18 Best Accounting Software For Midsize Businesses Reviewed In 2024
Best Accounting Software for Midsize Businesses Shortlist
Here’s my shortlist of the best accounting software for midsize businesses.
Our one-on-one guidance will help you find the perfect fit.
Accounting software for midsize businesses is a valuable asset for any company. With the right software, teams can efficiently manage financial transactions and generate accurate financial reports. However, finding the right accounting software for midsize businesses can be a challenge, especially with so many options available.
Using my experience with finance and accounting software, I tested and compared several of the top accounting software available for midsize businesses. From there, I compiled my results into in-depth reviews to help you find the best software for your unique needs. I’m confident you’ll discover your next accounting software for midsize businesses in the list below.
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Best Accounting Software for Midsize Businesses Summary
This comparison chart summarizes pricing details for my top accounting software selections for midsize businesses to help you find the best software for your budget and business needs.
| Tools | Price | |
|---|---|---|
| FreshBooks | From $10/month (billed annually) | Website |
| Acumatica | Pricing upon request | Website |
| Odoo Accounting | From $20/user/month | Website |
| Kashoo | From $20/month | Website |
| Zoho | From $10/month (billed annually) | Website |
| Microsoft Dynamics 365 Finance | From $180/user/month | Website |
| Wave Accounting | From $170/year (billed annually) | Website |
| NetSuite Accounting | Pricing upon request | Website |
| Brightpearl Accounting | Pricing upon request | Website |
| Xero | From $15/month (billed annually) | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareHow to Choose Accounting Software for Midsize Businesses
It’s easy to get bogged down in long feature lists and complex pricing structures. To help you stay focused as you work through your unique software selection process, here’s a checklist of factors to keep in mind:
| Factors | What to Consider |
| Scalability | Will the software grow with your business? |
| Integrations | Does it integrate with your existing tools? |
| Customizability | Can you tailor it to fit your specific needs? |
| Ease of Use | Is the software user-friendly for your team? |
| Budget | Does it fit within your financial constraints? |
| Security Safeguards | Are there robust security measures in place? |
| Support | What kind of customer support is available? |
| Compliance | Does it adhere to relevant regulations and standards? |
Best Accounting Software for Midsize Businesses Reviews
Below are my detailed summaries of the best accounting software for midsize businesses that made it onto my shortlist. My reviews offer a detailed look at the key features, pros & cons, integrations, and ideal use cases of each tool to help you find the best one for you.
FreshBooks is a cloud-based accounting system designed for small businesses, freelancers, and self-employed professionals. It is particularly useful for businesses that need to keep their financial operations organized and efficient.
Why I picked FreshBooks: FreshBooks automatically tracks expenses, so you won’t need to manually input transactions. By linking your bank account, it categorizes your expenses and generates clear reports to help you monitor your cash flow. The mobile app also lets you manage your expenses on the go, making it ideal for busy teams.
Standout features & integrations:
Features include automated time tracking, professional invoicing, and expense management. You can also generate tax reports and manage client communication with project tracking and proposals. Mobile apps for iOS and Android let you manage your finances from anywhere.
Integrations include G Suite, Shopify, Stripe, PayPal, Mailchimp, Slack, HubSpot, Trello, Asana, and Basecamp.
Pros and cons
Pros:
- Easy integration with bank accounts
- Customizable invoicing templates
- Scales well with growing businesses
Cons:
- Can be slow with larger data sets
- Lacks advanced accounting features
Acumatica is a cloud-based ERP software designed for midmarket companies, providing complete business management solutions across various industries. It focuses on financial management, project accounting, CRM, payroll, and inventory management.
Why I picked Acumatica: Acumatica’s flexibility lets you scale your business while keeping operational costs predictable with its unique licensing model. You get real-time business insights that help in making informed decisions quickly. The platform’s low to no-code environment allows you to customize workflows without heavy IT involvement. Its intuitive automation capabilities streamline tedious tasks, freeing your team to focus on growth.
Standout features & integrations:
Features include business intelligence for real-time insights, low-code/no-code customization, and detailed financial management. You can automate various business processes to increase efficiency. Its flexible licensing model makes it cost-effective as your business scales.
Integrations include Amazon, BigCommerce, Shopify, Salesforce, HubSpot, Avalara, Docusign, Microsoft Dynamics 365, QuickBooks, and Power BI.
Pros and cons
Pros:
- Real-time business insights
- Scales with business growth
- Flexible customization options
Cons:
- Limited offline capabilities
- Slight learning curve for new users
Odoo Accounting is a cloud-based software designed to streamline financial processes. It caters mainly to midsize businesses, facilitating essential accounting functions like invoicing, expense management, and bank reconciliation.
