Accounting software is essential for managing the complex financial operations of large companies. Choosing the right Accounting software for Large Companies ensures efficient financial management, accurate reporting, and compliance with regulations. This report examines the top 10 accounting software for large companies, considering scalability, advanced features, and client feedback.
Methodology
To identify the top 10 accounting software solutions, a comprehensive research process was conducted. This involved analyzing industry reports, reviewing software websites and documentation, and considering client testimonials and expert opinions. The selection criteria included:
- Scalability: The software’s ability to handle the increasing demands of a growing business.
- Advanced features: The availability of features specifically designed for large companies, such as multi-entity management, advanced reporting, and global compliance.
- Client feedback: Reviews and testimonials from large companies using the software.
Top 10 Accounting Software for Large Companies
Based on the research, the following list presents the top 10 accounting software solutions for large companies:
- Xero: Best for enterprise e-commerce businesses.
- QuickBooks: Best for enterprise high-volume e-commerce sellers.
- SAP S/4HANA: Best for global enterprises seeking comprehensive ERP solutions.
- Oracle NetSuite ERP: Best for cloud-based financial management.
- Microsoft Dynamics 365 Finance: Best for integration with the Microsoft ecosystem.
- Sage Intacct: Best for financial management and accounting.
- Infor CloudSuite Financials: Best for financial & supply management.
- Workday Financial Management: Best for unified financial and HR management.
- Epicor ERP: Best for industry-specific solutions.
- Acumatica Cloud ERP: Best for flexible deployment options.
Analysis of Each Software
Xero
Xero is a cloud-based accounting software known for its user-friendly interface and comprehensive features. It offers strong bank reconciliation capabilities, allowing businesses to automate the process and reduce manual errors. Xero connects your bank statements to the software, making it easier to reconcile transactions. Xero also provides robust reporting tools, enabling businesses to generate customized reports and gain valuable insights into their financial performance. It also offers document management through Hubdoc integration, streamlining document management processes for large companies.
Features:
- Multi-currency support
- Multiple company management
- Real-time financial reporting
Scalability:
Xero is highly scalable, accommodating the growth of businesses over time.
Pricing:
Xero offers a tiered pricing structure with plans ranging from $13 to $70 per month.
Number of Large Companies Using Xero:
Over 24,829 companies use Xero.
Reviews and Comparisons:
Xero is highly regarded for its ease of use and scalability. It offers a wide range of integrations with third-party applications, enhancing its functionality and adaptability. Compared to QuickBooks, Xero offers unlimited users across all its plans.
QuickBooks
QuickBooks is a widely recognized accounting software solution that caters to businesses of all sizes, including large enterprises. It offers a comprehensive suite of features, including advanced reporting, inventory management, and global currency handling. QuickBooks provides various reports, such as profit and loss statements, balance sheets, and cash flow statements, to help businesses gain insights into their financial performance. It also adheres to various compliance standards, including GDPR, ensuring that large companies meet industry regulations.
Features:
- Advanced user permissions
- Audit trails
- Fraud detection
- Dedicated support
Scalability:
QuickBooks supports up to 40 users and one million items.
Pricing:
QuickBooks offers various pricing plans, with the Advanced plan starting at $117.50 per month when paid annually. The Desktop Enterprise version ranges from $1,922 to $4,668 per year.
Number of Large Companies Using QuickBooks:
Over 186,716 companies use QuickBooks.
Reviews and Comparisons:
QuickBooks is known for its user-friendly interface and extensive integrations. However, compared to Xero, QuickBooks has a user cap on most plans.
SAP S/4HANA
SAP S/4HANA is a comprehensive enterprise resource planning (ERP) suite designed for large organizations. It offers a wide range of modules covering various business functions, including finance, supply chain, and human resources. SAP S/4HANA includes advanced procurement features, such as supplier collaboration and contract management, which streamline procurement processes for large companies.
Features:
- Real-time analytics
- Integrated business processes
- Integrated risk management
- Advanced compliance management
Scalability:
SAP S/4HANA is designed to grow with your business, accommodating increasing data and user demands.
Pricing:
SAP S/4HANA pricing starts at $25,000 per user annually. The overall cost can vary significantly based on the number of users, modules, and implementation services.
Number of Large Companies Using SAP S/4HANA:
Over 19,718 companies leverage SAP S/4HANA.
Reviews and Comparisons:
SAP S/4HANA is recognized for its comprehensive functionality and scalability. It is a robust solution for large enterprises with complex needs.
Oracle NetSuite ERP
Oracle NetSuite ERP is a cloud-based ERP solution that offers a suite of applications for financial management, CRM, and e-commerce. It is suitable for large enterprises seeking a unified platform. Oracle NetSuite ERP has built-in eCommerce capabilities, making it a valuable tool for large companies with online businesses.
