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Accounting software is an important part of any company’s financial recordkeeping. From the business owner themselves to their accountants, there are many reasons for using accounting tools in order to keep track and manage finances properly. This list includes some of the best multi-company options on the market today that will be widely used by many different businesses from 2022 onward.
The “best multi entity accounting software” is a list of the top 5 best multi-company accounting software choices for 2022.
If you need to keep the books for multiple organizations or consolidate those organizations into a single set of consolidated financial statements, the most important feature to look for in a multi-company accounting software is whether you need to keep the books for multiple organizations or consolidate those organizations into a single set of consolidated financial statements. It’s convenient to be able to add many firms to your software without having to pay for each one when you’re maintaining the books for multiple businesses. Consolidated financial statements, on the other hand, often need more complex and costly software. That is, you must pick software that best meets your multi-company accounting requirements at the lowest potential cost.
Here are our top five recommendations for multi-company accounting software:
- QuickBooks Desktop is a program that allows you to keep: The best all-around accounting software for managing the accounts of various businesses without the requirement for consolidated financial statements.
- Desktop version of QuickBooks Accountant is ideal for full-service bookkeepers that work independently.
- Accounting using Sage 50cloud: The Best Accounting for Consolidated Businesses Accounting using Sage 50cloud is the best accounting for consolidated entities.
- Best free online accounting software for many businesses (Wave)
- SoftLedger is the best option for combining entities with bitcoin transactions.
Comparing the Best Multi-Company Accounting Software
Give us a few specifics about why you need to account for several organizations, and we’ll provide a suggestion tailored to your needs.
We’ll offer you a tailored product match once you answer a few questions about your company.
QuickBooks Desktop is a program that allows you to keep is the best multi-company accounting software on the market.
QuickBooks Desktop is a program that allows you to keep
3.62 OUT OF 5 STARS FOR THE OVERALL PERFORMANCE
| CRITERIA FOR RATING | Pricing | 2.37 | OUT OF | 5 |
| User-friendliness | 3.50 | OUT OF | 5 | |
| Features in general | 4.25 | OUT OF | 5 | |
| Features that apply to several companies | 2.50 | OUT OF | 5 | |
| Expert opinion | 4.13 | OUT OF | 5 |
What We Enjoy
- Accounting for an infinite number of firms is possible with a single license.
- Software versions tailored to various industries (Premier only)
- For help, there is a large network of independent QuickBooks ProAdvisors.
- To exchange books with an outside accountant, export “Accountant’s Copy.”
What Isn’t There
- Consolidated financial statements are not possible to create.
- There are no particular tools available for self-employed bookkeepers.
- For each concurrent user, a license must be purchased.
- I am unable to access the application over the internet.
Read QuickBooks Desktop is a program that allows you to keep Pro Full Review
QuickBooks Desktop is a program that allows you to keep Pricing
You can purchase QuickBooks Desktop is a program that allows you to keep under three subscription plans:
- Starting at $349.99 per year for one person, with a maximum of four users in QuickBooks Pro Plus 2022. (licenses sold separately)
- Starting from $549.90 per year for one person, with a maximum of five users in QuickBooks Premier Plus 2022. (licenses sold separately)
- Enterprise 22.0 costs $1,147.50 per year for a single user, with a maximum of 40 users (licenses sold separately)
All plans come with the most up-to-date 2022 features as well as free feature and security upgrades.
QuickBooks Desktop is a program that allows you to keep Standout Features
- Enhanced computing power: With QuickBooks Desktop is a program that allows you to keep’s new subscription-based plan, the software is 38 percent faster since it’s now using 64-bit computing power.
- Income and expense tracking: Track your income and expenses easily with QuickBooks Desktop is a program that allows you to keep. You can connect your bank and credit card to categorize your transactions. Income and expense items can be seen in one place depending on the type of transaction, such as transactions with customers, vendors, and employee centers.
- Time and project tracking: Tracking time is essential for computing operating and billable expenses. With QuickBooks Desktop is a program that allows you to keep, you can clock employee time spent working on tasks and track billable hours, which can be added to invoices by client or employee.
Expert Recommendation
One QuickBooks Desktop is a program that allows you to keep license can be used for the bookkeeping of an unlimited number of companies. QuickBooks Desktop is a program that allows you to keep is powerful accounting software for small businesses and made our list of best small business accounting software. It has outstanding Features in general that can be customized for any business. However, QuickBooks Desktop is a program that allows you to keep won’t help you consolidate the financial statements of multiple entities. Instead, Sage 50cloud or SoftLedger are the best software for consolidation. Both of these software products can consolidate separate financial statements of subsidiaries easily in a few clicks. Moreover, it also handles the complex accounting procedure of eliminating intercompany transactions and accounts.
