According to Forbes, accounting and bookkeeping technology is becoming more and more vital for businesses to improve inefficiencies and reduce cost. Finding the best accounting software for medium sized business allows users to speed up tax preparation, reduce the risk of human error, and automate what was once labor intensive accounting tasks.

Accounting systems help simplify complex processes and are designed to perform automated calculations. With little training, it is fairly easy to perform all accounting operation and comply with legal standards all without having to outsource your accounting process. Since these finance systems automate administrative procedures and calculations, businesses can expect to save not only money but also time and energy.

One of the main advantages of accounting software for medium sized business is its accurate forecasting. Understanding the details of your businesses financial patterns and trends of performance can be done quickly and precisely.

This will only help you discover where to cut expenses and develop smart strategies and efficient resource allocation. Good accounting software also improves relationships with clients since it improves efficiencies with billing and invoicing which helps prevent miscommunication and frustrating delays.Finding the best accounting software for medium sized business can be difficult, epically with all the options available. That’s why we compiled this in-depth review of some of the best accounting software programs on the market today to help you improve your business and become more efficient than ever before.


 

How We Reviewed

The following products were reviewed based on the following parameters Features, Pros & Cons, Price, and Where to Buy. When it comes to purchasing a new tool for your company, there are many things to take into consideration when looking for the best accounting software for medium sized business.

 

To create the most accurate and non-bias review, we gathered information from a variety of reliable sources from personal reviews to business experts in the accounting industry. We also took into consideration a range of other factors such as whether the accounting software is online-based, offers automated tools, or can integrate with other programs.


 

Overall Price Range of The Best Accounting Software for Medium Sized Businesses

The best accounting software for medium sized business all depends on what are the individual needs of a company; however, on average, for accounting software, you can find programs for under $20 a month, but they will typically have limitations on them such as only allowing a few invoices to be processed a month. Accounting software in the $30 to $70 price range will normally offer more tools, unlimited invoicing and bills, and payroll for 10+ employees.

 

Software that is in the hundreds to thousand price range is normally reserved for bigger business who require more advanced analytics, a higher payroll capacity, or other applications that a small business would not necessarily need when first starting out and growing.

 

What We Reviewed


  • FreshBooks
  • NetSuite
  • ScaleFactor
  • Acumatica
  • Wave
  • Sage Intacct
  • QuickBooks
  • Microsoft Dynamics
  • Xero
  • Deskera

FreshBooks

freshbooks

Source: Freshbooks.com

Features

FreshBooks is accounting software that helps business manage their finances in a way that is quick and secure. FreshBooks is easy to use with its simple interface that helps you spend less time on paperwork. It also can automate tasks options such as automatic invoicing and organizing expenses. Freshbooks organizes all information in the Cloud, so it is secure to access from desktop, phone, or tablet anywhere in the world.

Pros

  • Easy invoice payment feature
  • Stored on the Cloud
  • Automated features

Cons

  • Bugs in email click-through
  • Lack of enterprise-grade capacity
  • Invoices don’t transfer to other systems

Price

This product can be purchased on the FreshBooks official company website. They offer a variety of monthly plans for business with five clients, 50 clients, and 500 clients. The price ranges from around $15 a month to $50.

 

Where to Buy

https://www.freshbooks.com/

NetSuite

Features

The NetSuite is a scalable system that uses real-time data to supplement their business planning and financial reporting features. Their finance team and executives offer solutions for a variety of business size, spanning across a broad range of industries. NetSuite claims their all-encompassing software can replace QuickBooks, Sage, Microsoft Dynamics, and other business systems, making it one of the best accounting software for medium sized business.

Pros

  • Cloud based
  • Interdepartmental communication
  • All-in-one software

Cons

  • They could improve the interface
  • Errors not fixed immediately
  • Inadequate email infrastructure

Price

This product can be found on NetSuite’s official company website for around $500 a month. The pricing model is subscription based, but they offer more advanced options for a higher price.

