QuickBooks is designed for small businesses and is known for its simple, user-friendly design. While this is excellent for business owners and freelance bookkeepers, you’ll probably have to switch to a different accounting system once your company reaches a certain size and the accounting processes become more complex (multiple entities, currencies, etc.). While the QuickBooks Enterprise version does make it possible to complete many of these processes, it is often inefficient, requiring add-ons and other band-aid fixes. So here are a few QuickBooks Enterprise alternatives designed for larger companies that offer automation features for complicated accounting processes.
SoftLedger offers the sophisticated automation features that QuickBooks lacks. It’s also much simpler and less resource-intensive than other alternatives like Sage Intacct or NetSuite.
In other words, it gives smaller accounting teams the automation they need without anything extra that would complicate the process.
SoftLedger was actually born when founder Ben Taylor became tired of the laborious processes of other accounting software solutions and decided there had to be a better way.
The result is a real-time accounting software that automates complex processes, requires little training, can be set up in a matter of weeks, and integrates painlessly with third parties. Here’s a closer look at some of its features.
One of the most important jobs of an accountant is to supply the company with accurate financial data to make better investment decisions.
However, most companies don’t have accurate financial data from one month until the end of the following month. (i.e. they don’t have accurate financial data from January until the end of February).
This is because most accounting software requires accountants to consolidate the data manually once the month is complete. Unfortunately, this process can take months due to the sheer volume of data.
Therefore, the company will be slow to gather insights and less agile to adjust to critical data points.
For example, if a project in January was projected to cost $100,000, but it actually cost $200,000, any company using traditional accounting software wouldn’t know that until the end of February. By the end of February, it’s difficult to make adjustments and minimize damage.
Instead, a SoftLedger user would know the budget was over the day it crossed the $100,000 mark as SoftLedger offers real-time data that is easily accessible at any point in the month.
Another major time suck for growing companies is consolidating various entities into one general ledger. For example, in QuickBooks, you would have to purchase a third-party tool to consolidate the entries, and even then, it’s likely that things will break.
On the other hand, SoftLedger automatically consolidates all of your entities’ data into one general ledger. In addition, if you need to adjust one entity’s account, that adjustment will automatically cascade into the general ledger to help you avoid errors.
Along with consolidating financial data for multiple entities, SoftLedger also makes foreign currency consolidation a breeze. It automatically applies the foreign currency rate as the transaction enters the system. This allows you to access accurate data at any time.
On the other hand, companies like NetSuite wait until the end of the month to apply the foreign currency rate. That means you don’t really know how you’re doing until the month closes. QuickBooks doesn’t even offer multi-currency consolidation, as you can only assign a single currency to each account.
Another bonus with SoftLedger is that it enables companies to execute cryptocurrency accounting. It also supports standard coins like Bitcoin as well as custom coins.
A major pain point for companies is keeping track of gains and losses, though SoftLedger does this automatically for you.
In addition, the SoftLedger API is super easy to integrate with, making it easy to integrate with exchanges and blockchains.
SoftLedger is the only QuickBooks Enterprise alternative that offers crypto accounting capabilities.
SoftLedger uses a REST API, making it extremely easy for any developer to integrate it with third parties.
With a tool like QuickBooks Enterprise, you can use any of the apps they offer. Unfortunately, if you want to integrate it with an app they don’t offer, you have to get approval for the app from their store.
Similarly, a company like NetSuite allows developers to integrate with their API. Unfortunately, it’s a complex process and requires extensive knowledge of NetSuite’s proprietary programming language to configure it with your system.
Either way, both options are time-consuming and expensive.
Sage Intacct is a much more scalable option than QuickBooks Enterprise as its design better suits larger companies. However, this means it has a much more involved setup process and can be rather complex for mid-sized companies with 2-5 accountants to manage.
Given that it’s a more formal accounting system, it does comply with GAAP, AICPA, and various other organizations, unlike QuickBooks Enterprise.
In addition, Sage Intacct has superior cloud functionalities like automatic updates and no hardware maintenance. While QuickBooks enterprise technically offers these things, they aren’t as efficient as QuickBooks was originally built as an on-premise solution.
Sage Intacct also allows multi-entities to consolidate data more efficiently, whereas QuickBooks users must create multiple accounts for each entity and consolidate them manually.
Unfortunately, Sage Intacct, like QuickBooks, does not offer crypto accounting solutions. You will have to use a tool like SoftLedger if you’re doing any crypto transactions.
NetSuite is another option many QuickBooks Enterprise users consider. It is traditionally the next step up for companies that have outgrown QuickBooks.
Like Sage Intacct, it is specifically designed for larger organizations with a team of accountants and complex accounting processes.
Typically, a NetSuite user has multiple entities, currencies, and hundreds, or thousands of employees.
While it offers plenty of automation features that can benefit larger organizations, these features make it much more difficult for smaller accounting teams to operate. For example, it typically takes months to integrate with the system, and teams must undergo training to use it properly.
So if you’re ready to move beyond a tool like QuickBooks Enterprise but still need something that is user-friendly, easy to integrate with, and offers extensive scalability, consider a tool like SoftLedger instead.
Xero is a sleek, clean, and easy-to-use accounting software. While it typically targets larger businesses than the average QuickBooks customer, it doesn’t provide the robust accounting features that NetSuite and Sage Intacct offer.
In terms of Xero’s features, it offers more multi-currency capabilities than QuickBooks Enterprise, as accountants can:
However, if your organization has multiple entities, it’s probably not the best solution as it doesn’t automatically consolidate data across different entities.
Unlike QuickBooks, Xero supports IFRS accounting and is also GAAP compliant.
In short, Xero is a step up from QuickBooks, though it still lacks many of the features that an accounting team will need.
Freshbooks is often compared to QuickBooks as both are designed for mainly the same audience – small businesses that don’t need advanced accounting features.
Therefore, it offers mostly the same features as QuickBooks, though users say it is slightly easier to set up.
If you’re currently using QuickBooks enterprise and find you want an easier solution with fewer features, Freshbooks may be a good choice. However, if you need something more advanced than QuickBooks enterprise, Freshbooks probably isn’t the best solution.
If you need a QuickBooks Enterprise alternative that is ideal for a small accounting team, consider SoftLedger. Here are just a few reasons why many people choose SoftLedger once they grow beyond QuickBooks’ capabilities:
If you’d like to see how SoftLedger works, schedule a demo today.