Top 4 Multi-Entity, Multi-location Accounting Solutions

As businesses expand globally, they often face challenges in managing their accounting and finances across different legal entities, locations, and currencies. This can result in inefficiencies, errors, and increased risk due to lack of visibility and control.

So it's crucial to have a centralized accounting system that can manage all aspects of financials, including transactional processing, financial reporting, and compliance, across multiple entities, locations, and currencies.

Key Benefits of Centralized Accounting:

• Improved efficiency and accuracy

• Enhanced visibility and control

• Better cash management and forecasting

• Streamlined financial reporting and compliance

• Reduced risk of errors and fraud

Accounting solutions for a Multi-entity, Multi-Location Business

QuickBooks, Sage 50, Sage 100, and Sage Intacct are all excellent options for multi-entity, multi-location, and multi-currency accounting solutions. QuickBooks is user-friendly and suitable for small to medium-sized businesses, while Sage 50 is ideal for managing numerous branches or locations. Sage 100 offers advanced features for larger businesses, and Sage Intacct is a cloud-based system with exceptional financial management capabilities and scalability.

Let’s dive into each of these options so that you can make an informed decision for your business.

Table: Comparison of features in QuickBooks Enterprise, Sage 100ERP, Sage Intacct, and NetSuite.

QuickBooks Desktop Enterprise

QuickBooks Enterprise is a popular choice for businesses looking for a robust accounting software solution. It is a powerful accounting software designed for small to medium-sized businesses.

Here are some of the top features of QuickBooks Desktop Enterprise:

• Advanced Financial Management: QuickBooks Desktop Enterprise provides advanced financial management capabilities, including multi-company and multi-currency support, advanced budgeting and forecasting, and detailed financial reports.

• Inventory Management: QuickBooks Desktop Enterprise includes robust inventory management features, such as tracking inventory levels, automatically generating purchase orders, and managing vendors.

• Sales and Purchasing: The software provides features for sales and purchasing, including creating estimates, sales orders, and invoices, as well as tracking and managing vendor bills.

• Payroll Processing: QuickBooks Desktop Enterprise offers payroll processing capabilities, including check writing, direct deposit, and tax filing.

• Job Costing: The software includes job costing features, which allow businesses to track costs associated with specific projects or jobs.

• Time Tracking: QuickBooks Desktop Enterprise provides time tracking features, enabling employees to log hours worked and allocate them to specific projects or clients.

• Billing and Invoicing: The software offers billing and invoicing capabilities, including creating professional-looking invoices, statements, and estimates.

• Expense Tracking: Businesses can use QuickBooks Desktop Enterprise to track employee expenses, including mileage, meals, and entertainment.

• Bank Reconciliation: The software provides tools for bank reconciliation, enabling businesses to compare their internal financial records with external bank statements.

• Reporting and Analytics: QuickBooks Desktop Enterprise includes reporting and analytics capabilities, offering insights into business performance, financial trends, and operational efficiencies.

• User Permissions: The software enables administrators to set user permissions, control access to sensitive financial data, and limit errors caused by unauthorized changes.

• Integration: QuickBooks Desktop Enterprise integrates with various third-party apps, including payment gateways, e-commerce platforms, and productivity tools.

• Advanced Pricing: The software provides advanced pricing features, enabling businesses to create custom prices based on quantities purchased, customer types, or other factors.

• Barcode Scanning: QuickBooks Desktop Enterprise supports barcode scanning, facilitating inventory tracking and management.

• Customizable Forms: Users can modify forms within the software to match their company's branding and requirements, personalizing invoices, estimates, and other documents.

Also, Read -> Switch from QuickBooks Online to Sage Intacct

Why You Should Consider QuickBooks Enterprise:

• Advanced Features: QuickBooks Enterprise has a wide range of advanced features that can help streamline your accounting processes, including inventory management, job costing, and payroll processing.

• Scalability: QuickBooks Enterprise is designed to grow with your business, so whether you have a few employees or hundreds, it can handle your needs.

• Integration: QuickBooks Enterprise integrates with a wide range of third-party applications, including payment processors, e-commerce platforms, and CRM systems.

• Customization: With QuickBooks Enterprise, you can customize various aspects of the software to fit your specific business needs.

• Support: Intuit offers excellent support resources, including online tutorials, webinars, and a dedicated customer support team.

• Cost: While QuickBooks Enterprise is certainly an investment, it's generally less expensive than some of its competitors, making it a more accessible option for many businesses.

