For over 40 years, professional accounting software has been key for medium-sized businesses. It helps them manage finances better and work more efficiently. PCMag has been testing and rating these tools since 1982. They found the best solutions for mid-market companies in 2024 include ERP systems, comprehensive accounting software, and finance automation tools.
These advanced platforms tackle the challenges of growing businesses. They offer scalable features, strong compliance, and easy integration. By using the best accounting software for medium business, companies can make their accounting smoother. They can also ensure they follow GAAP and grow globally.
Key Takeaways
- The best accounting software for medium-sized businesses in 2024 includes ERP systems, comprehensive accounting solutions, and finance automation tools.
- These advanced platforms address the unique needs of growing enterprises, offering scalability, compliance, and integration capabilities.
- Top-rated accounting software for mid-market companies include Tipalti, NetSuite, Sage Intacct, Microsoft Dynamics 365, Acumatica, and Infor Syteline.
- Factors like user experience, pricing, industry-specific features, and deployment options are crucial when selecting the right accounting solution.
- Integration and scalability are essential for supporting business growth and expansion.
Introduction to Accounting Software for Medium Businesses
As medium-sized businesses grow, they need more advanced accounting tools. Cloud-based accounting platforms for medium firms and user-friendly accounting apps for medium businesses meet their needs. These integrated accounting systems for mid-market organizations manage more users, increase security, and work with other big systems.
Medium-sized businesses need features like detailed financial reports, handling different currencies and locations, and managing inventories. They also need to work well with CRM, payroll, and e-commerce systems. These cloud-based accounting platforms for medium firms and user-friendly accounting apps for medium businesses help make accounting easier, improve teamwork, and follow GAAP rules.
Choosing the right integrated accounting systems for mid-market organizations is key for medium-sized businesses. It affects their ability to grow, keep financial control, and make smart decisions. They should look at scalability, cost, flexibility, how well it integrates, and how easy it is to use. This ensures the software fits the company’s growth plans and goals.
“The right accounting software can be a game-changer for medium-sized businesses, empowering them to streamline their financial processes, enhance collaboration, and make informed decisions for sustainable growth.”
Using modern cloud-based accounting platforms for medium firms and user-friendly accounting apps for medium businesses, medium-sized companies can get more efficient, accurate, and compliant. This helps them succeed in the fast-changing business world.
Tipalti: Best for AP Automation and Mass Payments
Tipalti is a top pick for midsized businesses looking for strong accounting software. It’s an AI-powered, cloud-based platform that works well with your current ERP or accounting software. This makes financial processes up to 80% more efficient.
Key Features of Tipalti
Tipalti’s payables automation software has many features to change how you handle AP. It gets rid of paper invoices and manual data entry. Instead, it uses digital workflows, stronger financial controls, and smart screening to lower fraud risks.
The platform can manage payments in 196 countries and 120 local currencies. This is because Tipalti is a licensed money services business (MSB) with money transmitter licenses.
Pricing and Benefits of Tipalti
Tipalti’s pricing starts with a $129/month platform fee for the Tipalti Express basic plan. As midsized businesses grow, Tipalti offers more upgrades to meet their needs. There are also transaction fees for payment processing, which can be passed on to the payee.
The main benefits of Tipalti include more efficiency, cost savings, less fraud risk, and automated global regulatory compliance. This means faster financial close speed and stronger controls.
“Tipalti helps reduce AP workload by up to 80% and allows for a 25% increase in financial close speed and controls.”
Overall, Tipalti is a great choice for midsized companies. It automates accounts payable and streamlines global mass payments. It’s a powerful accounting software for SMBs and mid-sized businesses.
NetSuite: Best for Global Midsize Companies with Expansion
NetSuite, owned by Oracle, is a cloud-based ERP system. It offers many modules for a unified solution for businesses. It’s great for accounting solutions for mid-sized businesses and comprehensive accounting packages for medium enterprises. The accounting software for medium business helps businesses grow by managing finances, orders, inventory, warehouses, and supply chains.
NetSuite ERP Capabilities
NetSuite is perfect for global midsize companies that want to grow. It makes handling revenue and GAAP accounting easy. It gives real-time insights into business operations, planning, budgeting, forecasting, and managing cash flow. Plus, it supports over 190 currencies, making it great for businesses worldwide.
