Multi-company accounting software can be necessary to track multiple companies or entities that comprise your business and possibly consolidate those entities into a single set of financial statements. Independent bookkeepers can also benefit from multi-company software by serving numerous clients while paying only one license fee. Regardless of why you want accounting software for multiple entities, one of the five software presented here should fit your needs.
Top 5 Multi-company Accounting Software
- QuickBooks Desktop: Best overall accounting software to keep the books for multiple companies that do not need consolidated financial statements
- QuickBooks Accountant Desktop: Best for independent full-service bookkeepers
- Sage 50Cloud Accounting: Best accounting for consolidated entities
- Sunrise: Best free online accounting software to keep the books of an unlimited number of companies
- SoftLedger: Best for consolidating entities with cryptocurrency transactions
Provide us with a few details as to why you need to account for multiple companies, and we will provide a custom recommendation. Afterward, you can continue to read the article to learn more details.
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How to Choose Your Multi-company Accounting Software
Most businesses in need of multi-company 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 that consist of multiple companies or entities that each need a separate set of books.
- Businesses that consist of parent-subsidiary companies that require separate bookkeeping yet consolidated financial statements.
Beyond making sure your multi-company accounting software matches your needs, ensure the software has good basic accounting functions. We considered these accounting functions in determining which multi-company 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 will track income and expenses by different classes, such as product lines or locations.
- Jobs: You might want to be able to track profit and loss by job. This is especially important for construction companies.
How We Evaluated Accounting Software for Multiple Companies
We considered only software that allows users to account for multiple companies without paying additional license fees. Each software was then further evaluated on features specific to handling multi-company accounting as well as pricing, ease of use, general accounting features, and our own expert evaluation.
10% of Overall Score
Pricing was weighted lightly given the complexity of multi-company accounting software. In addition to cost, the pricing score considers any limitations on users, customers, vendors, or transactions.
10% of Overall Score
Ease of use 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, ease of use also considers customer support and availability of independent accountants familiar with the software.
50% of Overall Score
General features 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, time and expense billing, and mobile apps.
20% of Overall Score
All software evaluated is required to provide the ability to keep accounting records for multiple companies without paying additional licensing fees. Additional features evaluated include tools available for independent bookkeepers to review client records and the ability to produce consolidated financial statements from multiple companies.
10% of Overall Score
Our expert evaluation is a subjective analysis of the software’s features, mobile app, and reports. It also includes our evaluation of the functionality and professionalism of the software’s invoices.
QuickBooks Desktop
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
| RATING CRITERIA | Pricing | 2.37 | OUT OF | 5 |
| Ease of Use | 3.50 | OUT OF | 5 | |
| General Features | 4.25 | OUT OF | 5 | |
| Multi-Company Features | 2.50 | OUT OF | 5 | |
| Expert Analysis | 4.13 | OUT OF | 5 |
Our Expert Opinion
One QuickBooks Desktop license can be used for the bookkeeping of an unlimited number of companies. QuickBooks Desktop is powerful accounting software for small businesses and made our list of best small business accounting software. However, QuickBooks Desktop will not help you consolidate the financial statements of multiple entities. It has outstanding general features that can be customized for any business. In addition, Premier has special industry editions for nonprofit, construction, wholesale, retail, and professional service companies.
QuickBooks Desktop Pricing
You can purchase QuickBooks Desktop for a one-time fee or purchase an annual “Plus” subscription, which includes unlimited backups and customer support along with a free edition upgrade each year. If you want customer support, you should purchase the annual subscription because an unlimited customer support plan purchased separately costs $299.99 per year.
- QuickBooks Pro: $399.99 one-time fee
- QuickBooks Pro Plus: $199.99 for the first year, then $299.99 per year, which includes unlimited customer support
- QuickBooks Premier: $649.99 one-time fee
- QuickBooks Premier Plus: $299.99 for the first year, then $499.99 per year, which includes unlimited customer support
- Unlimited Customer Support without a Plus plan: $299.99 per year
All plans come with a 60-day money-back guarantee, and QuickBooks is currently offering 40% off Plus plans for the first year.