Where to Buy

http://www.netsuite.com/portal/home.shtml

ScaleFactor

ScaleFactor logo

Source: ScaleFactor.com

Features

ScaleFactor is an intelligent finance software that improves business operations. ScaleFactor offers essential features to help improve efficiency such as automating complex bookkeeping tasks and converting financial information into useful business insights.

 

The AI-powered software categorizes and processes all financial transactions in real-time. Transactions are also transferred to Xero or QuickBooks, so data is always up to date. ScaleFactor also easily integrates with other business software such as QuickBooks, SalesForce, Xero, Stripe, and more!

Pros

  • Tax filing + 1099/W9 collection
  • Cash forecasting
  • Expense management

Cons

  • Confusing interface
  • Not Cloud-based
  • High price point

Price

This product can be found on ScaleFactor’s company website, where they offer a variety of packages for different business sizes. Prices range from $300 a month to $1000.

Where to Buy

https://scalefactor.com/

Acumatica

acumatica product showcase

Source: Acumatica.com

Features

Acumatica software helps businesses connect with customers by connecting all your data in one place and storing it on the Cloud, so you can have access to all of your information at any time, anywhere. Acumatica automatically integrates to other services such as Adobe Sign, Smartsheet, Power BI, and DocuSign.

 

Acumatica also integrates business management applications and enterprise resource planning (ERP) tools such as multi-company accounting and financial management, manufacturing planning and control, distribution, project accounting, services, e-commerce, customer relationship management (CRM), and much more.

Pros

  • Customizable variety of ISVs
  • Easy to use and flexible
  • Three deployment options

Cons

  • Difficult customization
  • Pricing can be confusing
  • Rely on third-party add-ons

Price

This product can be found on Acumatica’s company website for purchase, while there is not a set cost on their website, you can contact the company for an appraisal. Acumatica will customize the tools and features you need to, so you only pay for what you use, making it best accounting software for medium sized business.

Where to Buy

https://www.acumatica.com/

Wave

Features

The Wave is a straightforward program and easily considered one of the best accounting software for medium sized business for this reason. Wave allows customers to pay invoices directly via credit cards which allows for a faster collection of accounts receivables.

 

Plus, users don’t have to manually enter transactions because bank and credit card transactions go automatically through Wave. With Wave, you can also create sales invoices and purchases while easily keeping track of accounts receivable and accounts payable.

Pros

  • Simplistic invoicing
  • Excellent customer support
  • Easy to view reports

Cons

  • Issues exporting ledger items
  • No preset date options for reports
  • Lacks credit memo options

Price

This product can be found on Waveapps.com. The accounting software and receipt scanning are free of charge. There is no set-up fees, no hidden charges or monthly fee.

Where to Buy

https://www.waveapps.com/

Sage Intacct

Features

Sage Intacct is a powerful, yet easy-to-use accounting system and is ideal for small to mid-size businesses. Budgeting and planning are all done on the Cloud, making it completely web-based so there is no need to worry about the maintenance of hardware and software internally. Dashboard reporting is very easy to run, and Sage Intacct integrates well with other software because they partner with numerous companies that further provide supporting systems and automation.

Pros

  • Full access to financial details
  • Strong reporting function
  • Customizable employee details
  • Customizable client information

Cons

  • Frequent server overload
  • No mobile app
  • No option for multiple currencies

Price

This product can be found on the Sage Intacct company website where you can request a price quote for their services and your businesses needs.

Where to Buy

https://www.sageintacct.com/

QuickBooks

quickbooks product showcase

Source: Quickbooks.com

Features

QuickBooks is the most well-known account tools and one of the best accounting software for medium sized business. QuickBooks helps businesses manage bills by tracking bill status, recording payments, and creating recurring payments.

