Best accounting software options for a medium sized business
Best Accounting Software Options for a Medium-Sized Business
Finding robust, dependable, and scalable accounting software for medium-sized businesses is easier said than done. If you are not clear about your requirements, your search may not be focused enough to reach a firm decision. From data legibility to running debtor analytics to taxation, users can use accounting software for many tasks. In the end, it all depends on what you want from your medium business accounting software. To help you make an informed decision, we bring you the 5 best accounting software for medium businesses to choose from.
Which is the best accounting software for medium-sized businesses?
Our knack for intensive research led us to conclude that gone are the days when only large enterprises needed accounting software. The fact of the matter is that now businesses of all sizes are automating their accounting department. And thus, accounting software for medium business are among the most sought after tools in the digital corporate world. In our experience, the best accounting software for medium businesses should be accurate, easy to use, flexible, scalable, and versatile.
It makes no sense if you have to buy different accounting software for various accounting tasks. One accounting software for midsize businesses must meet all your accounting requirements for a good return on investment.
What features should accounting software for medium-sized businesses have?
The accounting software for midsize businesses must be rich in features that help in streamlining the accounting processes. Therefore, the best accounting software for midsize businesses is one that comes with the following features:
Accounting is a broad-spectrum term and comprises many sub-processes. The accounting software for midsize businesses that you choose must include the following accounting processes:
- General ledgers
- Chart of accounts
- Account Reconciliation
- Accounts Payable
- Financial Reports
On top of that, the accounting software for medium-sized businesses should also help the accounting depart keep track of state and national financial & taxation laws.
Time Tracking and Payroll
Payroll is an essential part of every organization. A slight miscalculation in payroll can lead to severe consequences. For example, you may end up underpaying an employee, in which case your organization may need to handle employee grievances or even legal action. On the other hand, you may overpay an employee. In such a case, you’ll either adjust the difference in the next salary or ask the particular employee to refund the dues. Given that time tracking is an essential parameter of payroll processing, you need to ensure the accounting software for midsize businesses must also have this feature.
Reimbursements happen all the time in every organization. From travel expenditure to medical bills, there are many expenses that organizations reimburse from time to time. Therefore, keeping track of expenses is vital. However, manual reimbursement calculation is prone to errors. So, the accounting software for the midsize business you seek must have the expenses tracking feature.
With the advent of technology, organizations across the globe rely on various software. From customer relationship management to business process management, everything happens with the help of technology today. Therefore, your accounting software must integrate the CRM, ERP, and other software you are already using. In addition, it will help you streamline your accounting processes easily with minimum hiccups.
Some industries have more complex accounting standards and processes than others. In such a case, simple and basic accounting software will not be enough for you. If your business falls under such vertical(s), you should look for accounting software for medium businesses that can run complex calculations for you.
5 great accounting software options for a medium-sized business
Now that we have understood what features accounting software for midsize businesses must have, it’s time to look at the top contenders. We have curated a list of the 5 best accounting software for midsize businesses. This list is a result of our extensive research and thorough analysis.
Bill.com is an AI-powered cloud-based automation software for accounts payable and accounts receivables. As per the company, Bill.com is an intelligent digital business platform. Since its inception, Bill.com has helped providers, suppliers, and clients create a collaborative environment.
Why Choose Bill.com?
With Bill.com, you can easily automate all the time-consuming accounts payable and receivable processes. With a keen focus on helping SMEs streamline their accounting, Bill.com can easily integrate with Quickbooks, Xero, Oracle NetSuite, and other software. Available on both iOS and Android, Bill.com mobile app offers unprecedented convenience when paying bills on the go. Moreover, Bill.com is a SaaS (Software as a Service) based platform that costs $39 per user per month.
- Accounts Payable
- Accounts Receivable
- International Payments
- Automatic Check Payments
- ACH Payments
- 1099 Contractor Payments
- Customer Service
- Bill.com App
- Bill.com Integrations
Plooto is an online payment management software solution. Moreover, Plooto offers streamlined cash management to assist you with all your account payables and account receivables. Unlike other accounting software for medium businesses, Plooto allows payment processes from vendors and customers who are not using Plooto. That said, Plooto uses the payment-based approach for pricing. Things can get really expensive for you if you process many check payments and international transactions.
