Depending on what you’re looking for, you may find yourself overwhelmed with promising and well-priced accounting software. Some will focus on data legibility and invoicing efficiency while others will perform complex debtor analytics and pull off free reports. On the other hand, the most advanced among these tools can even figure out taxation issues and GST/VAT returns on your behalf.
That said, discovering what is the best accounting software for medium-sized businesses is not an easy task. In light of this, we’ve listed the top 7 performers in this category to make the selection process easier for you. All products mentioned here are equipped with features that accountants value most in accounting software. We also highlight some of the features that make them suited to your business’s scale. The price range of each product is included as well to ensure that you’re looking at software that’s within your budget.
Our in-depth analysis of accounting software indicates that the times when computed accounting was reserved for the largest companies are way behind us. Now, most finance management operations are performed in the cloud, accountants from small and medium-sized companies can get a grasp of digitized accounting’s benefits, and do so without installing expensive programs or undergoing cumbersome training.
This development is not going anywhere soon since it’s one of the accounting trends we can expect to dominate this new decade. To start with, off-the-shelf and cloud-hosted accounting software systems cost considerably less than they did a decade ago, carry out all regular functions, and pull off just the same balances and reports.
What is even more impressive to accountants is the degree of customization they allow, and which resembles quite closely the legacy accounting systems of the top accounting organizations in the world. The Big Four accounting/audit firms globally, which had a combined revenue exceeding 157 billion U.S. dollars in 2020, are innovative users of sophisticated accounting solutions.
This adaptation of accounting tools to leverage modern technology is projected to continue. By 2026, the estimated global market value of accounting software is $20.4 billion.
Sources: EY, KPMG, PwC, & Deloitte (2021)
However, keep in mind that this list is catered toward medium-sized businesses. For startups and smaller companies, check out this article listing the best accounting software for small businesses instead.
FreshBooks is a fast and robust accounting solution that can make complex financial management more enjoyable without compromising accuracy and compliance. This means that tasks such as the creation of professional-looking invoices can be done even without prior accounting experience since it’s only a few clicks away. There are online payment features as well that will help you and your team get paid faster. Moreover, its seamless integration with a series of external applications means that you can enjoy not only the system’s core functionalities but the extended ones as well.
It has a host of accounting functions. FreshBooks is equipped with more than enough accounting functions for mid-sized businesses. This includes time tracking, billing history, invoice-to-payment, automated billing, and reporting capabilities.
Its pricing plan is SMB-friendly. One look at its pricing scheme and it’s quite obvious that FreshBooks targets small and mid-sized businesses. Packages offered are flexible, full-featured, and only differ in the number of clients. Plus, they have a 30-day free trial that will allow you to thoroughly test the system’s compatibility with your business.
It offers rich integration support. FreshBooks can integrate with a myriad of third-party solutions for a more streamlined workflow. This includes payment solutions, CRM systems, and live chat applications. This lessens the chance of needing to switch to other solutions that the system can work well with.
It’s available on mobile. The system’s mobile app for iOS and Android will ensure that you can do your finance-related activities even on the go. This means that even if you’re away, you can still communicate with your clients or personnel, be on the loop of important things, manage expenses, and more.
It’s easy to deploy and rebrand. The system won’t demand a dedicated IT team to be set up properly as it’s an easy-to-deploy solution that even freelancers can handle. It also allows you to modify various aspects of its design including the colors and logos so that the app could truly reflect your brand.
FreshBooks is available in three pricing schemes that start at $15 per month. Each plan provides an identical range of functionalities with the main difference being the number of active clients to bill. There’s a free trial included as well.
Detailed FreshBooks Review
Detailed FreshBooks Review
NetSuite ERP is the leading app on our list of best accounting software for medium-sized businesses, and the current frontrunner of this category. It’s an all-in-one enterprise resource planning solution that offers value to businesses of all sizes. Finance-wise, it provides a plethora of tools including order management, fixed assets, revenue management, and billing. It also gives all users reports and KPIs that are specifically tailored to their role in the company.