Features:
- Unified business management
- Customizable dashboards
- Global business management
- Advanced financial planning
Scalability:
Oracle NetSuite ERP adapts to the evolving needs of growing enterprises.
Pricing:
NetSuite’s pricing is modular and depends on factors such as the number of users, modules, and implementation services. Implementation costs can range from $10,000 to $100,000+.
Number of Large Companies Using Oracle NetSuite ERP:
Over 40,000 companies worldwide use Oracle NetSuite ERP.
Reviews and Comparisons:
NetSuite is a comprehensive ERP solution that offers a wide range of features and integrations. It is a strong competitor in the market, particularly for larger businesses with complex needs.
Microsoft Dynamics 365 Finance
Microsoft Dynamics 365 Finance is a cloud-based ERP solution that offers comprehensive financial management capabilities. It integrates seamlessly with other Microsoft products and services, making it a suitable choice for businesses already using the Microsoft ecosystem.
Features:
- AI-driven insights
- Cash flow forecasting
- Expense management integration
- Global compliance features
Scalability:
Microsoft Dynamics 365 Finance is scalable for large enterprises.
Pricing:
Microsoft Dynamics 365 Finance starts at $180 per user per month. The overall cost can vary based on the number of users, modules, and implementation services.
Number of Large Companies Using Microsoft Dynamics 365 Finance:
Over 4,008 companies use Microsoft Dynamics 365 Finance.
Reviews and Comparisons:
Microsoft Dynamics 365 Finance is a user-friendly tool with a wide range of functionalities. It integrates well with other Microsoft products and offers strong financial management capabilities.
Sage Intacct
Sage Intacct is a cloud-based accounting software solution that offers robust financial management and accounting features. It is a popular choice for large companies due to its scalability, flexibility, and advanced reporting capabilities. Sage Intacct offers robust accounting features, including accounts payable/receivable and cash management.
Features:
- Advanced customizable financial reports and dashboards
- Multi-entity management
Scalability:
Sage Intacct is designed to accommodate the growth of businesses.
Pricing:
Sage Intacct’s pricing is subscription-based and depends on the number of users, modules, and implementation services. On average, customers spend between $15,000 to $35,000 annually.
Number of Large Companies Using Sage Intacct:
Over 17,000 businesses use Sage Intacct.
Reviews and Comparisons:
Sage Intacct is a user-friendly and comprehensive accounting solution. It offers strong financial management capabilities and is a suitable choice for companies looking to scale their operations.
Infor CloudSuite Financials
Infor CloudSuite Financials is a cloud-based financial management software that offers a comprehensive suite of features, including general ledger, budgeting, and asset accounting. It is a scalable solution that can adapt to the needs of growing businesses. Infor CloudSuite Financials has a user-friendly interface, making it easy for large companies to navigate and utilize its features.
Features:
- Advanced analytics and reporting
- Global capabilities
- Scalable architecture
Pricing:
Infor CloudSuite Financials uses a subscription-based pricing model. The exact cost can vary significantly based on the specific modules and features required.
Number of Large Companies Using Infor CloudSuite Financials:
Over 9,537 companies use Infor CloudSuite Financials.
Reviews and Comparisons:
Infor CloudSuite Financials offers a wide range of features and functionalities. It is a suitable choice for large companies looking for a comprehensive financial management solution.
Workday Financial Management
Workday Financial Management is a cloud-based ERP solution that combines financial and human capital management. It is an ideal choice for organizations seeking unified management of finance and HR operations. Workday Financial Management includes Adaptive Insights integration, which enhances financial planning and analysis for large companies.
Features:
- Unified financial and HR management
- Real-time reporting
- Global compliance
- Spend management
Scalability:
Workday Financial Management offers scalability.
Pricing:
Workday Financial Management’s pricing is subscription-based and depends on the number of users and applications deployed. The total contract costs typically range between $30,000 and $350,000 annually.
Number of Large Companies Using Workday Financial Management:
Over 2,000 customers use Workday Financial Management.
Reviews and Comparisons:
Workday Financial Management is a comprehensive solution that integrates well with other Workday modules. It offers strong financial and procurement capabilities.
Epicor ERP
Epicor ERP is a comprehensive ERP solution that offers a wide range of features, including financial management, advanced reporting, and global capabilities. It is a suitable choice for large companies in various industries, particularly those in manufacturing and distribution. Epicor ERP has a user-friendly interface.
Features:
- Production cost management
- Supply chain automation
- Customer relationship management
- Industry-specific modules
Pricing:
Epicor ERP’s pricing can vary significantly based on the licensing model, number of users, modules, and implementation services. For larger organizations, pricing can start from £161.14 and go up to £805.70 per user monthly.