NetSuite Pricing
The cost of NetSuite depends on the business’s needs, like the number of users and modules chosen. Companies should get a personalized quote from Oracle NetSuite sales. NetSuite is seen as the top ERP for medium-sized businesses wanting to improve operations and grow globally.
| Feature | Score |
|---|---|
| Payments | 9.5/10 |
| Automatic Invoicing | 9.5/10 |
| Third-party Integrations | 8.5/10 |
| Mobile App | 8/10 |
| Customer Service | 9.5/10 |
“NetSuite is recognized as the best enterprise management planning tool (ERP) for medium-sized businesses.”
Sage Intacct: Best for GAAP Compliance and Multi-dimensional Reporting
Sage Intacct is a cloud-based accounting software that the American Institute of CPAs (AICPA) recommends. It’s great for medium-sized businesses needing to follow GAAP and get detailed financial reports. It has a simple general ledger chart of accounts. This makes it easy for businesses to grow, from small to big.
Sage Intacct is known for its detailed reporting. It lets users look at financial data from different angles. This helps companies make better decisions and understand their finances better.
| Key Sage Intacct Features | Benefits for Medium Businesses |
|---|---|
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Sage Intacct’s pricing depends on what features you need, how many users, and how many entities use it. The cost to start can be between $10,000 to $35,000, plus a monthly fee. It has no limits on users and is great for businesses that want to grow, follow GAAP, and manage finances well.
Sage Intacct is the only accounting software the AICPA endorses. It’s a top choice for medium-sized businesses needing a strong, growing, and GAAP-compliant financial tool. Its wide range of features and detailed reporting are perfect for companies wanting to improve their accounting and understand their finances better.
Microsoft Dynamics 365: Best for Integration with Microsoft Solutions
Microsoft Dynamics 365 is a cloud-based software that works well with many Microsoft products. It’s great for integrated accounting systems for mid-market organizations, powerful accounting software for SMBs, and robust accounting solutions for mid-sized businesses. It helps businesses work better together, be more productive, and make smarter choices.
Microsoft Dynamics 365 Features
Microsoft Dynamics 365 has many features for mid-market organizations, including:
- Works well with Microsoft 365, Azure, Power Platform, and Dynamics 365 Copilot for better productivity and teamwork
- Easy to connect with Microsoft CRM 365 or Salesforce CRM for better customer management
- Can be customized to fit your business needs
- Has strong security thanks to Microsoft
Pricing for Microsoft Dynamics 365
Microsoft Dynamics 365 Finance starts at $180 per user/month. The Premium plan is $300/user/month. Businesses should talk to Microsoft for a detailed quote. This depends on how they plan to use Dynamics 365, the apps they need, and the number of users.
“Microsoft Dynamics 365 and Power Platform offer integration with more than 1,000 connectors, allowing for automation of time-consuming tasks and increasing productivity.”
Microsoft Dynamics 365 is perfect for integrated accounting systems for mid-market organizations, powerful accounting software for SMBs, and robust accounting solutions for mid-sized businesses. It’s flexible, customizable, and works well with other Microsoft products. This makes it a top choice for businesses wanting to improve their operations and grow.
Acumatica: Best for User Experience and Unlimited User Pricing
Acumatica is a top pick for user-friendly accounting apps for medium businesses. It’s known for its great user experience and new pricing ideas. It’s made for growing companies that need an accounting solution that can grow with them.
Acumatica’s Key Strengths
Acumatica is a modern cloud ERP system with lots of features for medium-sized businesses. It uses artificial intelligence and machine learning for real-time insights. This lets businesses make smart decisions anytime, anywhere.
- Unlimited user pricing: Acumatica’s unique pricing model allows for unlimited user access, ensuring that all employees can have full visibility into customer interactions and financial information without incurring additional per-user fees.
- Integrated CRM: Acumatica’s financial management solution seamlessly integrates with customer relationship management (CRM) tools, enabling businesses to manage leads, contacts, opportunities, and customer accounts from a single platform.
- Industry-specific solutions: Acumatica offers specialized industry editions tailored to the needs of construction, distribution, manufacturing, retail, service industries, and general businesses, ensuring a comprehensive and customized accounting experience.
- Efficient processes: Through automated processes and intelligent integrations, Acumatica helps businesses streamline their operations, reduce manual tasks, and improve overall efficiency.
- Scalability and growth: As a cloud-based solution, Acumatica can easily scale to meet the evolving needs of growing businesses, providing the flexibility and agility required to adapt to changing market conditions.
Acumatica has a user-friendly interface, real-time insights, and full accounting features. It’s a great choice for medium-sized businesses looking for a smooth and scalable financial management platform.
