5 Accounting Software Solutions For Enterprises

Enterprise accounting goes beyond core accounting and includes other key business processes that impact the process. 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 software or ERP as these solutions expand their capabilities to encompass the critical areas of running the business. At a time when the COVID-19 pandemic impacts all areas of your business, these tools can help you build business resilience.

In this article, we discuss five accounting software for enterprises and their unique features, and how we believe they can help your business in managing resources. While some of the following may be geared toward startups and small businesses, it’s a matter of how straightforward and simple they are, not for lack of capability.

If you’re a business with increasingly complex operational expenses and revenue streams, it’s time to prepare to consolidate your business processes. To hurdle common enterprise-level challenges such as integrating accounting with invoicing and payments, managing costs, and learning the system, you need an ERP to streamline processes, consolidate data, and automate recurring tasks. However, you need to carefully select a vendor to avoid these infamous ERP disasters and disappointments.

There are plenty of benefits to using enterprise accounting applications, such as visibility, automation, streamlined processes, and cross-departmental collaboration, among others. This is a distillation of the top four benefits cited by organizations in the Panorama 2021 ERP Report:

• Operational efficiency
• Reporting and visibility
• Updating technology
• Growth and competition

Enterprise accounting tools do not simply track numbers on a ledger, however. They also track, manage, automate, and optimize the available resources in a company, whether they’re assets, cash, time, and even manpower. While ERP software used to be installed on local machines, the increasing reliability of the cloud, plus the better security and uptime they offer these days, are now more attractive to forward-thinking C-level executives.

To that end, we present our best five picks of enterprise accounting solutions.

1. Freshbooks

Freshbooks has gained a following because it’s simple and easy-to-use, contrary to the popular notion that accounting and ERP software is convoluted. At its core, Freshbooks can streamline time tracking and client invoicing. While it’s beloved by startups and SMBs, Freshbooks is full-featured enough to accommodate the demands of an enterprise-level organization without being too pricey that small businesses can’t access it.

The main draw of Freshbooks is that it’s fast and reliable. It can turn complex financial tasks into an enjoyable experience. For example, generating invoices can be as simple as a few clicks, and it can also automate common functions like client follow-ups, time tracking, payroll, and expenses. You can even manage online payments by integrating with several payment processors like PayPal and Stripe and e-commerce platforms like Shopify.

The solution’s native apps on both iOS and Android enable you to run your business even when you’re out of the office. You can send invoices, log expenses, track time, receive updates, and chat with clients, all synced across devices. With its new collaboration engine, improved search filter, invoice conversations, and multi-currency support, Freshbooks is always up-to-date to leverage cutting-edge ERP technologies.

FreshBooks

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Freshbooks highlights:

• Enjoy a dynamic accounting solution. Freshbooks constantly updates the software for optimized performance and quality-of-life improvements. It offers advanced features not found in other solutions, such as enabling saved credit cards to be visible on the client’s profile and filtering by uncategorized expenses when searching in the Expense section.
• Save time with an intuitive UI. Freshbooks simplifies accounting with a modern interface, natural collaboration with your team companions and partners, and improved quality of work. Managing your business is simpler with automated task prioritization, customizable dashboards, and late payment tracking.
• Manage your account anywhere. Freshbooks has a native mobile app for both iOS and Android. The app can create and send invoices, take a photo of receipts, manage expenses, keep up with updates, communicate with your team members and clients, and sync data across all devices.
• Automate payments. Automating recurring payments charges your client’s card automatically and securely. Invoices are also sent in any currency you and your client prefer.
• Optimize expense tracking. Link the Expense Tool to your bank or credit card account, import expenses from your bank account, and attach and organize receipts. You can also easily track which expense belongs to which client or add the expense to an invoice as a reimbursement deal with a particular client.
• Track time accurately. You can track time against specific clients and projects that integrate with Basecamp, Asana, and Trello. Freshbooks also offers flexible billing features. Your team members can log in their time separately for projects, allowing you to track individual and team time worked, and calculate a running bill for payment.
• Report beautifully. Freshbooks generates financial reports, including tax summaries, by simply processing data already entered. You can easily generate a profit and loss report with just a few clicks. You can also create an expense report to track monthly costs and monitor your balance sheet in real-time. Plus, you can export them in CSV or other formats for review with an accountant.