Why You Might Want to Look Elsewhere:

• Complexity: QuickBooks Enterprise is a powerful piece of software, but that power comes with a certain level of complexity. If you're not comfortable with technology or don't have a dedicated IT staff, you may find it challenging to implement and use.

• Limited Manufacturing Capabilities: While QuickBooks Enterprise does offer some manufacturing capabilities, they may not be as comprehensive as what's offered by industry-specific software.

• No True Cloud Option: While QuickBooks Enterprise offers a hosted version, it's not a true cloud application, meaning you'll need to maintain your servers and infrastructure.

• Limited International Functionality: QuickBooks Enterprise doesn't offer as much international functionality as some of its competitors, so if you do business globally, you may want to explore other options.

• Lack of Customization Options: While QuickBooks Enterprise does offer some customization options, it doesn't allow for nearly the same level of customization as some of its competitors.

• Third-Party App Integrations: Although QuickBooks Enterprise integrates with a wide range of third-party apps, some users report issues with compatibility and integration limitations.

Cloud Hosting QuickBooks Desktop Enterprise

Cloud hosting QuickBooks Enterprise refers to the practice of using a remote server or cloud-based infrastructure to host and run QuickBooks Enterprise software. Instead of installing and maintaining the software on local computers or servers, users can access the software via the internet, using a web browser or mobile app.

This approach offers several benefits, including:

• Scalability: Cloud hosting allows businesses to easily scale up or down their usage of QuickBooks Enterprise as needed, without having to worry about hardware constraints.

• Cost savings: By avoiding the need for on-premises hardware and IT infrastructure, cloud hosting can help reduce the overall cost of owning and maintaining QuickBooks Enterprise.

• Accessibility: With cloud hosting, users can access QuickBooks Enterprise from anywhere, at any time, using any device with an internet connection.

• Reliability: Cloud hosting providers typically offer high uptime and reliability, ensuring that QuickBooks Enterprise is always available when needed.

• Security: Cloud hosting providers typically have strong security measures in place to protect user data, including encryption, firewalls, and backups.

• Automatic updates: Cloud hosting providers usually handle software updates and maintenance, freeing up internal resources for other tasks.

• Disaster Recovery: Cloud hosting provides built-in disaster recovery capabilities, so in case of unexpected events, the user's data is safe and can be easily recovered.

• Customization: Cloud hosting allows for customization of QuickBooks Enterprise to suit the specific needs of the business.

Sage 100 ERP

Let’s take a look at Sage 100 ERP. It is a powerful enterprise resource planning software that's designed to help businesses like yours manage their operations, financials, and supply chains.

The top features of Sage 100 ERP include:

• Financial Management: Sage 100 ERP provides advanced financial management capabilities, including general ledger, accounts payable and receivable, budgeting, and forecasting.

• Supply Chain Management: The software offers supply chain management features, such as inventory management, purchasing, and distribution, to help businesses streamline their supply chain processes.

• Manufacturing Operations: Sage 100 ERP includes manufacturing operations functionality, such as production scheduling, material requirements planning, and shop floor control, to help businesses manage their manufacturing processes.

• Customer Relationship Management: The software provides customer relationship management (CRM) features, such as sales and marketing automation, customer service and support, and contact management, to help businesses build stronger relationships with their customers.

• Human Resources Management: Sage 100 ERP offers human resources management features, such as payroll processing, benefits administration, and employee self-service portals, to help businesses manage their workforce.

• Reporting and Analytics: The software provides reporting and analytics capabilities, including dashboards, scorecards, and ad hoc reporting, to help businesses gain insights into their operations and make informed decisions.

• Collaboration Tools: Sage 100 ERP includes collaboration tools, such as document management, workflow automation, and messaging, to help teams work together more efficiently.

• Integration: The software offers integration with other business applications, such as accounting, inventory management, and shipping software, to help businesses streamline their operations and improve efficiency.

• Mobile Access: Sage 100 ERP provides mobile access to the system, allowing users to access the software from anywhere, at any time, using any device.

• Security: The software offers robust security features, including role-based access controls, password policies, and audit trails, to help businesses protect their data and ensure regulatory compliance.

• Customization: Sage 100 ERP is highly customizable, allowing businesses to tailor the software to meet their unique needs and processes.

• Support: The software comes with a range of support options, including online chat, phone, and email support, as well as a comprehensive knowledge base and community forum.