Desktop version of QuickBooks Accountant is ideal for full-service bookkeepers that work independently.
Desktop version of QuickBooks Accountant
3.88 OUT OF 5 STARS FOR THE OVERALL PERFORMANCE
| CRITERIA FOR RATING | Pricing | 2.44 | OUT OF | 5 |
| User-friendliness | 3.50 | OUT OF | 5 | |
| Features in general | 4.25 | OUT OF | 5 | |
| Features that apply to several companies | 3.75 | OUT OF | 5 | |
| Expert opinion | 4.13 | OUT OF | 5 |
What We Enjoy
- Bookkeeping for an infinite number of customers is possible with a single license.
- Tools for accountants
- ProAdvisor membership is included in the annual subscription.
- For an extra cost, we can provide after-the-fact payroll for up to 50 customers.
What Isn’t There
- There are no consolidated financial statements available.
- Sharing books with customers is more harder than with QuickBooks Online Accountant.
- A file can only be accessed by one person at a time.
- I am unable to access the application over the internet.
Read Desktop version of QuickBooks Accountant Review
Desktop version of QuickBooks Accountant Pricing
- Desktop version of QuickBooks Accountant: $499 per year for a license that allows access by one user at a time, which includes ProAdvisor membership, training, certifications, and unlimited customer support
- Accountants’ QuickBooks Enhanced Payroll costs $350 per year + $1.75 per direct deposit.
Desktop version of QuickBooks Accountant Standout Features
- Fixed asset manager: Desktop version of QuickBooks Accountant’s fixed asset manager is a perfect tool for real estate companies. It helps in tracking depreciation, monitoring fixed asset purchases, managing disposals, and generating reports, such as amortization schedules and detailed reports.
- Collaboration with clients is more efficient: There’s no need to meet with your customer only to transmit data; Accountant’s Copy allows you and your clients to collaborate effectively and swiftly. Client files may be smoothly received and updates made without harming the client’s files. The changes are blended with the files of the clients without interfering with their work.
Expert Recommendation
Desktop version of QuickBooks Accountant is a special version of QuickBooks Desktop is a program that allows you to keep that includes powerful accountant tools designed to assist bookkeepers and accountants in providing full-service bookkeeping to an unlimited number of clients for $499 per year. You can also provide after-the-fact payroll for up to 50 clients for only $350 per year. Desktop version of QuickBooks Accountant requires an active QuickBooks Desktop is a program that allows you to keep ProAdvisor membership, but the cost of the ProAdvisor program is included with the purchase of Accountant.
However, QuickBooks Desktop is a program that allows you to keep Accountant is Intuit’s version of QuickBooks Desktop is a program that allows you to keep with accounting specialists in mind. Hence, it’s software intended for self-practicing certified public accountants (CPAs), bookkeepers, or CPA firms. Small business owners can’t use Desktop version of QuickBooks Accountant to export data to their QuickBooks ProAdvisor. Instead, they should choose QuickBooks Pro or Premier, which allows the creation of an Accountant’s Copy to share data.
Accounting using Sage 50cloud: The Best Accounting for Consolidated Businesses Accounting using Sage 50cloud is the best accounting for consolidated entities.
Accounting using Sage 50cloud
3.55 OUT OF 5 STARS FOR THE OVERALL PERFORMANCE
| CRITERIA FOR RATING | Pricing | 2.73 | OUT OF | 5 |
| User-friendliness | 2.88 | OUT OF | 5 | |
| Features in general | 3.75 | OUT OF | 5 | |
| Features that apply to several companies | 3.75 | OUT OF | 5 | |
| Expert opinion | 3.63 | OUT OF | 5 |
What We Enjoy
- Consolidate an infinite number of businesses (Premium and Quantum)
- Open many businesses at the same time (Premium and Quantum only)
- Consolidation software that is both affordable and effective
What Isn’t There
- There is no way to trace bitcoin transactions automatically.
- Only one remote user may make modifications to the corporate file at a time.
Accounting using Sage 50cloud Pricing
- Pro Accounting costs $56.08 a month for one person and one firm.
- Premium Accounting: Monthly fees range from $87.58 for one user to $201.58 for five users.
- Quantum Accounting: Annual fees range from $145.17 for one user to $371.08 for ten users, with bespoke pricing available for up to 40 users.
Sage is presently providing a first-year discount of 40%. Microsoft 365 is also available for $150 per year.