2. NetSuite ERP

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 streamlined UI and navigation built on user-friendliness.

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.

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.

NetSuite ERP

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NetSuite ERP highlights:

• Financial management. It uses built-in business intelligence with financial management to leverage a faster and smarter decision-making process across your organization.
• Organizational-wide visibility. Critical financial performance insights are quickly shared with decision-makers and key players for strategic planning and major decisions.
• Streamlined supply chain. Provides for “procure-to-pay” process with self-service capabilities for suppliers and a collaboration platform for vendors and partners.
• Quote-to-quote process. Provides for an order-to-cash process, greatly fast-tracking the sales cycle and payment turnaround.
• Streamlined fulfillment. Smoother flow from customer order to product or service delivery with capabilities to reconcile shipping data and reduce fulfillment conflicts.
• Financial planning. Features what-if case modeling for budget forecasts, annual targets, and other insight-based projected financial outcomes.
• Revenue recognition management. Compliant with accounting standards and financial reporting schedule.
• HR capital management. Helps you manage and plan a scalable, diverse, and remote workforce.
• Adapts to the subscription-based revenue model. Automates recurring revenue streams with full visibility over customer interactions and information.
• Global support. SuiteSupport provides multi-level support worldwide.

3. Tipalti Approve

Procurement management software Tipalti Approve helps you control and monitor your spending. It is designed for large and medium-sized businesses that want to streamline approval processes and make data-driven decisions to improve operations. You do not have to change your current financial tools and processes because the software integrates with leading ERP, SSO, and HR systems. Its integrations support processes like PO generation, vendor onboarding, tracking of goods received, and real-time budget data syncing.

The software also has simple forms and intuitive workflows that allow employees to create and submit requests easily while following company procurement procedures. You can also streamline approvals and processing times by setting predefined parameters for different types of requests such as price, role, etc. It can even integrate with email and Slack to improve communication and secure all logins. 

Tipalti Approve

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Tipalti Approve highlights:

• Better PO automation. Create purchase orders fast while keeping all information up to date. Approved requests on the platform automatically generate and update POs on your ERP, thus saving you time.
• Quick vendor onboarding. Self-service vendor onboarding and new vendor approval flows are easier with the vendor wizard. Once completed, employees can easily order goods and services from approved vendors.
• Order status update simplified.  Keep track of purchase requests as they come from various departments with the “goods received” feature. Requesters can easily confirm receipt of goods and update the ERP system on their progress.
• Reliable data sync. Automatically sync data in real-time to ensure that your company’s budget, receivables, and other financial data match your ERP. This avoids computation errors.
• Centralized communication. Keep all stakeholder communication within the request form, preventing teams from missing important customer and vendor conversations.
• Fast request creation and approval. Use presets for various requests. Users can edit these to suit their needs and even duplicate them later to save time, making updating recurring requests a breeze.
• Easy data recovery. The smart view feature filters and unifies procurement data, so users can quickly find the information they need. Filter by users, vendors or status.

4. AvidXchange

If you own a small or medium-sized business and want to automate your bill payment process, AvidXchange can help eliminate paper invoices, automate lengthy payment processes, and reduce processing costs with cutting-edge automation features like B2B payment processing. This software has a complete toolkit and a highly configurable interface. Overall, you can eliminate manual data entry, filing, and payment processing delays and enjoy a personalized user experience that blends well with existing operational processes.

Meanwhile, instead of endlessly searching through mail and spreadsheets, you get a single dashboard with AvidXchange where you can view invoices and make automated payments. It supports 2- and 3-way matching, so you can include purchase orders. Because it’s web-based, you can access it from any browser on any device, mobile or desktop. You stay current with your ERP and accounting system while creating new custom approval workflows with over 210 integrations. E-payment gateways help prevent fraud and provide more payment options.

AvidXchange

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AvidXchange highlights:

• Spending cuts.  Automate your invoice capture, approval, and payment processes to save time and money.
• Pay vendors faster. With AvidPay you only need to code and approve payments and AvidXchange sends secure payments to your suppliers via their preferred payment gateway. 
• Avoid paycheck fraud. Enabling the platform to accept electronic payments increases financial security by preventing fraud. You can track the status of each invoice, giving you greater control over your accounts payable.
• Enhanced output. Automate repetitive AP and payment tasks and be more efficient and productive. 
• e-Billing. Eliminate 100% of paper checks and invoices when processing paperless, and cut processing costs in half while tripling output without adding employees.
• Secure remote access. AvidXchange is available 24/7 and is secure, with SSAE 16 Facility and backup procedures. It has sophisticated disaster recovery procedures and dedicated specialists to support your IT team.

