Determining specific accounting software needs for a mid-sized business can be challenging, especially when comparing pricing options. While most of the time these businesses require higher level accounting software than startups, they are unlikely to have the budget to pay for the often bespoke software used by enterprises .
With that in mind, below are the five best options for mid-sized businesses seeking to get a firmer grasp on their finances. Along with the features and potential drawbacks of each — and pricing options for the different types of software.
Oracle NetSuite ERP
Oracle’s NetSuite ERP software offers numerous features that mid-sized businesses will love. And it goes far beyond basic accounting software.
NetSuite integrates a variety of business functions into the platform, including operations costs, sales information and HR data such as employee payroll. This cross-departmental integration makes it easy for business owners to see all their expenses on one platform.
Its accounting-specific features are just as sophisticated. NetSuite ERP includes forecasts that balance potential expenses with projected income so businesses can make changes in advance. The Oracle platform makes it easy to visualise too: it uses information to generate reports that provide real-time data, which can be viewed by those making financial decisions for a medium-sized business.
Flexibility is another positive, as each business can customise NetSuite ERP to its needs.
How much does Oracle NetSuite ERP cost?
There’s no definitive answer to how much Oracle NetSuite ERP will cost, as it will be tailored to your business, whether you buy direct through Oracle or a reseller, and which modules you use. The best way to get a price is contact Oracle directly for a quote, or one of its resellers.
All that said, expect prices to start at around £2,500 per month in the UK, $2,500 in the USA and $4,000 in Australia.
Sage is another top option for mid-sized businesses looking to enhance their finances with a piece of easy-to-use and intuitive software. Using Sage’s Intacct platform, business owners can view a general ledger, accounts payable and receivable, plus cash management. And that’s a mere handful of the benefits.
Sage Intacct provides these insights through a dashboard. This combines the information above into an easy view for decision-makers who need a snapshot of their expenses versus revenue. One click then allows them to dig deeper into specific areas of the business.
The software offers many more features for business owners who want to plan ahead. Think real-time reporting, time and expense management, project accounting, and revenue management among other options.
The flexibility of Sage Intacct, combined with the wide range of HR and other functions that Sage can assist with, makes this one of our top accounting picks for medium-sized organisations.
How much does Sage Intacct cost?
There’s one other big benefit of Sage Intacct: its price. This package is one of the most affordable here, with pricing in the USA starting at $400 per month with a one-time setup fee of $3,500. But that is a starting price: typically, the type of business that would benefit from Intacct should expect to pay at least $1,000 per month with a setup fee of around $20,000.
This level of pricing extends to the UK and Australia as well. So, as a rough guide, think £1,000 or AUD $2,000 per month, along with the a setup fee of around £20K or AUD $40,000.
Medium-sized businesses that already use Zoho Cloud Software Suite will find Zoho’s accounting software offering, Zoho Books, an obvious choice. Zoho Books can directly integrate figures from the company’s cloud software product, providing a handy timesaver.
However, Zoho Books offers a wide variety of features that will attract other users too. In particular, this accounting software provides decision-makers with holistic views of customer relationship management tracking, plus payroll, subscriptions, e-commerce and project tracking for specific business needs.
Zoho Books also provides forecasting tools along with bill management, purchase orders and approvals, retainer invoices, workflow rules and so much more. Customers can even pay using multiple types of currency, and can instantly calculate exchange rates to provide business owners with the clearest view of income or expenses.
Zoho Books comes in a variety of different forms, as summarised in the table below. The more you pay, the more features you get. But even the Standard version allows you to handle recurring expenses and integrates with Uber, Zendesk and Zoho People.
How much does Zoho Books cost?
Zoho’s accounting offering has a 14-day free trial as part of its Premium plan, but we summarise the costs below. You can sign up on a monthly basis, but the prices here are based on an annual contract. Paying annually saves you around 20% of the fee.
|No. of users||5||10||10||15|
Intuit QuickBooks Advanced
Intuit’s QuickBooks and its all-in-one platform is the accounting software choice for numerous businesses worldwide. It’s easy to see why, thanks to its advanced set of features and reputation for being one of the premier accounting offerings on the market.
While smaller businesses can make do with its Simple Start, Essentials or Plus incarnations, Intuit steers mid-sized businesses to its Advanced plan. This supports 25 users, compared to five for the Plus plan.
Each of those users can expect top-notch inventory management, payroll (an optional extra) and reporting. It can generate up to 200 types of reports as needed for those looking to get a holistic view of their income and expenses.
The more advanced tiers of the accounting software can assist mid-sized businesses with barcode scanning and order fulfilment needs. From this, business owners can determine pricing rules based on information such as location or the customer in question.
These upper-tier features don’t come cheap; you will need to opt for a more expensive plan. But for those businesses that will reap financial benefits from their investment, QuickBooks Enterprise must be investigated.
How much does Intuit QuickBooks Advanced cost?
Intuit QuickBooks Advanced costs $200 per month in the USA, although Intuit tempts you in with $100 per month for the first three months (along with guided setup). If you want payroll and time tracking, that will cost $45 per month plus $6 per employee for the most basic package.
In the UK, you will be charge £70 per month for QuickBooks Advanced (the first six months are half price), with payroll costing a minimum of £4 per month plus £1 per paid employee. All prices exclude VAT.
Intuit does not offer QuickBooks Advanced in Australia.
With a keen focus on price, Xero is an accounting software provider that will appeal to mid-sized business owners who don’t wish to spend hundreds per month.
Xero’s cloud-based accounting offering integrates with over 1,000 providers via its app store. Take payment suppliers as one example, with Crezco, Stripe and PayPal all on offer.
Hubdoc, Xero’s data capture tool, is another example. This means users can snap photos of bills and receipts, with the data then extracted ready for use in Xero (along with an image of the receipt for you to check against).
Essentially, Xero provides a core accounting solution but adds the ability to track payroll (Gusto in the US), workforce management, expenses and projects all from one platform. Users can also use compliance tools to ensure their bookkeeping needs are met, eliminating the chance of an unexpected fine or rule violation that could ultimately hurt the business.
How much does Xero cost?
In the USA, Xero offers these features from $13 per month, but that’s for sole traders and new businesses. It targets small businesses with its Growing plan at $37 per month, but mid-sized businesses should probably opt for the Established plan at $70.
Xero charges UK businesses £28 per month for its Standard plan (“good for growing small businesses”) and £36 per month for the Premium plan. However, its most relevant plan for larger employers is Ultimate, for £49 per month. All prices exclude VAT.
In Australia, the Standard option costs AUD $59, “Premium 5” costs AUD $76 per month and “Ultimate 10” is AUD $110 per month.
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