Medium-sized businesses experience many of an equivalent challenge as their small business counterparts, only on a bigger scale. One of the growing pains you would possibly have in your medium-sized business is selecting the simplest accounting software for your company’s needs.
Of the handfuls of options available, how does one know you're choosing the simplest accounting software for your medium-sized business? During this article, we’ll teach you ways to assess your medium-sized business’s accounting software needs, and then boil down the varied software options to the simplest in school for your business.
As always, it’s important to try your own due diligence before choosing the software solution or solutions you'll use in your business. Use this text as a guide to assist direct your decision, but also cash in of your accountant’s expertise and any free trial periods before making your final judgment about which best accounting software for medium-sized businesses is for you.
Accounting Software for Medium-Sized Businesses: What to think about
If you started your business from scratch and have grown it to a medium-sized enterprise—meaning you likely have quite 50 employees and a minimum of $10 million in annual revenue—you might wonder how things have gotten so complex in your business. What you'll once manage comfortably on your own has now burgeoned into a corporation with dozens of employees handling many tasks you want to be ready to manage—without micromanaging.
At this stage in business, it becomes necessary to start out thinking of your business in terms of departments—including your accounting department. Albeit each department only consists of 1 employee reporting to you, creating systems and processes for every department in your business will assist you to run the whole enterprise more effectively.
When off-boarding Accounting Duties
Your accounting function is one of the foremost critical tasks for you to oversee in your medium-sized business. If you've got handled the accounting on your own up so far, handing this task off to an employee is often a nerve-wracking experience. Yet it's necessary to free some time so you'll specialize in more strategic business initiatives.
Unfortunately, stories abound of dishonest employees within the accounting department embezzling from their employers. This shouldn’t dissuade you from delegating your accounting, but it should function as a cautionary tale to urge the proper controls in situ to guard your business. The proper best accounting software—or suite of solutions—can assist you with this.
Software isn’t the sole answer to the interior control issue, though. You want to have a separation of duties in your business to make sure nobody employee has complete access to financial information and duties. Your accountant can assist you found out a system to use internally to assist mitigate this risk.
Payroll and human resources issues become more complex once you reach and exceed 50 employees in your business, too. Your in-house accountant may need significant payroll experience, but it’s important to still consider payroll and human resources as two independent departments in your medium-sized businesses.
When Assessing Your Medium-Sized Business’s Accounting Software Needs
Before we dive into our greatest accounting software for medium-sized business options, let’s take a flash to assess your medium-sized business’s accounting needs. The answers to every one of those questions will assist you to choose the accounting software solutions which can serve your business the simplest.
Does your business manage inventory, including work-in-progress inventory?Does one have accounts with vendors, apart from MasterCard accounts?What percentage of people will get to access and use your accounting software?Does one have complex payroll needs (multi-state, multi-department, FMLA requirements, etc.)?Are you required to gather Sales tax from your customers?
With the answers to those questions in hand, we’re able to advance to the highest five accounting software solutions for your medium-sized business.
Best All-in-One Accounting Software for Medium-Sized Business: QuickBooks Enterprise Solutions
If you answered yes to all or any five questions above, QuickBooks Enterprise Software Solutions has you covered. QuickBooks Enterprise Solutions offers industry-specific tools, reports, and features for contractors, manufacturers and wholesalers, nonprofits, and retailers. This powerful software also includes advanced inventory features and advanced pricing options for your customers, meaning you'll truly customize the software to suit your needs.
A built-in nuisance tax module helps keep you compliant with all nuisance tax laws which apply to your business. And with Enhanced Payroll, keeping your employees paid and your tax filings up so far may be a breeze.
As for internal controls, QuickBooks Enterprise allows you to line custom user permissions for up to 30 users, meaning you've got complete control over who sees what information in your growing medium-sized company. QuickBooks Enterprise Solutions costs $1,351.80 for your first year for the Gold package. If you would like advanced inventory and pricing features, your first-year investment is $1,663.20.
For ultimate security, you'll plan to host QuickBooks Enterprise Solutions within the cloud employing a hosting company like Right Networks. Hosting solutions require a further, per-user fee of around $60 per month
One thing to stay in mind with QuickBooks Enterprise, though: If you've got complex human resources or payroll needs, we strongly recommend not handling your payroll and HR functions in-house, even with QuickBooks Enhanced Payroll. When it involves HR and payroll, you're much better-served outsourcing to a reputable company or companies that handle these responsibilities… and therefore the liabilities which will accompany them. If you select to outsource your payroll and HR functions, read the terms of service carefully to make sure the corporate you're outsourcing to will cover any penalties incurred thanks to errors or negligence.