Acumatica stands out with its focus on user experience, new pricing, and specific industry offerings. It’s a top pick for medium enterprises needing comprehensive accounting solutions.
Other Top Accounting Software Options
There are many great accounting software options for medium-sized businesses. Infor Syteline and QuickBooks Online Advanced are two top choices. They meet the special needs of mid-market companies.
Infor Syteline
Infor Syteline is great for medium-sized manufacturing companies. It has advanced analytics and features for specific industries. This software helps businesses run smoother, make better decisions, and see their finances clearly.
QuickBooks Online Advanced
QuickBooks Online Advanced is a powerful version of QuickBooks for medium-sized businesses. It supports up to 25 users and three accountants. It also has unlimited class and location tracking, 24/7 support, and lets you sync data with Excel for custom reports.
When picking accounting software for your business, think about scalability, industry features, integration, and ease of use. Look at your company’s specific needs. This way, you can find the accounting software for medium business, financial management tools for mid-sized enterprises, and scalable bookkeeping software for businesses that will help you grow and succeed.
Factors to Consider When Choosing best accounting software for medium business
Choosing the right accounting solutions for growing companies is crucial for medium-sized businesses. They need to look at several key factors for a smooth financial management system. This includes financial management tools for mid-sized enterprises and scalable bookkeeping software for businesses. The right software can greatly affect a company’s efficiency and growth.
One important thing to think about is how well the software can grow with your business. As your company gets bigger, the accounting software needs to handle more transactions, more users, and complex reports.
- It’s also key to make sure the software works well with other important business tools like CRM, inventory management, and payroll. Good integration helps workflows run smoothly and prevents data from getting lost.
- Businesses should look for industry-specific features and options for customization. This makes sure the software meets their unique needs and follows the rules.
The user experience and how easy it is to use are very important. The software will be used by both finance and non-finance staff. Easy-to-use interfaces and good training can help users get better at using it.
| Pricing and Deployment Model | Financial Management Capabilities |
|---|---|
| Cloud-based or on-premises deployment options | GAAP compliance, multi-dimensional reporting, and global capabilities |
The best accounting software for medium business will balance cost, financial management features, and integration with your current systems and workflows.
Integration and Scalability for Business Growth
As medium-sized businesses grow, their accounting software needs get more complex. They need robust accounting solutions for mid-sized businesses that work well with other systems like CRM, ERP, and inventory management. These solutions should also scale up to handle more users, transactions, and locations. Cloud-based accounting platforms that grow with the business are key for medium enterprises to manage finances well and support growth.
The demand for comprehensive accounting packages for medium enterprises has grown. These packages provide centralized data access, automate workflows, and offer real-time reports. Companies expanding need accounting software for medium business that fits with their systems. This software gives a clear view of finances and helps make smart decisions.
- NetSuite offers a comprehensive system that integrates CRM, Ecommerce, and HRMS, making it a great choice for businesses looking to scale.
- Real-time data access, customizable fields, and dashboards are key features of NetSuite, setting it apart in business management.
- NetSuite eliminates the need for extra IT infrastructure and simplifies processes by offering all tools in one platform.
When businesses outgrow basic accounting software, they face scalability issues. This leads to manual processes that are time-consuming and costly. Investing in a scalable, cloud-based solution can make financial management smoother and support growth.
The move from simple bookkeeping to advanced financial management is key for businesses facing growth and the need for complex financial tools. Integrating various features into accounting software for medium business boosts efficiency, decision-making, and supports the success of medium-sized enterprises.
Cloud vs. On-Premises Deployment
Medium-sized businesses must choose between cloud-based and on-premises accounting software. Cloud-based accounting platforms for medium firms offer flexibility, accessibility, and scalability. They also make software updates and maintenance easier. On the other hand, integrated accounting systems for mid-market organizations with on-premises deployment give more customization and control over data. But, they need a big investment in hardware and IT support upfront.
The choice depends on the business’s IT setup, data security needs, and how much control it wants over its accounting system. User-friendly accounting apps for medium businesses on the cloud offer anytime access to financial data and easy software updates. They also reduce the IT workload. But, businesses needing strict data control or wanting to manage their systems in-house might prefer on-premises solutions.
| Cloud-Based Accounting | On-Premises Accounting |
|---|---|
| Greater flexibility and scalability | More customization options |
| Easier software updates and maintenance | Tighter control over data |
| Lower upfront costs, with subscription-based pricing | Significant upfront investment in hardware and IT support |
| Anytime, anywhere access to financial data | Data access restricted to the workplace |
| Reduced IT burden for the business | Requires in-house IT resources for management |
The choice between cloud-based accounting platforms for medium firms and integrated accounting systems for mid-market organizations depends on the business’s needs and resources. Evaluating data security, customization needs, and IT capabilities will help medium-sized businesses make a smart choice. This choice supports their growth and success over time.
