Credit: Austin Distel
Keeping your finger on the pulse of your company’s finances is crucial to making informed spending decisions. Keeping records is also crucial to protecting your business – especially since the IRS is planning to increase business audits by 50%.
With reliable enterprise accounting software, businesses can have up-to-date information about their finances in real-time. This flexibility saves time and money that would otherwise be spent on calculating profit and loss statements, inventory reports, payroll reports, and numerous other tasks that are easy to take for granted until they’re not available.
However, with so many options on the market today, finding the right enterprise accounting software can be difficult, especially if you don’t have in-house experts to help you navigate the process.
What is Enterprise Accounting Software?
Enterprise accounting software helps businesses create invoices, manage inventory, defer/recognize revenue, and organize their accounts receivable and accounts payable. Business managers can also track key data points that impact cash flow and budgeting.
Enterprise accounting software can have some complex capabilities – for example, it might integrate with a variety of business processes such as CRM, purchasing, or payroll – so it’s important to work with a trained professional for assistance.
The benefits of implementing an enterprise accounting software include:
- Cost savings
- Clear reporting
- Simplified tax filing
- Better financial planning
- Advanced features that streamline business operations, like revenue recognition complexities, audit trail and support, and stronger treasury management
These systems can also provide businesses with more accurate financial planning and analysis (FP&A), which is beneficial for making critical decisions like choosing which suppliers to do business with. This information can help new businesses expand and help established businesses cut wasted spending and find ways to increase profits.
Finding the right accounting software for your business will depend on your needs, your budget, and the number of employees that need to use the software. As with any business decision, it’s worthwhile to consult with a skilled professional about enterprise accounting solutions for your business.
Quickbooks Enterprise Accounting Software
QuickBooks Enterprise offers affordable financial accounting software for small- to medium-sized businesses, with options to scale as your business grows. With services ranging from inventory management to tax compliance solutions in one package, Intuit offers a complete solution that covers all of your company’s needs from start-up through growth.
QuickBooks is equally popular with non-profits and 501c(3)s because of its low price points and easy-to-use features that simplify enterprise fund accounting.
QuickBooks Enterprise does have some drawbacks, and larger firms are more likely to find what they need in other software. For example, Enterprise isn’t cloud-based, so you’ll either need to use on-site storage or purchase third-party cloud hosting. It also doesn’t offer the option for automating records, so someone will have to devote time to data entry and report consolidation.
Expensify offers a cloud-based system that can save you time and reduce human errors during data entry. By eliminating cumbersome spreadsheets and streamlining expense reporting, Expensify keeps your costs down and makes it easy to submit accurate and up-to-date reports. They offer free service for individuals and low-cost business plans for as little as $5 per user.
Expensify offers 256-bit SSL encryption to protect sensitive financial data. No matter your industry or company size, Expensify is designed with accounting and finance professionals in mind. Their user interface makes reporting a breeze, and they offer customer support in case anything goes wrong with your report.
NetSuite is far more than an enterprise accounting system. In fact, it’s the most popular ERP for mid-sized businesses. It is designed to handle enterprise-level accounting as well as all other key business processes in a single platform. NetSuite is optimized for larger companies, and it features a customizable general ledger to help CFOs keep information organized.
It offers a full suite of tools, including web-based billing, accounts payable, accounts receivable, tax planning and compliance features, inventory management capabilities, asset management, shipping tools. It also offers access to external apps through NetSuite Marketplace. NetSuite can help with project management by improving workflow and automating repetitive processes.
One of its main selling points is its flexibility: users can choose from several packages based on their business’s size and financial requirements. NetSuite can also help institutions stay compliant with enterprise fund government accounting. NetSuite has an impressive mobile app and the cloud-based storage offers fast access to your data.
However, these capabilities come at a higher price. While smaller businesses can still benefit from the expansive services, they may not have the budget for them.
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More Tools for Small Businesses
Enterprise-level accounting software can get expensive, and many businesses may prefer piecemeal services that are more accessible at a lower cost. Quickbooks online is the most widely used accounting software for small businesses, but if you want to help your company go further without spending as much, you can check out some of these other software solutions.
Gusto offers a powerful, all-in-one HR resource to help you manage hiring, payroll, and taxes. With some of its offerings completely free, Gusto is a very attractive choice for startups and freelancers. Some nice features offered by Gusto include payroll tax filing, direct deposit, and 1099 filing, invoicing, time tracking, expense tracking, and more.
The software integrates with third-party software like Salesforce and Quickbooks, making it very user-friendly. The app is available on desktop and mobile so you can use it wherever you happen to be. Despite its low costs, Gusto’s advanced technology means you get powerful results without having to pay enterprise-level prices.
Bill.com offers a simplified way for businesses to manage accounts payable and accounts receivable through secure ACH transactions. The service also eliminates manual bookkeeping with cloud-based accounting software, online payment processing, automated email reminders, and more.
In addition, users can easily set up electronic signatures and create custom user profiles to differentiate duties and roles and improve staff efficiency. Bill.com can also save you time by automating approvals to cut the amount of time you spend on accounts payables tasks.
Stripe is a fast and efficient way to accept credit card payments with little cost and no hassle.
The service seamlessly offers an API that integrates into your existing website with just a few lines of code. It’s also simple to use – you can launch an online store in less than five minutes using Stripe Checkout.
This feature allows customers to pay directly from their bank accounts or saved credit cards. And once you start processing payments through Stripe, you can automate payment disputes and get in-depth reporting to drive business growth.
Stripe also has anti-fraud features like tokenization and geolocation verification. If a customer pays with a card saved on his computer, it will not process unless they are physically present at that location. It’s one of many ways Stripe uses advanced fraud mitigation techniques to ensure secure transactions every time.
Credit: Lukas Blazek
How Outsourcing Your Accounting Saves You Money
Accounting is one of the top professional services, and for good reason. Outsourced CFO services can help you select and implement the right enterprise accounting software, as well as help you manage all aspects of your finances. Not only is it cheaper than hiring a CFO, but it also saves you time and energy that you can use to grow your business.
CFO services can also help file quarterly tax returns, so you can make the most of your tax deductions and protect yourself from an IRS audit. Hiring an experienced CFO and accounting service can also get you access to crucial business intelligence such as cash flow management and analysis. These tools are invaluable for keeping your business healthy and productive.
A long-term relationship with an outsourced CFO means they will get to know you and your business’s challenges, and offer proven solutions to address them.
Enterprise-Level Accounting Services for Business of All Sizes
At inDinero, we offer all-in-one accounting services for businesses at every stage of growth. When you partner with us, you get fractional CFO services from a team of over 126 accounting experts at a fraction of the cost of an internal hire, without having to worry about turnover.
Our flexible, transparent pricing model lets you pick and choose the services you want so you’ll only ever pay for what you need. We can offer help with financial strategy and long-term planning, tax expertise across specific industries and local markets, as well as general accounting and bookkeeping services.
We provide software-agnostic advice to help you choose the best enterprise accounting software solutions for your business and can help you with implementation and compliance every step of the way. To learn more about how we can help, contact one of our experts today.