The best multicompany accounting software for your business depends on whether you need to keep separate books for multiple organizations or consolidate those organizations into a single set of financial statements. When keeping the books for multiple organizations, it’s nice to have the ability to add multiple companies to your software without paying for each one.
Meanwhile, consolidated financial statements generally require more sophisticated and expensive software. Thus, you need to find the solution that best fits your multicompany accounting needs at the best possible price point.
Here are our five picks for the best accounting software for multiple companies:
- QuickBooks Desktop Enterprise: Best overall multicompany accounting software with a full suite of sophisticated accounting features
- Wave: Best free online accounting software with basic expense tracking and invoicing that can be used for up to 15 companies
- QuickBooks Accountant Desktop: Best for independent full-service bookkeepers
- Sage 50 Accounting: Best accounting software for consolidating multiple companies
- SoftLedger: Best for consolidating entities with cryptocurrency transactions
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Comparison of the Best Multicompany Accounting Software
QuickBooks Desktop: Best Overall Multicompany Accounting Software
QuickBooks Desktop Pro and Premier will no longer be available for new users after July 31, 2024. It has already been removed from the QuickBooks website, so you’ll need to call QuickBooks customer service to subscribe. While QuickBooks has not announced any plans for discontinuing Pro and Premier for existing users, we anticipate it will likely end support after two or three years. QuickBooks Enterprise is not affected and still a great option for multicompany accounting.
Pros
- One license allows accounting for unlimited companies
- Industry-specific editions of software (Premier only)
- Large network of independent QuickBooks ProAdvisors for support
- Export “Accountant’s Copy” to share books with an external accountant
Cons
- Cannot prepare consolidated financial statements
- No special tools for independent bookkeepers
- Must purchase a license for each concurrent user
- Cannot access program from the internet
QuickBooks Desktop offers three subscription plans:
- QuickBooks Pro Plus 2024: Starting at $649 per year for one user only, maximum of four users (licenses sold separately)
- QuickBooks Premier Plus 2024: Starting at $949 per year for one user only, maximum of five users (licenses sold separately)
- Enterprise 24.0: Starting at $1,830 per year for one user only, maximum of 40 users (licenses sold separately)
All plans include the latest 2024 features plus entitlement to free feature and security updates.
We selected QuickBooks Desktop as the best overall multicompany accounting software because one license can be used for the bookkeeping of an unlimited number of companies, making it a cost-effective option. It is ideal for small businesses and made our list of the best small business accounting software because of its outstanding general features that can be customized for any business. QuickBooks Desktop also has excellent inventory features, doesn’t require an internet connection to operate, and can track income and expenses by class and location.
Wave: Best Free Online Accounting Software With Basic Expense Tracking & Invoicing That Can Be Used for Multiple Companies
Pros
- Has a free plan with basic accounting and invoicing services
- Is easy for first-time users
- Allows you to add up to 15 companies either in the free or paid version
- Provides an option to upgrade to a paid plan if needed
Cons
- Can add only one user in the free plan
- Bank reconciliation isn’t possible in the free plan
- No class or location tracking for income and expenses
- Reports are very basic and look unprofessional
Wave has a free plan (Starter) for accounting and invoicing and a paid option (Pro) for unlimited users at $16 per month per business. Pro includes additional features, like live chat and email support, bank connections, receipt capture, and discounted credit card processing rates.
You can also purchase add-ons including:
- Bookkeeping support (Wave Advisor): $149 per month (Starter and Pro)
- Assisted payroll (Wave Payroll): $40 per month for tax service states and $20 per month for self-service states plus $6 monthly per employee
- Receipt scanning: $11 per month or $96 per year (Starter only; included in Pro)
Whether you’re an entrepreneur with multiple businesses or an accountant handling the books of several freelancers, Wave Starter is a great option if you’re looking for free accounting software that can be used for up to 15 companies. It has impressive reporting capabilities, given that it’s a free service, and it lets you add multiple businesses into just one account. It’s also a great fit for ecommerce companies due to its large number of integrations through Zapier. However, it has only basic features compared to QuickBooks Desktop.
QuickBooks Accountant Desktop: Best for Independent Full-service Bookkeepers
Pros
- One license allows bookkeeping for unlimited clients
- Special accountant tools
- Imports “Accountant’s Copy” to review and make adjustments to clients’ books
- Annual subscription includes ProAdvisor membership
- After-the-fact payroll for up to 50 clients for an additional fee
Cons
- Cannot prepare consolidated financial statements
- No special tools for independent bookkeepers
- Must purchase a license for each concurrent user
- Cannot access program from the internet
There are currently two membership levels available, both with one user:
- ProAdvisor Premier Software Bundle: $799 per year
- ProAdvisor Enterprise Software Bundle: $1,299 per year
Both include QuickBooks Accountant Desktop and other features, but the ProAdvisor Enterprise Software Bundle includes additional software, like QuickBooks Enterprise Desktop Accountant, QuickBooks Mac Desktop 2024, and QuickBooks POS Desktop.
While we could not access the program to perform our full case study and award it a score, it does provide some important features that are worthy of consideration. With QuickBooks Accountant Desktop, independent full-service bookkeepers will find many powerful tools for providing their services to an unlimited number of clients. It requires an active QuickBooks Desktop ProAdvisor membership, but the cost of the ProAdvisor program is included with the purchase of Accountant Desktop.
Accountants who provide on-site assistance will find the software especially useful, as they can log into a client’s QuickBooks Desktop program using their own credentials and then have immediate access to their accountant toolbox to help review and fix their client’s books. Industry-specific reports are also available with QuickBooks Accountant Desktop.