Why you should consider Sage 100 ERP:

• Comprehensive suite of modules: Sage 100 ERP offers a wide range of modules that cover everything from financial management and procurement to inventory management and distribution.

• Customization: The software is highly customizable, allowing you to tailor it to your specific business needs.

• Strong reporting and analytics: Sage 100 ERP provides robust reporting and analytics capabilities, enabling you to gain valuable insights into your business performance.

• Improved efficiency: By automating routine tasks and providing real-time visibility into your operations, Sage 100 ERP can help you streamline your processes and improve efficiency.

• Scalability: The software is designed to grow with your business, so it can accommodate your expanding needs as your company grows.

Why you may want to look elsewhere:

• Steep learning curve: Sage 100 ERP is a complex software with a lot of features, which can make it difficult to learn and master.

• High upfront costs: The software can be expensive, especially for smaller businesses or those with limited budgets.

• Limited integration with third-party apps: Sage 100 ERP doesn't integrate seamlessly with all third-party applications, which can limit its functionality.

• Customer support: Some users have reported mixed experiences with Sage's customer support, citing long wait times and unhelpful representatives.

• Outdated interface: Some users have noted that the software's interface looks outdated and isn't as intuitive as newer ERP systems.

Cloud hosting Sage 100 ERP

Cloud hosting Sage 100 ERP means deploying this enterprise resource planning software on a remote server or cloud infrastructure, instead of on-premises. This approach allows businesses to access Sage 100 ERP from any location and device with an internet connection, without the need for local installation or maintenance. Cloud hosting provides scalability, flexibility, and cost savings, as well as automatic software updates and enhanced security.

Cloud hosting offers built-in disaster recovery and backup capabilities, ensuring business continuity and data safety. With cloud hosting, businesses can focus on their core operations, while the hosting provider manages the technical aspects of Sage 100 ERP deployment and maintenance.

Sage Intacct

Sage Intacct is a cloud-based financial management and accounting software that's designed to help businesses like yours streamline their financial operations and make data-driven decisions.

It's built with the needs of finance teams in mind, offering a range of features that can help you automate routine tasks, improve financial accuracy, and provide real-time visibility into your business performance.

Sage Intacct includes features such as:

• Financial Management: Sage Intacct provides a comprehensive financial management system that includes general ledger, accounts payable, accounts receivable, and payroll processing.

• Budgeting and Forecasting: The software offers a built-in budgeting and forecasting module that allows businesses to create and manage budgets, track actual spending, and compare results against budget.

• Compliance and Reporting: Sage Intacct helps businesses stay compliant with financial regulations and standards, such as GAAP, FASB, and SEC, and generates reports that are fully compliant with these regulations.

• Multi-Entity Management: Sage Intacct supports multi-entity management, allowing businesses to manage multiple companies, subsidiaries, and divisions within a single instance.

• Accounting and Financial Operations: The software provides a range of accounting and financial operations features, including journal entries, reconciliations, and fixed asset management.

• Purchasing and Procurement: Sage Intacct offers purchasing and procurement capabilities, including requisition management, purchase order creation, and vendor management.

• Inventory Management: The software provides inventory management features, such as tracking inventory levels, managing stock rooms, and generating inventory reports.

• Order Management: Sage Intacct offers order management capabilities, including sales order management, delivery scheduling, and returns processing.

• Customer Relationship Management: The software provides customer relationship management (CRM) features, such as contact management, lead tracking, and opportunity management.

• Integration: Sage Intacct integrates with a wide range of third-party applications, including Salesforce, Microsoft Dynamics, and other business systems.

Why you may want to consider Sage Intacct:

• Comprehensive financial management: Sage Intacct provides a wide range of financial management features, including accounting, budgeting, forecasting, and compliance reporting.

• Cloud-based: Sage Intacct is a cloud-based solution, which means it can be accessed from anywhere and at any time, as long as there is an internet connection.

• Scalability: Sage Intacct is designed to grow with your business, so it can handle everything from basic financial management to complex multicurrency transactions.

• Integration: Sage Intacct integrates with a wide range of third-party applications, including Salesforce, Microsoft Dynamics, and other business systems.

• Security: Sage Intacct has strong security measures in place to protect your data, including encryption, firewalls, and backup and disaster recovery processes.

• Mobile access: Sage Intacct offers mobile apps for Android and iOS devices, allowing you to access your financial data on the go.