Number of Large Companies Using Epicor ERP:
Over 4,591 companies use Epicor ERP.
Reviews and Comparisons:
Epicor ERP is a robust solution with a sophisticated data model. It is a suitable choice for companies with mature manufacturing capabilities.
Acumatica Cloud ERP
Acumatica Cloud ERP is a cloud-based ERP solution that offers a wide range of features, including accounting, CRM, distribution, and project management. It is known for its flexible deployment options and consumption-based pricing model. Acumatica Cloud ERP has an open API, allowing for seamless integration with other business systems for large companies.
Features:
- Flexible deployment options
- Consumption-based pricing
- Scalability
Pricing:
Acumatica Cloud ERP’s pricing is based on the number of modules, transaction volume, and deployment option. The annual subscription price starts at $6,000.
Number of Large Companies Using Acumatica Cloud ERP:
Over 1,558 companies use Acumatica Cloud ERP.
Reviews and Comparisons:
Acumatica Cloud ERP is a user-friendly and flexible solution. It offers a wide range of features and is a suitable choice for businesses looking for a cost-effective ERP solution.
Trends in Accounting Software for Large Companies
The landscape of accounting software for large companies is constantly evolving. Some of the latest trends include:
- Increased adoption of AI and machine learning: AI and machine learning are being integrated into accounting software to automate tasks, improve accuracy, and provide valuable insights.
- Cloud-based solutions: Cloud-based accounting software is becoming increasingly popular due to its scalability, accessibility, and cost-effectiveness.
- Emphasis on data security: With the increasing amount of financial data being stored and processed electronically, data security is becoming a top priority for large companies.
The software solutions discussed in this report incorporate these trends to varying degrees. For example, Microsoft Dynamics 365 Finance leverages AI-driven insights, while Oracle NetSuite ERP offers a robust cloud-based platform.
Comparison Table
| Feature | Xero | QuickBooks | SAP S/4HANA | Oracle NetSuite ERP | Microsoft Dynamics 365 Finance | Sage Intacct | Infor CloudSuite Financials | Workday Financial Management | Epicor ERP | Acumatica Cloud ERP |
|---|---|---|---|---|---|---|---|---|---|---|
| Deployment | Cloud | Cloud/Desktop | Cloud/On-premises | Cloud | Cloud | Cloud | Cloud | Cloud | Cloud/On-premises | Cloud |
| Pricing | $13-$70/month | $117.50/month or $1,922-$4,668/year | $25,000/user/year | Modular | $180/user/month | $15,000-$35,000/year | Subscription-based | $30,000-$350,000/year | £161.14-£805.70/user/month | $6,000+/year |
| Scalability | High | High | High | High | High | High | High | High | High | High |
| Key Features | Unlimited users, strong bank reconciliation, robust reporting | Advanced reporting, inventory management, compliance certifications | Real-time analytics, integrated business processes, risk management | Unified business management, customizable dashboards, eCommerce capabilities | AI-driven insights, cash flow forecasting, global compliance | Advanced reporting, multi-entity management | Advanced analytics, global capabilities | Unified financial and HR management, Adaptive Insights integration | Production cost management, supply chain automation, industry-specific modules | Flexible deployment, consumption-based pricing |
| Pros | User-friendly, scalable, good value | Comprehensive features, widely recognized | Robust and comprehensive, industry leader | Comprehensive and scalable, cloud-based | Integrates well with Microsoft ecosystem | User-friendly, strong financial management | Comprehensive and scalable | Integrates finance and HR functions | Sophisticated data model, strong for manufacturing | Flexible and cost-effective |
| Cons | Limited features in lower-tier plans | User cap on most plans | Can be expensive | Can be complex to implement | Can be expensive | Limited customization options | Can be complex to implement | Can be expensive | Can be complex to implement | Limited features compared to some competitors |
Conclusion
Choosing the right accounting software is a critical decision for large companies. The top 10 solutions discussed in this report offer a variety of features, scalability options, and pricing models to meet the diverse needs of large enterprises. When making a decision, companies should carefully consider their specific requirements, budget, and desired level of integration with existing systems.
Here are some key factors to consider:
- Industry-specific needs: Some software solutions, such as Epicor ERP, offer specialized modules for specific industries.
- Deployment options: Companies should consider whether they prefer a cloud-based, on-premises, or hybrid deployment model.
- Integration with existing systems: The chosen software should integrate seamlessly with existing business systems, such as CRM and HR software.
- Budget: Accounting software pricing can vary significantly, so companies should carefully evaluate their budget and choose a solution that offers the best value for their needs.
By carefully evaluating these factors and choosing the right accounting software, large companies can streamline their financial processes, improve accuracy, and gain valuable insights to drive informed decision-making and business growth.