Why choose Plooto?
Plooto comes with an awesome automation tool that handles all your transactions once connected with your bank account. On top of that, this SaaS-based accounting software is for midsize businesses. It integrates with QuickBooks Desktop, QuickBooks Online, and Xero, and many other desktop-based and cloud-based accounting systems in the USA. Moreover, Plooto is a SaaS (Software as a Service) based platform that starts at $25 per month. It offers 10 free domestic transactions. Plooto also offers a 30-days trial offer that doesn’t require a credit card.
- Accounts Payable
- Accounts Receivable
- International Payments
- Online Check Payments
- CRA Payments
Available in desktop and online versions, our primary focus here will be Quickbooks cloud-based. Packed with about 650 integrations and a complete payroll solution, Quickbooks is a product of Intuit, a Palo Alto, California-based corporation founded in 1983. In 2018, the word spread in the marketing market that Intuit will drop the Quickbooks desktop version altogether. Instead, with a complete focus on Quickbooks online, the cloud-based accounting software for medium businesses is expected to rise to unprecedented popularity. That said, Inuit haven’t made any formal announcement about the same yet.
Why choose Quickbooks Online?
Quickbooks are incredibly easy to use. It comes with more than 650 integrations and offers a great interface. And when it comes to supporting and service, Quickbooks offer round-the-clock customer service. Quickbooks is SaaS-based accounting software for midsized businesses that comes at $15 per month.
The company also offers a trial period of 30 days along with a 50% discount on subscription for the first 3 months. So are Quickbooks good for medium business? Absolutely! With a gamut of features, ease of use, and flexibility, Quickbooks is one of the best accounting software for medium businesses.
- Cloud Accounting
- Accounting Reports
- Inventory Management
- Track Sales and Expenses
- Track Miles
- Manage Accounts Payable
- Real-time Collaboration with Accountants
- Latest Product Updates
- Automatic Bank Transitions Downloading
- Automatic Encrypted Data Backups
A cloud-based and automated platform, TaxJar is accounting software for medium businesses used by more than 23,000 organizations across the globe. TaxJar makes sales tax calculation, filing, and reporting extremely easy. Stripe acquired TaxJAr in April 2021. So now, TaxJar can be availed in two versions: pre-integrated with Stripe Billing and as a stand-alone solution.
Why choose TaxJar?
TaxJar is an AI-powered solution that boasts of one of the fastest APIs available in its niche. Apart from that, TaxJar also integrates well with the most prominent eCommerce software. Thus, TaxJar is SaaS-based accounting software for midsize businesses with a free trial period of 30 days. The subscription cost of TaxJar is $19 per month.
- Auto file
- Sales Tax Reports
- Auto-sync E-commerce & Shopping Cart
- Shipping Taxability
- States And Local Sales Tax Report
- Sales Tax Sourcing
FreshBooks had created a cloud-based invoicing and accounting software for medium businesses when its co-founder, Mike McDerment, overwrote an invoice and had to do all the work again, from scratch. As a result, FreshBooks boasts of some of the most user-friendly interfaces in the world of accounting software.
Why choose FreshBooks?
FreshBooks offers a plethora of accounting essentials and much more without being overwhelming. As mentioned earlier, it’s easy to use and integrates well with many software. In addition, FreshBooks offers optimum value for money. You can use FreshBooks at a nominal subscription cost of $15 per month. You’ll get a 30-days trial period, after which you get a 50%get 50% discount on your subscription for the first 3 months.
- Myriad of Integrations
Which accounting software is typically used for mid-sized companies?
Now that we’ve reached the end of this interesting list, you must have realized that it’s not about which software is the best. On the contrary, it’s about the software that suits your requirements. There’s never one single answer to these questions because here, the term best is subjective. We recommend choosing accounting software for midsize businesses that give you great ROI.