Industry-Specific Features and Customization
Choosing the right powerful accounting software for SMBs, robust accounting solutions for mid-sized businesses, or comprehensive accounting packages for medium enterprises means looking for features that fit your industry. It’s key to find software that can be customized for your specific needs.
Top accounting platforms for medium-sized businesses offer features and customization for different industries. For example, manufacturing needs might include managing inventory, costing, and connecting with the shop floor. Meanwhile, firms in professional services might need tools for tracking projects, expenses, and billing clients.
Being able to adjust the software to fit your business’s unique workflows and reporting needs can change the game. It makes sure the software handles your financial tasks well and works smoothly with your industry’s processes. This boosts efficiency and productivity.
| Industry | Relevant Accounting Features |
|---|---|
| Manufacturing | Inventory management, costing methods, shop floor integration |
| Professional Services | Project accounting, time and expense tracking, client billing |
| Nonprofit | Fund accounting, grant management, donor management |
| Construction | Job costing, progress billing, equipment management |
Choosing accounting software with features made for your industry and customization options is smart for medium-sized businesses. It ensures your financial systems match your operations well. This leads to better efficiency, productivity, and profits.
“The ability to tailor our accounting software to our unique industry workflows has been a game-changer for our medium-sized business. It has streamlined our financial processes and enabled us to focus on our core operations.”
Conclusion
Medium-sized businesses now have many advanced accounting software options. Tools like Tipalti, NetSuite, Sage Intacct, Microsoft Dynamics 365, and Acumatica are designed for growing companies. They offer features such as AP automation, global support, and compliance with GAAP. These best accounting software for medium business help companies manage finances better, follow rules, and grow.
When picking the right accounting software, it’s important to look at things like how well it works with other systems, how easy it is for users, the cost, and how it can be set up. This way, medium-sized businesses can find accounting solutions for growing companies that meet their specific needs. These financial management tools for mid-sized enterprises are flexible and can grow with the company.
Choosing the right accounting software is key for medium businesses facing today’s complex financial challenges. It helps with making better decisions, managing operations well, and growing profits over time.
FAQ
What are the top accounting software options for medium-sized businesses in 2024?
For midsize businesses in 2024, top picks include ERP systems and accounting solutions. Options like Tipalti, NetSuite, Sage Intacct, Microsoft Dynamics 365, Acumatica, and Infor Syteline stand out.
What are the key features and benefits of Tipalti for medium businesses?
Tipalti is a cloud-based, AI-driven software that works with your ERP or accounting tools. It automates financial tasks and offers global payments in 196 countries and 120 currencies. It also cuts down on fraud risks with strong financial controls.
How does NetSuite cater to the needs of medium-sized enterprises?
NetSuite, owned by Oracle, is a cloud ERP system that offers various modules for a unified system. It’s designed to grow with your business, covering financial, order, and inventory management.
What makes Sage Intacct a good fit for medium businesses?
Sage Intacct is a cloud accounting software that supports business goals and GAAP revenue recognition. It uses a simple ledger for detailed reports, fitting from small to large companies.
What are the key features and pricing of Microsoft Dynamics 365 for medium-sized firms?
Microsoft Dynamics 365 is a cloud solution that works with many Microsoft tools. It starts at 0 per user/month for Finance, with the Premium plan at 0/user/month. Contact Microsoft for a detailed quote based on your business needs.
Why is Acumatica a good choice for medium-sized businesses?
Acumatica is a cloud ERP system that offers shared data access and cross-team workflows. It’s highly rated for customer satisfaction, easy to use, and affordable for medium businesses.
What other accounting software options are available for medium enterprises?
For medium businesses, Infor Syteline is great for midsize manufacturing. QuickBooks Online Advanced is also a strong choice, supporting up to 25 users and three accountants.
What key factors should medium-sized businesses consider when choosing accounting software?
Choosing the right accounting software means looking at scalability, system integration, and industry features. Consider user experience, pricing, and deployment options. Also, check for financial management capabilities like GAAP compliance and global reporting.