• Customizable: Sage Intacct allows you to customize the software to meet your specific business needs, including creating custom fields, forms, and reports.

Why you may want to look elsewhere:

• Cost: Sage Intacct can be relatively expensive, especially for smaller businesses or those with limited budgets. The base subscription includes only the core financial management solutions. To configure each additional module or entity, you’ll have to pay extra.

• Learning curve: Sage Intacct is a sophisticated software solution, and it may take some time to learn and master its full range of features.

• Data migration: Switching to a new financial management software can be a challenge, and migrating data from an old system to Sage Intacct may require additional time and effort.

NetSuite

NetSuite is a cloud-based business management software suite that provides a range of financial and business management capabilities, including enterprise resource planning (ERP), accounting, inventory management, and customer relationship management (CRM).

Main features in NetSuite:

• Financial Management: NetSuite provides financial management capabilities, such as general ledger, accounts payable, accounts receivable, and payroll processing. It also offers financial reporting and analysis tools, including budgeting, forecasting, and compliance reporting.

• ERP: NetSuite's ERP capabilities include inventory management, order management, and production planning. It also offers warehouse management, supply chain management, and purchasing management.

• CRM: NetSuite's CRM capabilities include sales force automation, marketing automation, and customer service and support. It also offers a 360-degree view of customers, which enables businesses to better understand their customers' needs and preferences.

• E-commerce: NetSuite offers e-commerce capabilities, such as website design and development, shopping cart functionality, and payment processing. It also integrates with other sales channels, such as Amazon and eBay.

• Business Intelligence: NetSuite provides business intelligence capabilities, such as data analytics and reporting. It offers real-time visibility into business performance, enabling businesses to make data-driven decisions.

• Human Capital Management: NetSuite's human capital management capabilities include recruitment management, performance management, and benefits administration. It also offers time and attendance tracking, and payroll processing.

• Supply Chain Management: NetSuite's supply chain management capabilities include procurement, inventory management, and logistics management. It also offers supply chain visibility, enabling businesses to track shipments and manage inventory levels in real-time.

• Customer Service and Support: NetSuite's customer service and support capabilities include call center management, ticketing, and self-service portals. It also offers omnichannel support, enabling businesses to engage with customers across multiple channels.

• Marketing Automation: NetSuite's marketing automation capabilities include campaign management, lead scoring, and social media management. It also offers personalized marketing, enabling businesses to target customers with relevant messages and offers.

• Integration: NetSuite integrates with a range of third-party applications, including sales, marketing, and productivity tools. It also offers APIs and developer tools, enabling businesses to build custom integrations and extensions.

These are just some of the main features of NetSuite. It's a comprehensive platform that can help businesses streamline their operations, reduce costs, and improve profitability.

Why You Should Consider NetSuite:

• Integrated Suite: NetSuite offers a comprehensive suite of applications that cover a wide range of business functions, including ERP, CRM, e-commerce, and more. This integration can help streamline your operations and provide a single source of truth for your data.

• Scalability: NetSuite is designed to grow with your business, providing the flexibility and scalability you need to adapt to changing business needs.

• Lower Total Cost of Ownership (TCO): By leveraging the cloud-based model, NetSuite can help reduce your total cost of ownership by eliminating the need for hardware, IT infrastructure, and maintenance costs.

• Rapid Implementation: NetSuite offers rapid implementation capabilities, allowing you to quickly deploy the software and start seeing benefits sooner rather than later.

• User-Friendly Interface: NetSuite's user-friendly interface makes it easier for employees to adopt and use the software, reducing the need for extensive training and increasing user adoption rates.

• Advanced Analytics: NetSuite provides advanced analytics capabilities, giving you greater insights into your business and helping you make data-driven decisions.

• Integrated BI: NetSuite's integrated business intelligence capabilities allow you to analyze data from multiple sources, providing a single version of the truth and helping you make informed decisions.

• Enhanced Collaboration: NetSuite's collaboration capabilities enable teams to work together more efficiently, improving communication and reducing errors.

Why You May Want to Consider Alternatives to NetSuite:

• Cost: NetSuite can be expensive, especially for larger organizations or those with complex requirements.

• Complexity: NetSuite is a complex software suite, and implementing and configuring it can be challenging, especially for organizations without a lot of technical expertise.

• Integration Issues: While NetSuite offers integration with many third-party applications, there may be instances where integration is not seamless, leading to compatibility issues.