It offers a host of ERP management functionality. This application offers a host of features that support the needs of various departments, including operations, sales, HR, finance, etc. It also helps improve employee productivity through automation and cross-departmental system.
More efficient financial workflows. NetSuite removes the need for the slow and error-prone manual data input. Instead, through its order and billing management tool, you can streamline operations such as fulfillment, finance, and sales. This results in a more accurate quoting process and fewer billing mistakes.
It helps reduce the instances of time- and money-consuming errors. NetSuite ERP is equipped with a series of tools that increase the accuracy of data operations in order to prevent, if not eliminate, the incurrence of hefty penalties. For instance, the platform centralizes shipping, invoice, order, and customer information to ensure that all details are accurate and up-to-date.
It helps with financial planning. The system aids your company in achieving your goals through its robust financial planning module. This tool allows you to easily execute advanced project accounting thanks to its powerful database capabilities. Customizable reports and templates also provide real-time access to data needed for budgeting, forecasting, and others.
It will scale with your company’s growth. As a mid-sized business, your company has a lot of room for improvement and growth. With its fully expandable and customizable functionality, you can tweak the system to adapt to your changing requirements. This will also remove the need for you to switch software or invest in other third-party applications in order to support your growth.
To avail of NetSuite ERP’s service, you can contact the vendor to get a quote that’s ideal for your company’s size and requirements.
Detailed NetSuite ERP Review
QuickBooks Online is a cloud-based accounting solution created for small businesses, independent firms, and freelancers. By combining all essential accounting tools in a single platform, this application helps small businesses simplify tedious and time-consuming accounting and financial management routines, thus saving more time to prioritize more urgent tasks. Its features include automated data collection, tax calculations, invoice management, expense tracking, balance sheet reporting, sales monitoring, bill management, and more. Quickbooks Online is also available in multiple devices, which allows for more mobility.
All-in-one platform. QuickBooks Online is designed to offer all essential accounting tools in a single platform, including profit and loss reporting, invoice customization, bill payments, and more.
Automated data collection. This accounting solution allows you to automate your data collection process, which ensures that your financial information is always up to date.
Auto-sync with your devices. QuickBooks Online supports multiple devices and is equipped with automatic data synchronization capabilities, which allows you to access your accounting and finance related data, tasks, reports, and more from your preferred device.
Customized reporting. This application allows you to generate reports based on your preferred data visualizations in order to make it easier for you to get insights into your financial data.
Enhanced data protection. With QuickBooks Online, all confidential data that enters your accounting system on a daily basis will be protected by your choice of intuitive data security feature.
Built for small businesses, QuickBooks Online offers affordable pricing plans, which starts at $10.00/month.
Detailed QuickBooks Online Review
Tipalti Approve is a full-featured procurement system that enables businesses to track and manage their expenditures. Integrating with a host of reliable HR, SSO, and ERP systems, the platform enables managers to create and configure approval workflows to streamline the process. Purchase orders are automatically generated and updated when requests have been signed off. Complimenting the POs is a “Goods Received” feature that confirms that the ordered products are in the right hands. All the data is synced in real-time to minimize work on your end.
Besides streamlining the procurement process, Tipalti Approve has a solution for quick vendor onboarding. Furnishing self-served onboarding wizards, the platform can be used to map out the vendor approval process and centralize the documents and information related to each vendor. It also consolidates communications within request forms so you can keep track of every detail. Moreover, the system generates detailed reports on the dashboards with which you can track every activity in your spend pipeline. Tipalti Approve integrates with widely used apps like NetSuite, Slack, and Google, and is bolstered by enterprise-grade security.
Streamlined workflows. Tipalti Approve features a comprehensive suite of tools for streamlining the entire approval process. The flows account for all the parties involved, including those from different departments, company mandates, and budgets. Since the system is integrated, changes to HR and SSO data are automatically reflected on the platform. All the data is synced in real-time.
Flexible request forms. Tipalti Approve is equipped with forms that can be styled to suit any type of order or subscription. They can account for various departments, offices, and locations. In addition, the system populates a table that documents all purchases.
