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Best Accounting Software for Multiple Businesses

Written by Abdul
Last modified Apr. 18 2023

For businesses that operate multiple entities, managing the finances of each entity can be a daunting task. Accounting software can simplify the process by providing a centralized platform to manage all financial transactions across all entities. But with so many options available, choosing the right accounting software for multiple businesses can be overwhelming.

Fortunately, there are several accounting software options available that are specifically designed to handle the complexities of managing multiple businesses. These software solutions offer features such as consolidated financial reporting, multi-currency support, and the ability to manage multiple businesses from a single login.

When evaluating accounting software for multiple businesses, it's important to consider the specific needs of each entity. Factors to consider include the size of each entity, the number of transactions, and the complexity of the accounting requirements. By carefully evaluating these factors and selecting the right accounting software, businesses can streamline their accounting processes and focus on growing their business.

Factors to Consider

When choosing accounting software for multiple businesses, there are several factors to consider to ensure that the software meets the unique needs of each business. Here are some of the most important factors to consider:

Number of Businesses

The first factor to consider is the number of businesses that need to be managed. Some accounting software is designed for small businesses with only one or two entities, while others can handle multiple entities with ease. It is important to choose software that can handle the number of businesses that need to be managed.

Pricing and Value for Money

Pricing is always an important factor to consider when choosing software. Some accounting software is priced per user, while others are priced per entity. It is important to choose software that is affordable and provides good value for money. It is also important to consider the additional costs of any necessary add-ons or integrations.

Ease of Use and User Interface

Another important factor to consider is the ease of use and user interface of the software. The software should be easy to navigate and use, with a user-friendly interface that makes it easy to find the features you need. It is important to choose software that is intuitive and requires minimal training to use.

Features and Integrations

Finally, it is important to consider the features and integrations offered by the software. The software should have all the features necessary to manage multiple businesses, such as the ability to track income and expenses for each entity separately. It is also important to consider any necessary integrations with other software, such as payroll or inventory management software.

Top Accounting Software for Multiple Businesses

Managing the finances of multiple businesses can be a daunting task, but with the right accounting software, it can be made much easier. Here are five of the top accounting software options for multiple businesses:

QuickBooks Online Advanced

QuickBooks Online Advanced is a powerful accounting software that is designed for businesses with complex accounting needs. It offers features such as customizable user permissions, batch invoicing, and custom fields that make it easy to manage the finances of multiple businesses. QuickBooks Online Advanced also integrates with other popular business tools, such as Shopify and PayPal, making it a versatile option for businesses of all sizes.

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Xero

Xero is a cloud-based accounting software that is designed to help businesses manage their finances from anywhere. It offers features such as bank reconciliation, inventory management, and project management that make it easy to manage the finances of multiple businesses. Xero also integrates with over 800 other business tools, making it a flexible option for businesses of all sizes.

Zoho Books

Zoho Books is an all-in-one accounting software that is designed to help businesses manage their finances more efficiently. It offers features such as invoicing, expense management, and inventory management that make it easy to manage the finances of multiple businesses. Zoho Books also integrates with other popular business tools, such as PayPal and Stripe, making it a versatile option for businesses of all sizes.

Wave

Wave is a free accounting software that is designed to help small businesses manage their finances. It offers features such as invoicing, expense tracking, and receipt scanning that make it easy to manage the finances of multiple businesses. Wave also integrates with other popular business tools, such as PayPal and Etsy, making it a versatile option for small businesses.

FreshBooks

FreshBooks is an all-in-one accounting software that is designed to help businesses manage their finances more efficiently. It offers features such as invoicing, time tracking, and expense management that make it easy to manage the finances of multiple businesses. FreshBooks also integrates with other popular business tools, such as Shopify and PayPal, making it a versatile option for businesses of all sizes.