Why I picked Odoo Accounting: Odoo Accounting cuts down on manual entry with automated invoice data capture, saving you time and reducing errors. Your team can track expenses on the go with its mobile expense management feature. It integrates with 28,000 banks, making bank reconciliation and statement imports easy. Plus, real-time financial reporting helps you stay on top of your business’s financial health.
Standout features & integrations:
Features include automated invoice data capture, mobile expense management, and smart bank reconciliation. You can also expect real-time financial reporting and automated follow-ups for late payments. Additionally, dynamic sales tax calculations make handling cross-border transactions easier.
Integrations include WooCommerce, Shopify, Dashboard Ninja, Amazon, ChitChats Shipping, eShipper Shipping, eBay, Adobe Commerce, Microsoft Office 365, Google Drive, Quickbooks, and more.
Pros and cons
Pros:
- Smart bank reconciliation
- Mobile expense management
- Automated invoice capture
Cons:
- Complex customization
- Slight learning curve
Kashoo is a small business accounting software that provides straightforward invoicing, expense tracking, and bookkeeping solutions. While it primarily serves entrepreneurs, independent contractors, startups, and freelancers, it is also a great option for accountants and mid-sized businesses who need an easy and simplified solution to manage their accounting needs.
Why I picked Kashoo: Kashoo offers customizable accounting options, automated income and expense tracking, and detailed reporting, making it a versatile tool for various professionals. You can rely on Kashoo for its multi-currency support and cloud-based accessibility, which are essential for managing finances on the go. The platform's user-friendly interface simplifies bookkeeping and organizes expenses efficiently. Additionally, the 'inbox' workflow feature helps you stay organized by managing your financial documents in one place.
Standout features & integrations:
Features include customizable accounting options, automated income and expense tracking, and detailed financial reporting. You can also benefit from its multi-currency support and cloud-based accessibility, which make it easier to manage your finances anywhere.
Integrations include PayPal, Stripe, FreshBooks, Square, Shopify, WooCommerce, Etsy, Amazon, eBay, and BigCommerce.
Pros and cons
Pros:
- User-friendly interface
- Automated tracking
- Customizable accounting options
Cons:
- Integrations are lacking
- Limited financial features
Zoho Books is an online accounting platform designed for small to mid-sized businesses to manage their finances and stay on top of their cash flow. It handles key business functions such as invoicing, expense tracking, and inventory management.
Why I picked Zoho: Zoho Books offers a range of features that help you automate your business workflows and collaborate across departments. You can create and send professional invoices and get paid online. The software also helps you keep track of your expenses and categorize them for tax purposes. Additionally, Zoho Books provides inventory management to ensure you always have control over your stock levels.
Standout features & integrations:
Features include automated workflows, the ability to create and send invoices, expense tracking, and inventory management. You and your team can also reconcile your bank transactions and generate detailed financial reports.
Integrations include Zoho CRM, Zoho Inventory, Zoho Analytics, PayPal, Stripe, Square, Razorpay, and G Suite.
Pros and cons
Pros:
- Expense tracking
- Automated workflows
- Customizable templates
Cons:
- No payroll integration
- Limited third-party integrations
Microsoft Dynamics 365 Finance is a financial management software designed for businesses looking to enhance financial visibility and profitability. It supports informed decision-making, automating operations, and managing financial risks through features like intelligent cash flow forecasting and automated invoice workflows.
Why I picked Microsoft Dynamics 365 Finance: Microsoft Dynamics 365 Finance gives you flexible financial management with multi-currency support. Automated invoice workflows and credit risk tools help your team handle financial tasks while staying compliant with global regulations. You’ll also get access to unified business intelligence across different apps, making it easier to scale and adapt to complex billing needs. Plus, its accessible analytics help you make informed decisions quickly.
Standout features & integrations:
Features include intelligent cash flow forecasting, customer payment predictions, and streamlined budget proposals. You get automated invoice workflows and credit risk management. The platform supports multi-currency transactions and ensures compliance with global regulations.
Integrations include Microsoft Teams, Power BI, SharePoint, Azure, Microsoft Excel, LinkedIn, Outlook, Dynamics 365 Sales, and Dynamics 365 Supply Chain Management.
Pros and cons
Pros:
- Automated workflows
- Multi-currency support
- Flexible financial management
Cons:
- Customization can be time-consuming
- Dependency on other Microsoft products
Wave Accounting is a web-based accounting software designed for small business owners. It offers invoicing, payments, payroll, and financial reporting to simplify bookkeeping and tax preparation.