Features of the Sage 50cloud
- Comprehensive inventory management: Product firms will appreciate Sage 50cloud’s advanced inventory management, which allows them to keep track of stock, manage assembly, watch cost flow, and set reorder points.
- Project pricing and tracking: Do you wish to keep track of your projects and charge customers correctly? To make billing simpler, Sage 50cloud includes project tracking as well as task pricing. Job records, phases, and cost codes may all be put up. Using customized reports, you may predict earnings from tasks and projects while keeping track of spending.
- Sage 50cloud has a robust report library with over 150 studies, including specialized reports for the construction, manufacturing, and distribution sectors. You may produce reports or create new reports with only one click.
- Consolidation of several entities and currencies: With Sage 50cloud, you can consolidate subsidiaries anywhere in the world. Sage 50cloud can help you consolidate subsidiaries’ financial statements, reduce intercompany transactions, and account for foreign currency translation gains and losses in the income statement and balance sheet.
Expert Recommendation
Sage 50cloud allows accounting for multiple entities and allows the entities to be consolidated into a single set of financial statements. Generally accepted accounting principles (GAAP) require consolidated financial statements when one company owns more than 50% of the stock of another company. Sage 50cloud is a desktop program but employees and accountants can access the company file through Sage Drive. While Sage 50cloud is more expensive than QuickBooks Desktop is a program that allows you to keep, it’s very affordable for software that can perform consolidations.
Best free online accounting software for many businesses (Wave)
Wave
AVERAGE RATING: 2.95 OUT OF 5
| CRITERIA FOR RATING | Pricing | 5.00 | OUT OF | 5 |
| Features in general | 2.75 | OUT OF | 5 | |
| Features that apply to several companies | 2.50 | OUT OF | 5 | |
| User-friendliness | 3.88 | OUT OF | 5 | |
| Expert opinion | 1.88 | OUT OF | 5 |
What We Enjoy
- Accounting and invoicing services are provided for free.
- For first-time users, it’s simple.
- Produces a variety of accounting reports.
What Isn’t There
- There are no inventory features.
- The bank reconciliation function is incapable of resolving time discrepancies.
- For income and spending, there is no monitoring by class or location.
Pricing in Waves
Accounting and invoicing are completely free for an infinite number of businesses. Fees for credit card processing and banking payments apply, however they are comparable to those charged by other applications.
Highlights of the Wave
- Wave’s entire accounting and invoicing tools, including chart of accounts, payables, receivables, and banking, are all available for free.
- Wave allows you to track sales and income taxes on invoices, bills, estimates, and transactions. When you do this, the program immediately credits the sales tax to the sales tax liabilities account.
- Receipt scanning: Whenever you generate an expenditure record, you may upload or snap a photo of your receipts using your smartphone. This function helps to decrease office clutter and provides evidence for your records in the form of genuine receipts.
- Wave’s robust reporting tools include 16 distinct sorts of reports, despite the lack of report customization. For small firms and freelancers, these reports are more than sufficient.
Expert Recommendation
Wave is a great software option for freelancers and small businesses looking for free accounting software. Although it’s free, we see a lot of great features that fit the needs of small businesses and freelancers. We also really admire the reporting capabilities of Wave, given that it’s a free service. However, we don’t think Wave is suitable for large businesses, especially product-based companies. The lack of inventory management features is understandable since it’s a free service. For product-based businesses, we recommend going for QuickBooks Desktop is a program that allows you to keep since it has all the inventory tracking features that you’ll need.
The ability to add an infinite number of firms to a single account is Wave’s strongest multi-company feature. This feature appeals to us since it eliminates the need for a distinct email address to obtain a free account for each company. Wave is a terrific software alternative for entrepreneurs with many firms or accountants who handle the accounting of various freelancers since there is no limit to how many companies you can add.
SoftLedger is the best option for combining entities with bitcoin transactions.
SoftLedger
2.45 OUT OF 5 STARS FOR THE OVERALL PERFORMANCE
| CRITERIA FOR RATING | Pricing | 1.50 | OUT OF | 5 |
| User-friendliness | 2.25 | OUT OF | 5 | |
| Features in general | 2.00 | OUT OF | 5 | |
| Features that apply to several companies | 3.75 | OUT OF | 5 | |
| Expert opinion | 3.25 | OUT OF | 5 |
What We Enjoy
- Consolidate businesses
- Applications suppliers may implement accounting functions and links to other software via an application programming interface (API).
- Distribute shared revenue and expenditures across businesses.
- Automatically track your bitcoin profits and losses.
What Isn’t There
- Five businesses and three users are allowed to participate.