5. Rossum

Rossum is a unique document-based business process management platform used by many enterprises for their accounting needs. It uses a propriety AI technology for smart data capture. Its self-learning AI scans, collects, validates, and classifies documents such as invoices, purchase orders, forms, and receipts. Users, then, can train it and configure automated workflows for various business processes. This includes validation and approvals. The platform is highly customizable and can be used for task management, accounts payable (AP), logistics, and everything in between. Thus, users can design it according to their organization’s needs.

Moreover, its propriety AI engine is constantly improving and self-learning using user feedback. Thus, once deployed, it grows into your company. Meaning, it adapts with you.

Key features include intelligent document curation, unified mail channels, cognitive data capture, audit trails, status updates, and analytics and reporting.  Furthermore, it has ready-made integrations with other business solutions including ERP platforms. Popular apps that work seamlessly with Rossum include Dropbox, Zoho Books, Oracle Netsuite, and Sage Intacct.

It also supports multiple languages including French, Italian, Spanish, German, and Dutch. Lastly, as Rossum is deployed according to your particular needs, it is only available via quote-based plans.

Rossum

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Rossum highlights:

• Unified document management. Organizations run in a large part through the movement of documents and information. Rossum captures all of this information from different channels and runs them through a single feed for easy management.
• Smart data capture. Rossum is powered by a self-learning AI that scans, collects, and validates documents. This feature exponentially reduces manual data entry and increases its accuracy based on your needs through time.
• Automated end-to-end communication. The platform is rich in automation tools, especially when it comes to communication. Rossum can automatically notify senders of transaction status and issues. Also, thanks to its integration with other software tools, users can handle inquiries and issues without leaving the Rossum interface.
• Unique customized deployment. Rossum is deployed customized to your needs. May it be for accounts payable or logistics or anything in between, the company will configure the software to work just the way you like it. Moreover, with a self-learning AI, it optimizes its performance according to your usage and feedback. So, your Rossum platform will be uniquely yours alone.
• Smart Automation and integrations. Thanks to its integration and customizable automation capabilities, Rossum can work seamlessly in any digital architecture. In fact, because of these, it can grow into and adapt to your operations; and not the other way around.

Simplifying Your Moving Parts with an Accounting Software

In any business, you have lots of moving parts. And as you scale and grow to an even bigger enterprise, those parts increase exponentially. The old manual ledger should go. For large businesses with an eye for even more growth and value to their stakeholders, implementing enterprise-level accounting software is necessary. Looking at an accounting software’s features, pricing, and other pros and cons will lead you to a solution that fits your business’s demands, especially as you navigate the challenges of the COVID-19 pandemic.

However, not all accounting software is made equal. The bigger the organization, the bigger the demands as well. This is why an enterprise-level accounting software that combines multiple functions in one platform is the most attractive. And on our end, we’ve found that the software that ticks all these boxes is none other than Freshbooks. An intuitive display, straightforward operation, and lightweight size mean it’s at home for SMBs and multinational enterprises alike. You can check the solution closely when you sign up for Freshbooks’ free trial.

If you are like 41% of large companies, you might also prefer to install the software on your premises. On the other hand, you could be part of the 58% who’d prefer to have it on the cloud instead.

Accounting software solutions, including ERPs, are usually paired with a CRM. If you don’t have a CRM yet or you want to upgrade to a more robust solution, you may find our list of CRM software useful.

By Daniel Epstein

Daniel Epstein is a senior financial research analyst at FinancesOnline and the architect behind our Fintech and ERP content division. His main areas of expertise are blockchain technologies, cryptocurrencies, and the use of biometrics in fintech solutions. His work has been frequently quoted by such publications as Forbes, USA Today, Entrepreneur, and LA Times. With more than 1,800 solutions scrutinized in the last 5 years spent on our team he always prioritized offering readers an unbiased perspective on modern financial technologies.