Why I picked Wave Accounting: Wave Accounting simplifies invoicing and payments. Its built-in banking feature automatically imports transactions, saving time. You can manage payroll efficiently and stay organized for tax season. The mobile app also makes receipt management easy.
Standout features & integrations:
Features include professional invoicing, faster payment processing, built-in banking features for automatic transaction imports, payroll processing, and detailed financial reporting. The software simplifies bookkeeping and helps manage your finances effectively.
Integrations include Google Sheets, Etsy, PayPal, Shoeboxed, Zapier, Stripe, QuickBooks, Square, HubSpot, and Shopify.
Pros and cons
Pros:
- Automatic transaction recording
- Customizable invoices
- Easy data importing
Cons:
- No inventory management
- Limited advanced features
NetSuite Accounting helps businesses manage core accounting functions. It is primarily used by midsize businesses to track and analyze their financial performance.
Why I picked Netsuite Accounting: NetSuite gives you access to real-time financial data, helping you make quick, informed decisions. The platform also provides dashboards that let you monitor your financial health at a glance. With its built-in compliance tools, you can ensure that your team stays on top of regulatory requirements without the hassle.
Standout features & integrations:
Features include real-time financial data access, automation of transaction recording and purchase orders, and compliance with ASC 606 and GAAP. Your team can also benefit from features like fixed-asset accounting and payment management.
Integrations include NetSuite ERP, NetSuite CRM, NetSuite Analytics, SuiteCommerce, SuitePeople, SuiteProjects, SuiteSuccess, SuiteBilling, and SuiteGL.
Pros and cons
Pros:
- Compliance with financial regulations
- Real-time data access
- Scales with business growth
Cons:
- Costly for small businesses
- Slightly complex implementation
Brightpearl Accounting is a retail accounting solution that integrates inventory and sales data, offering real-time financial insights. It primarily serves retail and wholesale businesses by automating invoicing and data entry, simplifying bookkeeping, and supporting multi-currency and credit card transactions.
Why I picked Brightpearl Accounting: Brightpearl Accounting lets you integrate inventory and sales data for real-time profit and loss tracking, helping your team manage finances more accurately. Automated workflows cut down on manual data entry, saving time. With multi-currency support, it’s great for medium-sized businesses looking to expand internationally. Plus, it easily connects with systems like Xero and Sage Intacct for simple data consolidation and reporting.
Standout features & integrations:
Features include automated invoicing, real-time profit and loss statements, and multi-currency support. Your team can benefit from automated workflows that reduce manual data entry. Plug-and-play integrations with major accounting tools simplify data consolidation.
Integrations include Xero, Sage Intacct, QuickBooks, Shopify, Amazon, eBay, Adobe Commerce, BigCommerce, WooCommerce, and Stripe.
Pros and cons
Pros:
- Multi-currency support
- Automated invoicing
- Real-time financial insights
Cons:
- Limited customization options
- May require training and additional support
Xero is an accounting software designed for small businesses, accountants, and bookkeepers. It helps manage core financial tasks, making keeping your business finances organized easier.
Why I picked Xero: You can add as many users as you want across all of Xero’s plans, so your entire team can access important financial data without any limits. It has features like real-time reporting, bank reconciliation, and inventory management to keep everything up and running smoothly. You’ll also appreciate its simple interface, making it easy for everyone on your team to use. Plus, Xero offers automated invoicing, ensuring you stay on top of payments without hassle.
Standout features & integrations:
Features include invoicing, expense tracking, and cash flow management. You can also access your financial data from anywhere. The software provides tailored solutions for different business types, including retail and self-employed individuals.
Integrations include PayPal, Stripe, Gusto, Shopify, Square, HubSpot, Mailchimp, Expensify, Vend, and WooCommerce.