Best Cloud-Based Accounting Software for Medium-Sized Business: QuickBooks Online Advanced
Not goodbye ago, QuickBooks Online was considered unsuitable for medium-sized businesses.
Not anymore.
With the arrival of QuickBooks Online Advanced, medium-sized companies can experience the convenience of use of QuickBooks Online and obtain the powerful accounting abilities they have. QuickBooks Online Advanced supports up to 25 users and three accounting firms, unlimited class, and site tracking, unlimited chart of accounts, top-tier support, and five courses to assist your team find out how to use the software.
Perhaps the foremost exciting thing about QuickBooks Online Advanced, though, is that it includes a subscription to Fathom—a powerful reporting and analytics software. Fathom helps QuickBooks Online Advanced users get the foremost out of their data by providing dashboards and therefore the ability to customize projections.
QuickBooks Online Advanced costs $150 per month, putting it in line with QuickBooks Enterprise in terms of pricing. Be warned, though: counting on your industry, you would possibly get to invest in additional apps so as to possess all the functionality you would like in your accounting software. These additional subscriptions can quickly add up, so do your due diligence before going all-in with QuickBooks Online Advanced.
Best Non-QuickBooks Accounting Software for Medium-Sized Business: ZohoBooks
We’ll be the primary to inform you Zoho Books has some quirks. It’s almost as user-friendly as QuickBooks products, and that we don’t accept as true with the way it handles reimbursed expenses. However, when it involves growing together with your business, Zoho’s products are completely scalable, making it an honest solution for your medium-sized business.
Zoho Books does everything you'd expect a cloud-based accounting solution to do: bank feeds, invoices, estimates, time and project tracking, reporting, tax calculations, and more. For max power, combine ZohoBooks with Zoho CRM, Forms, and Mail to possess your entire business in one ecosystem.
Zoho Books costs $29 per month. Although that's considerably the opposite accounting solutions on this list, confine mind your investment will increase if you add other Zoho modules to your technology stack.
Best Accounts Payable Solution for Medium-Sized Business: Bill.com
Sadly, accounts payable fraud is only too common in medium-sized businesses. It’s one among the simplest sorts of fraud to perpetrate, too. You don’t want to spend some time writing and mailing checks, but how else are you able to confirm only approved invoices are being paid (and that they're actually being paid to your vendors rather than to an employee)?
You can take the strain out of managing your company’s accounts payable with Bill.com.
Bill.com integrates with QuickBooks, Xero, Sage, and NetSuite, but you'll use it as a standalone solution if you employ an accounting software Bill.com doesn’t integrate with. With multiple user levels and customizable options, you'll give your accounting department the maximum amount or as little control over accounts payable as you would like.
Bill.com also has multiple approval levels, too. You'll customize the workflow so either you or one among your employees can initiate payments, either with or without prior approval. And with optical character recognition (OCR) capabilities, you'll eliminate data entry and see a scan of the bill beat one place.
Bill.com’s pricing starts at $39 per user per month, with additional per-transaction fees counting on what services you select to use.
Best Sales tax Solution for Medium-Sized Business: TaxJar
Even with an in-software nuisance tax module, managing Sales tax is often an enormous time-waster in your business. If you've got nexus in several states, managing nuisance tax becomes even more onerous. Fortunately, there's an answer to automate this function for your business: TaxJar.
TaxJar offers automated sales tax reporting and filing options for e-commerce and other multi-channel sellers. Albeit you sell in-house only, you'll upload a CSV file of your transactions to TaxJar and use their powerful automation to simplify your sales tax burdens.
TaxJar’s pricing starts at $19 per month, with a further $25 fee for every state you enroll in their Auto File option.
Choosing the simplest Accounting Software for Your Medium-Sized Business
Delegating your business’s accounting functions is often stressful, but choosing the simplest accounting software for your medium-sized business can help alleviate a number of that stress. We chose our five favorite solutions for this list, but it’s possible your business has requirements one among these solutions can’t handle. Take a while to gauge the choices during this article, also as software specific to your industry. Use any trial periods offered to urge a pity the software you're evaluating, and then choose the answer that works best for you.
As always, the simplest accounting software for your medium-sized business is that the one you'll use to its full functionality. Confirm you understand the nuances of the software before you create a commitment, and make reviewing your accounting reports a priority in your business. This may assist you to be confident in your numbers… and your best accounting software choice.
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