• Limited Customization: While NetSuite does offer some customization options, there may be limitations in terms of tailoring the software to meet your organization's specific needs.

• Lack of Control: With a cloud-based solution like NetSuite, you may have less control over the software and underlying infrastructure compared to an on-premises solution.

• Dependence on Internet Connectivity: NetSuite requires a reliable internet connection, which can be a problem if you have locations with poor connectivity or frequent outages.

• Security Concerns: As with any cloud-based solution, there may be concerns around data security and privacy, particularly if you're handling sensitive information.

• Vendor Lock-In: Depending on the size and complexity of your implementation, switching away from NetSuite could be difficult and costly, potentially leaving you feeling locked into the vendor.

Conclusion

Managing accounting across multiple entities, locations, and currencies is complex. Here are the top four contenders: Sage 100 ERP, Sage Intacct, NetSuite, and QuickBooks Enterprise.

Sage Intacct offers comprehensive financial insights for various industries. NetSuite is robust and offers a customizable ERP. QuickBooks Enterprise is popular and provides the necessary tools.

Consider scalability, flexibility, integration capabilities, and cost-effectiveness when choosing the right solution. Evaluate based on these factors.

FAQs

Q. What are the benefits of centralized accounting for multi-entity, multi-location businesses?

A. Centralized accounting can provide numerous benefits for multi-entity, multi-location businesses, including:

• Improved financial visibility and control across all entities and locations

• Streamlined financial reporting and compliance

• Enhanced ability to manage intercompany transactions and transfers

• Increased efficiency and accuracy in financial processing and reconciliation

• Greater security and reduction in errors and fraud

• Improved decision-making through real-time financial data and analytics

Q.  Which accounting solutions are recommended for multi-entity, multi-location businesses?

A. Some popular accounting solutions for multi-entity, multi-location businesses include:

• QuickBooks Enterprise

• Sage 100 ERP

• Sage Intacct

• NetSuite

• Microsoft Dynamics GP

• Epicor ERP

Q.  What are the key features and benefits of QuickBooks Enterprise?

A. QuickBooks Enterprise is a robust accounting solution designed for growing businesses. Its key features and benefits include:

• Advanced financial management and reporting capabilities

• Multi-entity and multi-location support

• Inventory management and tracking

• Project management and job costing

• Time and billing management

• Advanced security and user permissions

• Integration with other Intuit products, such as TurboTax and ProSeries

Q. What are the pros and cons of Sage 100 ERP?

A. Sage 100 ERP is a comprehensive accounting and business management solution. Its pros include:

• Robust financial management and reporting capabilities

• Strong inventory management and manufacturing capabilities

• Excellent customer relationship management (CRM) features

• Good integration with other Sage products

However, some of its cons include:

• Steep learning curve

• Higher cost compared to some other solutions

• Less flexible pricing plans

• Limited international support

Q.  What are the features and advantages of Sage Intacct?

A. Sage Intacct is a cloud-based accounting and financial management solution. Its features and advantages include:

• Advanced financial management and reporting capabilities

• Multi-entity and multi-location support

• Strong project management and job costing features

• Excellent integration with other cloud-based solutions

• Real-time financial data and analytics

• Scalable and flexible pricing plans

Q. What are the main features and capabilities of NetSuite?

A. NetSuite is a comprehensive cloud-based ERP solution. Its main features and capabilities include:

• Financial management and accounting

• Inventory management and tracking

• Order management and fulfillment

• Customer relationship management (CRM)

• Marketing automation

• E-commerce capabilities

• Reporting and analytics

• Global support for multi-entity and multi-location businesses

Q. Why should I consider NetSuite for my business?

A. NetSuite is a good choice for businesses looking for a comprehensive and integrated ERP solution. Its strengths include:

• Robust financial management and reporting capabilities

• Excellent inventory management and order fulfillment features

• Strong CRM and marketing automation capabilities

• Good integration with other business systems

• Scalable and flexible pricing plans

• International support for multi-entity and multi-location businesses

Q. What factors should I consider when choosing the right accounting solution for my multi-entity, multi-location business?

A. When choosing an accounting solution for a multi-entity, multi-location business, consider the following factors:

• Number of entities and locations.

• Size of the business.

• Industry and specific business needs.

• Budget and pricing plans.

• Features and functionalities required.

• Level of customization needed.

• Integration with other business systems.

• Scalability and growth potential.

• Customer support and service.

• Security and data protection capabilities.