Pros and cons
Pros:
- Accessible through a mobile app
- Tracks expenses effectively
- Handles invoicing well
Cons:
- Limited customization
- Can be pricey
Other Accounting Software for Midsize Businesses
Here are some additional accounting software for midsize businesses options that didn’t make it onto my shortlist, but are still worth checking out:
- Sage Intacct
Best for AI-powered accounting
- QuickBooks Online
Best for custom workflows
- KashFlow
Best for UK small businesses
- FreeAgent
Best for freelancers and contractors
- SAP Business One
Best for the manufacturing industry
- MYOB Essentials
Best for Australian businesses
- Certinia
Best for Salesforce integration
- Patriot Accounting
Best for US-based small businesses
Related Reviews
If you still haven’t found what you’re looking for here, check out these other tools that we’ve tested and evaluated:
Accounting Software for Midsize Businesses Selection Criteria
When selecting the best accounting software for midsize businesses to include in this list, I considered common buyer needs and pain points like scalability and integration with existing systems. I also used the following framework to keep my evaluation structured and fair:
Core Functionality: To be considered for inclusion in this list, each solution had to fulfill these common use cases:
- General ledger management
- Accounts payable and receivable automation
- Financial statement and report generation
- Bank reconciliation facilitation
- Multi-currency transaction support
Additional Standout Features: To help further narrow down the competition, I also looked for unique features, such as:
- AI-driven automation for financial processes
- Self-service supplier hubs for onboarding and tax compliance
- Seamless integration with existing ERP systems
- Unlimited user pricing models
- Tailored solutions for specific industry needs, such as manufacturing
Usability: To get a sense of the usability of each system, I considered the following:
- Intuitive user interface design
- Customizable dashboards and views
- Mobile access and functionality
- Seamless integration with other business tools
- Comprehensive reporting and analytics features
Onboarding To evaluate the onboarding experience for each platform, I considered the following:
- Interactive product tours
- Extensive training videos and tutorials
- Pre-built templates for quick setup
- Chatbots for real-time assistance
- Regular webinars for user education
Customer Support To assess each software provider’s customer support services, I considered the following:
- 24/7 availability
- Multiple channels of support, such as phone, email, and chat
- A comprehensive knowledge base and FAQ section
- Dedicated account managers for larger clients
- Quick response times for support queries
Value For Money To evaluate the value for money of each platform, I considered the following:
- Competitive and transparent pricing plans
- Essential features included in base pricing
- Scalable pricing options for growing businesses
- Availability of free trials or demo versions
- No hidden fees or surprise costs
Customer Reviews To get a sense of overall customer satisfaction, I considered the following when reading customer reviews:
- Ease of use and user experience
- Reliability and system uptime
- Any mention of quality customer support
- Integration capabilities with other tools
- Overall satisfaction with pricing and value
Trends in Accounting Software for Midsize Businesses
In my research, I sourced countless product updates, press releases, and release logs from different accounting software for midsize business vendors. Here are some of the emerging trends I’m keeping an eye on:
- AI and Machine Learning Integration: AI and machine learning are increasingly being integrated into accounting software to automate complex tasks like fraud detection, predictive analytics, and financial forecasting. This not only saves time but also provides more accurate and actionable insights.
- Advanced Data Analytics: There’s a growing emphasis on data analytics tools that help businesses make better financial decisions. These tools provide real-time insights and predictive analytics, which can be crucial for strategic planning and risk management.
- Blockchain for Enhanced Security: Blockchain technology is making its way into accounting software to enhance data security and integrity. It provides a transparent and tamper-proof ledger system that can be particularly useful for audit trails and compliance.
- ESG Reporting: Environmental, Social, and Governance (ESG) reporting is becoming increasingly important as businesses face more regulatory requirements and stakeholder scrutiny. Accounting software is evolving to include features that help companies track and report on their ESG metrics.
- Continuous Accounting: Continuous accounting practices, supported by real-time data and automation, are becoming more prevalent. This approach allows businesses to close their books faster and more accurately by automating routine tasks like journal entries and reconciliations throughout the accounting period.
What is Accounting Software?
Accounting software is designed to manage financial transactions, bookkeeping, and reporting. It’s typically used by accountants, financial managers, and business owners to track expenses, revenue, and overall financial health.
Features like invoicing, payroll, and financial reporting are helpful for midsize businesses to ensure accurate tracking and easy use, providing support for staying organized and compliant.
Features of Midsize Business Accounting Software
When selecting accounting software for midsize businesses, keep an eye out for the following key features:
- Core accounting functions: Automates transaction recording, general ledger management, and financial statement generation, ensuring compliance and accuracy.
- Real-time analytics: Provides up-to-date insights into financial health, aiding in informed decision-making.
- Mobile support: Allows access to financial data from various locations and devices, enhancing flexibility and accessibility.
- Billing and invoicing automation: Streamlines payment processes and improves cash flow management.
- Budgeting and forecasting: Utilizes historical data for accurate financial planning and performance tracking.
- Project accounting: Tracks revenue and expenses on a project basis, facilitating budget comparisons and milestone invoicing.
- Cloud accounting solutions: Offers scalability and easier management, suitable for growing businesses.