Seamless vendor onboarding. Collaborations with new vendors are made easy by Tipalti Approve’s self-service onboarding wizards. You can also incorporate it with an existing workflow or create a new one involving AP. The platform also centralizes vendor information so you can easily place and track orders. Moreover, conversations between stakeholders are confined within request forms to make them easy to track.
Automated purchase orders. Signed-off requests can be set to automatically generate purchase orders on the system, which promotes convenience and saves you time. This also reduces the likelihood of human errors. The platform can also automatically trigger emails sent to specific parties.
Duplicate requests. Tipalti Approve lets you consolidate and schedule recurring orders so that you won’t have to enter information for every transaction. It also has a feature that notifies concerned parties when an order has been received.
Tipalti Approve’s pricing is quote-based. Contact the vendor directly for custom pricing.
Detailed Tipalti Approve Review
Invoice management and accounts payable automation software AvidXchange is a solution that is worth considering for a medium-sized business. It not only streamlines transactions but also allows you to accelerate processes with its workflow automation, bank reconciliation, and spend management functionalities. It also has a built-in supplier portal that will allow you to pay your vendors faster.
Invoice management. With AvidXchange, businesses can make sure that no invoice falls through the cracks.
Fraud detection. The solution comes with security and fraud detection features to ensure your business’ financial security.
Purchase order automation. The platform can ensure that you never run out of materials for your operations by automating purchase orders according to your company policies.
Approval workflow automation. The process of reviewing and approving new transactions is easier with AvidXchange as it automates the whole process according to your unique rules.
Automated payments. AvidXchange comes equipped with pay services so you can easily pay bills from within the platform.
AvidXchange is only available by quote. If you are interested, you can contact the vendor for more details.
Detailed AvidXchange Review
Rossum is an accounts payable platform designed to automate document management for businesses. It has an intelligent inbox that automatically collects transactions in a curated feed. From here, you can easily filter documents as well as discard duplicates. It also has an AI-powered engine that allows users to automate data capture.
The platform also comes equipped with a communication feature so that all team members can accelerate the management of inquiries and approvals. Alongside this feature is its built-in usage reporting dashboard. With this, users can get a comprehensive overview of all document queues as well as critical metrics on usage and time per document.
In addition to the abovementioned, Rossum also comes with analytics and reporting tools. This gives you access to audit trails as well as real-time workflow status.
You get mobility and flexibility. Rossum is completely web-based so you can easily store and access your financial data anytime, anywhere.
It offers AI-powered data capture. It comes equipped with self-learning AI technology that can automate data capture. This accelerates data entry processes as well as reduces the risk of human error.
It is compliant with data security standards. Rossum is compliant with HIPAA as well as other data security standards. This way, you can protect your confidential company and customer data at all times.
It can integrate with popular apps. The platform comes equipped with ready-made integrations. It can easily connect with ERP and RPA platforms as well as other document management systems so you can be sure that it will mesh well with your existing software systems.
It lets you efficiently manage stock and inventory. Rossum’s interface can be configured to reinforce accounts payable processes, logistics workflows, and the like. Plus, thanks to its unified repository, users have a single source of truth for all their transactions.
Rossum is only available by quote so be sure to get in touch with the vendor for more information.
Detailed Rossum Review
BigTime is a feature-rich billing software designed to streamline not only the billing cycle but also the processes surrounding it such as budgeting and resource management. Made for businesses of all scales, the platform offers specific solutions for industries like accounting, legal, IT services, and government contracting. Besides billing and invoicing, its notable features include time tracking, reporting, resource allocation, and project management. As such, users like accounting and marketing firms can streamline their workflows and receive real-time insights.
Furthermore, BigTime integrates with many widely-used applications. This means data can easily be migrated and processed from one software to another, thus simplifying and speeding up work. It integrates with sales and accounting platforms like Quickbooks, Sage Intacct, Jira, and Salesforce.
Detailed BigTime Review
Efficient billing. BigTime turns what used to be a cumbersome process into a convenient one with its wide range of billing features. It lets you apply flexible billing rates, provides customizable forms, incorporates various billing formats, and has a work-in-progress management tool that helps you manage your office’s unbilled time. It also automates the calculation of rates, hours, and expenses.