Best Reviewed Accounting Software

When it comes to managing multiple businesses, finding the right accounting software can be a daunting task. However, a few options stand out as the best reviewed accounting software for multiple businesses. These options have been vetted by experts and users alike, and offer a range of features to simplify accounting processes.

One of the top options is QuickBooks Desktop, which is known for its ease of use and comprehensive features. It offers robust inventory management, job costing, and payroll functionality, making it a great choice for businesses that need to manage multiple aspects of their finances. Additionally, QuickBooks Desktop has a strong user community, which means that there are plenty of resources available for those who need help getting started.

Another highly rated option is Xero, which is known for its cloud-based platform and user-friendly interface. Xero offers a range of features, including invoicing, expense tracking, and bank reconciliation, making it a great choice for businesses of all sizes. Additionally, Xero integrates with a range of third-party apps, which allows businesses to customize the software to fit their specific needs.

For businesses that need to manage multiple entities, Sage 50cloud Accounting is a top choice. It offers strong consolidation functionality, which allows businesses to easily manage finances across multiple entities. Additionally, Sage 50cloud Accounting offers a range of features, including inventory management, job costing, and payroll processing, making it a comprehensive solution for businesses that need to manage multiple aspects of their finances.

Overall, these three options stand out as the best-reviewed accounting software for multiple businesses. Each offers a range of features to simplify accounting processes and has been vetted by experts and users alike. However, it's important to evaluate each option carefully to determine which one is the best fit for your business's specific needs.

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FAQ

When it comes to accounting software for multiple businesses, there are bound to be questioned. Here are some commonly asked questions:

Can one accounting software manage multiple businesses?

Yes, there are accounting software options that allow you to manage multiple businesses from one account. For example, QuickBooks Desktop and QuickBooks Accountant Desktop both offer multi-company accounting capabilities. Sage 50cloud Accounting is another option that allows you to manage multiple companies from one account.

What features should I look for in accounting software for multiple businesses?

When choosing accounting software for multiple businesses, it's important to look for features such as:

  • Multi-company accounting capabilities
  • Consolidated financial reporting
  • Ability to manage multiple currencies
  • Customizable invoicing and billing
  • Inventory management

How do I choose the best accounting software for my multiple businesses?

Choosing the best accounting software for your multiple businesses depends on your specific needs and budget. Consider factors such as the number of businesses you need to manage, the complexity of your accounting needs, and your budget. It's also important to read reviews and compare the features of different software options.

Is it necessary to use separate accounting software for each business?

No, it's not necessary to use separate accounting software for each business. Using one accounting software to manage multiple businesses can save time and money. However, it's important to choose software that offers multi-company accounting capabilities and can handle the complexity of your accounting needs.

Conclusion

Choosing the right accounting software for multiple businesses can be a daunting task. The software needs to be able to handle multiple entities, consolidate financial data, and provide accurate reporting.

After researching and analyzing the best accounting software for multiple businesses, the top recommendations are QuickBooks Desktop, QuickBooks Accountant Desktop, Sage 50cloud Accounting, and FreshBooks. These software solutions offer advanced features, ease of use, and the ability to manage multiple entities.

QuickBooks Desktop and QuickBooks Accountant Desktop are the top picks for overall multi-company accounting software. These software solutions are ideal for independent full-service bookkeepers and accountants who need to manage multiple businesses. Sage 50cloud Accounting is the best accounting software for consolidated entities. It offers a cohesive set of financial accounting solutions for companies in several industries, including banking, insurance, and financial services.

FreshBooks is an all-in-one accounting solution that manages all bookkeeping needs across multiple businesses. It is ideal for small business owners who need to create professional invoices, track time, and record business expenses. FreshBooks provides important financial insights to help businesses take their operations to the next level.

Ultimately, the best accounting software for multiple businesses will depend on the specific needs of the business. It is important to research and compare different software solutions before making a decision. By choosing the right software, businesses can streamline their financial operations and make informed decisions based on accurate financial data.

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