- Integration with ERP systems: Ensures a smooth data transfer and thorough management across different business functions.
- Compliance support: Aids in meeting regulatory requirements, including local and international tax obligations.
- Fixed asset management: Automates depreciation calculations and tracks asset values and conditions throughout their lifecycle.
Benefits of Accounting Software for Midsize Businesses
Implementing accounting software provides several benefits for your team and your midsize business. Here are a few you can look forward to:
- Enhanced accuracy: Automated data entry and error checking reduce the likelihood of mistakes on financial records.
- Time savings: Automating tasks like invoicing, payroll, and reconciliation frees up time for more strategic work.
- Real-time data access: Cloud-based solutions allow access to financial data from anywhere, facilitating informed decision-making.
- Scalability: Accounting software can grow with your business, accommodating increased transaction volumes and additional users.
- Improved compliance: Automated compliance features help ensure adherence to tax laws and financial regulations.
- Better financial insights: Advanced reporting tools provide detailed insights into your financial health, aiding in strategic planning.
- Cost reduction: Minimizing manual tasks and reducing errors can lower operational costs.
Costs and Pricing of Accounting Software for Midsize Businesses
Selecting the right accounting software for a midsize business requires an understanding of the various pricing models and plans available. Costs vary based on features, team size, add-ons, and more. The table below summarizes common plans, their average prices, and typical features included in accounting software and the plans typically chosen for midsize businesses and otherwise:
Plan Comparison Table for Accounting Software for Midsize Businesses
| Plan Type | Average Price | Common Features |
| Free Plan | $0/user/month | Basic invoicing, expense tracking, limited reports, and basic customer support |
| Personal Plan | $15-$30/user/month | All free features plus time tracking, tax support, additional integrations, and enhanced customer support |
| Business Plan | $50-$100/user/month | All personal features, plus multi-user-access, advanced reporting, project management, and priority support |
| Enterprise Plan | $150-$250/user/month | All business features, plus a dedicated account manager, custom integrations, enhanced security, and advanced analytics |
Accounting Software for Midsize Businesses FAQs
Here are some answers to common questions about accounting software for midsize businesses:
How do you ensure accounting software can handle increasing transaction volumes?
When evaluating accounting software, check for features that support high transaction volumes without slowing down. Look for tools that offer performance reports, so you can monitor how well the system is handling your data as the volume increases. Cloud-based options tend to handle scaling better than on-premise software.
What training or support should you expect from accounting software providers?
For midsize businesses, it’s important to choose software that offers training resources like webinars, tutorials, or even dedicated account managers. Make sure support is available through multiple channels like email, phone, or live chat, so your team can get help when needed.
How can accounting software help manage multiple locations or departments?
Many accounting tools offer multi-location or departmental tracking, allowing your team to track performance separately while consolidating data for an overall view. This makes managing different branches or divisions more efficient.
What security measures should you look for in accounting software?
Your accounting software should have encryption, regular backups, and role-based access to keep sensitive financial data safe. Make sure you choose software that complies with industry security standards like SOC 2 or ISO 27001.
How do you know if accounting software will fit your team’s workflow?
Look for accounting software that offers customizable workflows, so it fits your current processes. Consider if it has automation features for repetitive tasks like invoicing or expense tracking, which can save your team time.
Can accounting software handle complex tax requirements?
Yes, many accounting tools for midsize businesses come with built-in tax management features. They often support tax reporting, multi-country compliance, and automatic tax calculations, which can reduce errors and ensure compliance.
Other Accounting Software Options
If you still haven’t found what you’re looking for here, check out these other tools that we’ve tested and evaluated:
- Accounting Software for PC
- Engineering Accounting Software
- Accounting Software for Teams
- Accounting Software With CRM
- Real Estate Accounting Software
- Accounting Software With Client Portals
- Multi-Company Accounting Software
- Legal Accounting Software
- Accounting Software for Startups
- AI Accounting Software
- Accounting Workflow Management Software
- Accounting Software With Payroll For Small Businesses
- Accounting Software For Service Companies
- Accounting Software For Rental Properties
- Accounting Software For Advertising Agencies
- Accounting Software For The Self-Employed
- Accounting Software For Large Business
- Accounting Software For Consultants
- Accounting Software for Mac
- Accounting Software For Accountants
- Cloud-Based Accounting Software
- Lease Accounting Software
- Small Business Accounting Software
- Property Management Accounting Software
- Construction Accounting Software
- Accounting Software For Nonprofits
- Online Accounting Software
- Business Accounting Software
What’s Next?
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