QuickBooks Accountant Desktop
PROS
- One license allows bookkeeping for unlimited clients
- Special accountant tools
- Annual subscription includes ProAdvisor membership
- Full-service payroll for up to 50 clients for an additional fee
CONS
- No consolidated financial statements
- More difficult to share books with clients than QuickBooks Online Accountant
- Only one user can access a file at a time
- Cannot access program from the internet
| RATING CRITERIA | Pricing | 2.44 | OUT OF | 5 |
| Ease of Use | 3.5 | OUT OF | 5 | |
| General Features | 4.25 | OUT OF | 5 | |
| Multi-Company Features | 3.75 | OUT OF | 5 | |
| Expert Analysis | 4.13 | OUT OF | 5 |
Our Expert Opinion
QuickBooks Desktop Accountant is a special version of QuickBooks Desktop that includes powerful accountant tools designed to assist bookkeepers and accountants in providing full-service bookkeeping to an unlimited number of clients for $449 per year. You can also provide full-service payroll for up to 50 clients for only $615 per year. QuickBooks Accountant Desktop requires an active QuickBooks Desktop ProAdvisor membership, but the cost of the ProAdvisor program is included with the purchase of Accountant.
QuickBooks Accountant Desktop Pricing
- QuickBooks Accountant Desktop: $449 per year for a license that allows access by one user at a time, which includes ProAdvisor membership, training, certifications, and unlimited customer support
- QuickBooks Enhanced Payroll for Accountants: $615 per year, plus $1.75 per direct deposit for up to 50 clients
Sage 50cloud Accounting
PROS
- Consolidate unlimited companies (Premium and Quantum)
- Open multiple companies simultaneously (Quantum only)
- Affordable software to consolidate entities
CONS
- No automatic tracking of cryptocurrency transactions
- Only one remote user at a time can make changes to the company file
| RATING CRITERIA | Pricing | 2.73 | OUT OF | 5 |
| Ease of Use | 2.88 | OUT OF | 5 | |
| General Features | 3.75 | OUT OF | 5 | |
| Multi-Company Features | 3.75 | OUT OF | 5 | |
| Expert Analysis | 3.63 | OUT OF | 5 |
Our Expert Opinion
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, it’s very affordable for software that can perform consolidations.
Sage 50cloud Accounting Pricing
- Pro: $567 per month with a maximum of one user and one company
- Premium: Varies from $850 per year for one user to $1,947 per year for five users and unlimited companies
- Quantum price: Varies from $1,404 per year for one user to $3,583 per year for 10 users and unlimited companies
- Custom prices available for 11 to 40 users
Sage is currently offering 40% off for the first year.
Sunrise
PROS
- Free forever for unlimited companies
- Good mobile app
- Easy to add bookkeeping assistance for a charge
CONS
- Cannot track and bill employee time to customers
- Cannot track profit and loss by project or class
- Cannot track inventory cost
| RATING CRITERIA | Pricing | 5.00 | OUT OF | 5 |
| Ease of Use | 2.88 | OUT OF | 5 | |
| General Features | 3.00 | OUT OF | 5 | |
| Multi-Company Features | 2.50 | OUT OF | 5 | |
| Expert Analysis | 3.63 | OUT OF | 5 |
Our Expert Opinion
Sunrise is a free online bookkeeping program that includes all the major accounting functions and can be used for an unlimited number of companies within the same login ID. It doesn’t include more advanced functions like reporting by class, inventory tracking, or consolidating multiple entities but does include a bank connection to transfer transactions easily. Sunrise is easy to use, and you can start using your free subscription immediately.
Sunrise Pricing
Sunrise online software is absolutely free forever. Assisted bookkeeping can be added starting at $149 per month.
SoftLedger
PROS
- Consolidate companies
- Allocate 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
| RATING CRITERIA | Pricing | 1.50 | OUT OF | 5 |
| Ease of Use | 2.25 | OUT OF | 5 | |
| General Features | 2.00 | OUT OF | 5 | |
| Multi-Company Features | 3.75 | OUT OF | 5 | |
| Expert Analysis | 3.25 | OUT OF | 5 |
Our Expert Opinion
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.
SoftLedger Pricing
As is common with this level of customizable software, you must contact a sales representative for a demo and sales quote.
Bottom Line
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 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 are an independent accountant or bookkeeper looking to provide full-service accounting to unlimited companies, QuickBooks Accountant Desktop will serve you well.
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