Intuitive time tracking. The platform is equipped with a built-in time tracker that lets you monitor the duration of projects, tasks, pay items, and labor code entries. Applying changes to entries is easy since the timesheets are customizable. Searching for entries is likewise convenient with its smart lookup fields that automatically populate possible results.
Convenient invoicing. BigTime provides a variety of customizable templates so you can design them according to your company’s and clientele’s preferences. You can also choose the items featured by invoices as required by your industry and nature of work. Moreover, the calculations are automated, reducing the risk of human error.
Effective project management. Tasks and budgets can be promptly monitored through BigTime’s project management tools. The platform lets you assign rates per task, which account for various budget entries, due dates, and the estimated times of completion. What’s more, BigTime lets you leverage Gantt charts so you can visualize project timelines and find areas in which productivity can be increased.
Superb resource allocation. Besides helping managers delegate tasks, BigTime ensures that each task is assigned to the right people and those who are currently available. With its utilization dashboard, you can track the utilization of your staff and see if more people are needed to take on a project.
BigTime comes with three reasonably priced packages, starting with the Express plan which costs $10/user/month and contains basic functionalities. The highest tiered plan (Premier), on the other hand, charges users $40/user/month and includes all the features and premium support.
Zoho Books is a reputed member of the company’s ultra-successful productivity suite, exclusively designed to meet the needs of growing businesses. Generally, it can be described as an intuitive accounting solution designed for small businesses to handle their finances and to remain on top of their cash flow. It is very simple, easy-to-use, and able to help you make intelligent data-based decisions. It is also the pioneer accounting product of a reputed software provider, which eliminates all worries related to uptime, support, or security. Other highlights of this system are its numerous integrations, and the lowest pricing scheme discussed on this list.
Detailed Zoho Books Review
It automates bank feeds to save time and money. The distinctive advantage of Zoho Books is how it eliminates data entry, and allows you to import all bank and credit card transactions, and categorize those according to your bank’s rules. This possibility doesn’t only save time, but makes sure you’re working safely, and in line with all compliance standards.
It helps you bring more customers on board. Zoho Books enables end users to access their estimates and invoices, and make direct payments using the robust online client portal. Another handy possibility for your clients is to accept/decline their estimates, and to comment on them. In this way, the company will benefit from a more credible service and better reputation.
It facilitates and accelerates payment reconciliation. Zoho Books is tightly integrated with Stripe in order to reconcile each type of transaction, looking at the full picture of how money are moving in and out of the clearing account, and which processing fees are going to apply for it.
It eliminates all collaboration obstacles between sales and accounting teams. Thanks to the fact that Zoho Books is integrated with Zoho CRM, you can also use it to follow the credit statuses of your customers, create new orders, access product pricing information, and much more.
It operates in several languages. Growing businesses looking to expand their operations in other countries should also consider Zoho Books, as the system is available in English, German, Spanish, French, Italian, Dutch, Portuguese, Swedish, Chinese, Brazilian, and Japanese.
Zoho Books is predominantly designed for small and medium businesses, which is why it offers one of the lowest and most flexible pricing schemes. The lowest plan is the Basic one ($10/month for 1 user and 25 contacts), while the highest is the Professional Plan ($29/month for unlimited contacts, users, and inventory management).
Since this selection of products is handpicked for medium-sized businesses, you can be quite certain that the packages they offer are tailored for your scale. Therefore, it’s advisable to base your search on features that are most suited to your company’s needs and specs instead.
Zoho Books, for instance, provides excellent insights to assist you with your business decisions. If you want to streamline accounting processes, NetSuite ERP can be an excellent choice, while Tipalti has global compliance and regulatory requirements that help prevent issues with regulatory rules.
And of course our top pick, Freshbooks is a very comprehensive solution that can cover more than just you’re accounting needs. We recommend that you give it a go if you still haven’t decided on which software to choose. After all, it offers a no-risk free trial that you can immediately give a try.
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