 

You also can pay multiple vendors and bills at the same time, along with creating checks anywhere. Other useful features include automatically sorting transactions into tax features and tracking miles on your smartphone for business trips.

Pros

  • Accessible from multiple locations
  • Backed up and stored on Cloud
  • Flexible third party applications
  • Good accounting reports

Cons

  • Lack of industry-specific features
  • Instability/system crashes
  • Limitations on the number of users
  • Lack of key reports

Price

This product can be found on Quickbooks’ website for purchase. Quickbooks offers a variety of accounting options ranging from ten dollars a month to over a hundred.

Where to Buy

https://quickbooks.intuit.com/pricing/

Microsoft Dynamics

Features

Microsoft Dynamics is easily one of the best accounting software for medium sized business due to the high level of integrated and essential features. Microsoft Dynamics is a cloud-based software program, so you never have to worry about information getting lost or corrupted.

 

Microsoft Dynamics consists of a variety of different Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) software, along with other small business solutions. Microsoft Dynamics also includes solutions for financial management and accounting, inventory management and operations, sales and service, human resources and payroll, as well as real-time analytics to track business performance.

Pros

  • Easy financial reporting
  • Integrated payroll time clock
  • Consolidated reporting system

Cons

  • Non-intuitive interface
  • Limited field service automation
  • Slow Sharepoint add-on for document repository

Price

This product can be found on Microsoft’s website. Microsoft offers four different plans: customer engagement plan, unified operations plan, dynamics 365 plan, and general applications you can add-on. Prices for these plans range from around $100 a month to $200 a month, depending on what you select.

Where to Buy

https://dynamics.microsoft.com/en-us/

Xero

xero product showcase

Source: Xero.com

Features

Xero is a web-based accounting software specifically designed for growing businesses which is why many starting out find it to be one of best accounting software for medium sized business. Since Xero is a web-based solution, it accounting features such as tracking cash flows, transactions, and personal expenses can be accessed from any device with an internet connection. Xero’s accounting features

Pros

  • Integrates inventory and billing
  • Cloud-based tools
  • Essential business management apps

Cons

  • Requires third party app
  • Limited reporting
  • Not suitable for multiple currencies

Price

This product can be found on Xero’s company website. They offer three different accounting packages: Early, Growing, Established. Prices range from around as low as $10 a month up to $65 a month.

Where to Buy

https://www.xero.com/us/

Deskera

deskera product showcase

Source: Deskera.com

Features

Deskera is one of the best accounting software for medium sized business and for anyone looking to define their management and accounting needs. Deskera can handle all operational elements such as quotations, invoices, returns, and provides integrated options to connect inventory and manufacturing information within its software.

 

Deskera integrates sales and finance to improve quote accuracy, strengthen revenue recognition processes, and eliminate billing errors. Also, Deskera’s seamless ERP software system helps speed up business’ core purchase processes such as quotations, invoicing, goods receipts, returns and payments, and much more!

Pros

  • Impressive modules implementation
  • Easy-to-use and powerful ERP
  • Item master management

Cons

  • Must learn advanced features
  • The graphic interface needs improvement
  • Only exports reports to excel

Price

This product can be found on Deskera’s official website. They do not display pricing options for their products on their website and instead require potential customers to contact them directly for a quote. Deskera offers free trials for all of their products with no credit card required.

Where to Buy

https://www.deskera.com/erp/


 

The Verdict

After a careful and in-depth review, we believe Xero is the best accounting software for medium-sized business. Xero offers a great price point for their three packages; also, each package is for the three stages of business: early, growing, and establish. This allows your company to grow with Xero and their software as your business transitions and expands.

Xero’s flexible online software can reconcile important accounting features such as transactions and sending an invoice while also allowing you to connect with other apps for CRM, time tracking, point-of-sale and more, which makes it perfect for businesses trying to condense their operating and analytical systems into one program. For more tips and tricks on how you can improve your business visit Inspiringbusinesstoday.com today!

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