A major difference between QuickBooks Desktop and QuickBooks Accountant is the sharing of company files. QuickBooks Desktop allows users to export their company files to their accountant. QuickBooks Accountant Desktop then provides a way for the accountant to import that file.
Thus, if you’re a company needing to provide your file to an external accountant, you need QuickBooks Desktop. If you’re a professional bookkeeper looking to import company files from your clients, you need QuickBooks Accountant Desktop.
Sage 50 Accounting: Best Accounting for Consolidated Entities
Pros
- Consolidate unlimited companies (Premium and Quantum plans)
- Open multiple companies simultaneously (Premium and Quantum plans)
- Much more affordable to consolidate companies than SoftLedger
Cons
- No automatic tracking of cryptocurrency transactions
- Only one remote user at a time can make changes to the company file
You can purchase Sage 50 Accounting under three subscription plans:
- Pro Accounting: $595 per year with a maximum of one user and one company (cannot consolidate companies)
- Premium Accounting: Ranges from $970 per year for one user to $2,222 per year for five users and unlimited companies
- Quantum Accounting: Ranges from $1,610 per year for one user to $4,108 per year for 10 users—custom pricing for up to 40 users and unlimited companies
We selected Sage 50 as the best accounting software for consolidated entities because it allows for accounting for multiple entities and for the entities to be consolidated into a single set of financial statements. While it is a desktop program, employees and accountants can access the company file through Sage Drive. Sage 50 may be more expensive than QuickBooks Desktop—but we consider it very affordable for software that can perform consolidations.
SoftLedger: Best for Consolidating Entities With Cryptocurrency Transactions
Pros
- Consolidate companies
- Application programming interface (API) enables software providers to program accounting functionality and connections to other software
- More sophisticated features than Sage 50 like allocating shared income and expenses among companies
- Track cryptocurrency gains and losses automatically
Cons
- Limited to five companies and three users
- No upfront pricing
- Customer support is available online only
As is common with this level of customizable software, you must contact a sales representative for a demo and sales quote. It includes up to three users and five organizations.
We selected SoftLedger as the best for consolidating entities with cryptocurrency transactions due to its ability to deal with multiple currencies, including cryptocurrencies. Beyond just cryptocurrency accounting, it is a more powerful and customizable solution for consolidating companies than Sage 50. Not surprisingly, this additional power comes at a steeper price.
While we were unable to access SoftLedger to perform our full case study and award it a score, it does provide some important crypto features that are worthy of consideration. 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 conduct business in crypto.
How We Evaluated Multicompany Accounting Software
We evaluated accounting software using our case study framework and awarded points based on the tasks we were able to complete in several categories. We used our expertise to weigh the importance of each task and categories of tasks.
5% of Overall Score
Software is rated based on its price for various levels of users, including one, three, and five users. It is also awarded points if it offers a free trial or discount for new users and if monthly vs annual plans are available.
53% of Overall Score
10% of Overall Score
5% of Overall Score
A good mobile app should be able to perform all the same functions as the computer interface.
20% of Overall Score
7% of Overall Score
We include the average user review score for each software collected from large third-party websites dedicated to the collection of user reviews, such as Software Advice, SourceForge, and G2.
Most businesses needing multicompany accounting fall into one of three categories:
- Independent bookkeepers and accountants offering full-service bookkeeping who don’t want to pay a separate license fee for each client.
- Businesses consisting of multiple companies or entities that each need a separate set of financial statements.
- Businesses consisting of parent-subsidiary companies that require separate bookkeeping yet consolidated financial statements.
Beyond ensuring that your multicompany accounting software matches your needs, see to it that the platform has good basic accounting functions. We considered these accounting functions in determining which multicompany accounting software is best for a variety of companies:
- Bank transactions: Bank transactions should be imported into the software automatically. The software should provide an easy way to reconcile the account balance to the bank statement.
- Invoices: Invoices should be generated directly from the software and tracked until payment is received.
- Unpaid bills: Bills should be able to be entered into the software when received and tracked until paid.
- Payroll: If you have employees, payroll should be integrated into the accounting software.
- Classes: You may want software that’ll track income and expenses by different classes, such as product lines or locations.
- Jobs: You might want to track profit and loss (P&L) by job. This is especially important for construction companies.
Frequently Asked Questions (FAQs)
Multicompany accounting software manages the accounting functions of multiple operations, locations, and companies in a single program.
Businesses with multiple companies or subsidiaries can benefit from multicompany accounting software as it provides a centralized platform to manage financial data, streamline reporting, and ensure consistency in accounting practices across all entities.
Yes, there are robust multicompany accounting systems that support multiple currencies to accommodate businesses operating in different regions with diverse currencies.
One QuickBooks Desktop license can be used to keep the books for an unlimited number of companies.
Sage 50 Accounting charges $595 per year for Pro Accounting with a maximum of one user and one company. Premium Accounting subscribers will pay anywhere from $970 per year for one user to $2,222 per year for five users and unlimited companies. Quantum Accounting subscriptions run from $1,610 per year for one user and $4,108 per year for 10 users, with custom pricing for up to 40 users and unlimited companies.
Bottom Line
Multicompany accounting software can serve a variety of functions. If your business is run through two or more companies or entities, then QuickBooks Desktop 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 50 or SoftLedger. Finally, if you’re an independent accountant or bookkeeper looking to provide full-service accounting to unlimited companies, QuickBooks Accountant Desktop will serve you well.