- There are no upfront costs.
- Customer service is solely provided online.
Read the whole SoftLedger review.
Pricing for SoftLedger
You must contact a sales person for a demo and sales quotation, as is typical with this level of configurable software.
Highlights of SoftLedger
- Cryptocurrency accounting: SoftLedger is the only program on this list that includes cryptocurrency accounting. Investors in cryptocurrency may connect with exchanges, manage their wallets, and see real-time cryptocurrency transactions.
- Business adaptability: Because the software includes an application programming interface (API), you may customize it to meet your accounting demands. By programming or developing software links for integration, you may create unique accounting functions.
- Consolidation accounting made simple: Are you weary of using spreadsheets to create consolidation working papers? Consolidation is straightforward using SoftLedger. You may automatically remove intercompany transactions and accounts by consolidating your financial statements across subsidiaries and divisions.
Expert Recommendation
SoftLedger is right for companies that need consolidated financial statements and the ability to deal with multiple currencies, including cryptocurrencies. The tax treatment of cryptocurrency is very tedious because a gain or loss must be recognized on every cryptocurrency transaction. This is very burdensome to track in a spreadsheet and makes SoftLedger well worth the money if you also need to consolidate entities. While SoftLedger is a sophisticated, scalable, general ledger system, it lacks many of the convenient features of small accounting business software. You can instead go with QuickBooks Desktop is a program that allows you to keep for cryptocurrency management. QuickBooks doesn’t have an exclusive feature for crypto but it can integrate with third-party apps like Glided and Sync.
How to Select Multi-Corporation Accounting Software
The majority of multi-company accounting clients fall into one of three categories:
- Independent bookkeepers and accountants that don’t want to pay a separate licensing fee for each customer and provide full-service accounting
- Businesses have many corporations or organizations that need their own set of books
- Enterprises with parent-subsidiary companies that need separate accounting but combined financial statements
In addition to ensuring that your multi-company accounting software meets your demands, be sure it offers adequate fundamental accounting features.
When evaluating which multi-company accounting software is ideal for a range of businesses, we took into consideration the following accounting functions:
- Bank transactions: Bank transactions should be automatically loaded into the program. The program should make reconciling the account balance to the bank statement simple.
- Invoices: Invoices should be created and monitored directly from the program until payment is received.
- Unpaid bills: When bills are received, they should be put into the program and monitored until they are paid.
- Payroll should be linked into your accounting software if you have employees.
- Classes: Software that tracks revenue and spending by distinct classes, such as product lines or locations, may be useful.
- Jobs: You might want to be able to track profit and loss (P&L) by job. This is especially important for construction companies.
How We Tested Accounting Software for a Variety of Businesses
We considered only software that allows users to account for multiple companies without paying additional license fees. Each software program was then evaluated further on features specific to handling multi-company accounting as well as pricing, User-friendliness, general accounting features, and our own expert evaluation.
20%
Features that apply to several companies
10% of the overall score
Given the intricacy of multi-company accounting software, pricing was given a light touch. Aside from cost, the price score takes into account any restrictions placed on users, customers, suppliers, or transactions.
10% of the overall score
User-friendliness is also weighted lightly since multi-company accounting is somewhat complex, and we expect most users will have some bookkeeping experience. In addition to our subjective evaluation, “User-friendliness” also includes customer support and the availability of independent accountants familiar with the software.
50% of the overall score
Features in general are the most important factor in determining the score for multi-company accounting software. The software must be robust to support the needs of companies in a diverse set of industries. Features considered, among others, include sales tax management, invoicing, payables management, payroll, and time and expense billing.
20% of the overall score
All software that is being assessed must be able to retain accounting records for various firms without having to pay extra license costs. Tools for independent bookkeepers to check client records and the capacity to compile consolidated financial accounts from several firms were also considered.
10% of the overall score
Our professional study of the software’s features, mobile app, and reports is a subjective assessment. It also covers our assessment of the software’s invoicing functionality and professionalism.
*Percentages based on total score
Conclusion
Multi-company accounting software can serve a variety of functions. If your business is run through two or more companies or entities, then QuickBooks Desktop is a program that allows you to keep will allow you to keep separate books for each company. However, if you need to consolidate those companies into one set of financial statements, you’ll need Sage 50cloud. Finally, if you’re an independent accountant or bookkeeper looking to provide full-service accounting to unlimited companies, Desktop version of QuickBooks Accountant will serve you well.
The “desktop accounting software” is a type of software that allows users to track and manage their finances. Here are the 5 best multi-company accounting software choices for 2022.
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