledger. Chart of accounts can be easily set up to help you gauge the overall business health. You can use Dimensions to filter fixed assets in different locations or view revenue by source, customer, collectively or separately. Dimensions also pull real-time data to update the numbers you’re looking at. You’ll have plenty of ways to look at the business and find insights that would have been hard to come by with spreadsheets.
What is unique about Intacct?
Regulatory compliance is simple. Subscribes to multiple GAAP sets, meets tax books, auto-tax calculator for accurate reporting.
Subscription billing is automated. Streamlines bill-to-payment processes and automatically update account balances.
Easy revenue management. Accounts receivable and accounts payable tools make capital management easy to monitor and update.
Microsoft Dynamics GP is the old guard in the category that’s respected for its end-to-end solution. An ERP designed for mid-market companies, the software is also popular among large enterprises for the reliable vendor behind the name and among corporations with systems based on the Microsoft ecosystem. The software is available as a cloud-hosted solution that you can use along with the rest of Dynamics 365 applications according to your chosen monthly subscription package.
The Dynamics line actually consists of multiple editions, each one targeting a niche. Dynamics GP is positioned for expanding companies, especially those that are looking to centralize departmental functionalities amidst growing operational complexity. It’s well suited for manufacturing, professional services, logistics, and nonprofits. The other Dynamics editions include Dynamics NAV, Dynamics SL, Dynamics 365 Enterprise Edition and Dynamics 365 Business Edition.
As a fully integrated ERP, Dynamics GP offers advanced features beyond accounting, including financial management, inventory management, business intelligence, and reporting, sales and service management and HR and payroll.
Microsoft Dynamics GP can be quite limited if you have non-Microsoft and, worse, competing legacy systems. Mac users need to set up a Terminal Services or virtual Windows to run Dynamics CP because the software lacks a Mac native client platform. However, even as the software is based on the Windows platform, it has a cross-device capability via cloud when you use a supported browser, namely, any of the popular OS.
What is unique about Microsoft Dynamics GP?
FinancialForce Accounting is built on the strength of the Salesforce platform, a cloud pioneer and one of the better-known vendors of sales, marketing, and a variety of SaaS solutions. FinancialForce is designed with financial management organized around the customer experience, along with services, sales, marketing, and HR. All customer-related data including accounting processes are connected into a single platform, thereby, giving the company clear visibility of data and workflows that impact on customer journeys.
Similarly, with a unified perspective of customer engagement, employees, managers, partners, and products are better aligned, branding key messages are consistent, as well as internal communications are up to date with the most recent information with a single source of truth. The ERP system is ideal for mid-sized businesses with increasingly complex operational processes, making it suitable also for large enterprise situations.
FinancialForce features enterprise-class core finance and accounting tools for accounts receivable, accounts payable, revenue recognition and spend management. The solution also features integrated CRM, HRM, inventory and project management modules that are charged separately. With the ERP built on a unified Salesforce platform, departmental boundaries are taken down to pave way for organizational wide collaboration, reporting, analytics and streamlined workflows.
Aside from accounting and financial management, the key features of this product include Salesforce CRM, project management, resource management, HRM, workforce management, and talent management. Its modularized approach suits companies with tight budgets. It allows you to build an ERP one function at a time. Likewise, you can extend or customize FinancialForce capabilities to your evolving needs with 2,000 apps in the Salesforce.com ecosystem.
What is unique about FinancialForce ERP?
myBooks Online Accounting Software from Zetran is designed to simplify accounting processes for small to mid-sized businesses. This software is easy to use and navigate, allowing users to perform essential accounting operations with ease. It has straightforward subscription pricing options as well, and also offers a free plan with limited functionalities.
This web-based application supports automated multi-channel transactions, enabling it to self-sufficiently process foreign exchange processes without manual input from users. Another highlight of myBooks Online Accounting Software is its ability to connect with bank accounts so it can automatically send bank feeds, thus allowing you to manage multiple banks on a single platform. Invoicing is quick and simple with myBooks Online Accounting thanks to its invoicing template, which eliminates the need to create new ones from scratch each time you need to invoice your clients.
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