Best Multi-company Accounting Software for 2023
Tim is a Certified QuickBooks Time (formerly TSheets) Pro, QuickBooks ProAdvisor, and CPA with 25 years of experience. He brings his expertise to Fit Small Business’s accounting content.
Danielle is a writer for the Finance division of Fit Small Business. She has owned a bookkeeping and payroll service that specializes in small business, for over twenty years.
This article is part of a larger series on Accounting Software.
The best multi-company 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 multi-company accounting needs at the best possible price point.
Here are our five picks for the best accounting software for multiple companies:
- QuickBooks Desktop: Best overall multi-company accounting software
- QuickBooks Accountant Desktop: Best for independent full-service bookkeepers
- Sage 50cloud Accounting: Best accounting software for consolidated entities
- Wave: Best free online accounting software for multiple companies
- SoftLedger: Best for consolidating entities with cryptocurrency transactions
At Fit Small Business our mission is to provide small business owners with the best answers to their small business questions. Whenever possible, we evaluate all of the software we recommend by conducting an in-depth case study where our experts determine the strengths and weaknesses of each software by recreating real-life bookkeeping scenarios. There are only two scenarios where we may recommend software that has not been subjected to our case study – the software is not a complete bookkeeping system or if we don’t have access to evaluate the software. We evaluate all software on the same set of criteria regardless of whether they are a partner company.
Comparison of Best Multi-company Accounting Software
Annual Price | Number of Users | Number of Organizations | Consolidation Features | Crypto Accounting | Inventory Accounting | Project Tracking | Multi-currency Consolidation | |
|---|---|---|---|---|---|---|---|---|
 | $549 to $1,340 | 1 to 40 | Unlimited | N/A | N/A | ✓ | ✓ | N/A |
| $799 or $1,299 | 1 | Unlimited | N/A | N/A | ✓ | ✓ | N/A |
 | $578 to $3,912 | 1 to 40 | Unlimited | ✓ | N/A | ✓ | ✓ | N/A |
 | $0 | Unlimited | Unlimited | N/A | N/A | N/A | N/A | N/A |
 | Contact sales | 3 | 5 | ✓ | ✓ | ✓ | ✓ | ✓ |
QuickBooks Desktop: Best Overall Multi-company Accounting Software
Overall Score:
4.12 / 5
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
Standout Features
- Enhanced computing power: With QuickBooks Desktop’s new subscription-based plan, the software is 38% faster since it’s now using 64-bit computing power.
- Income and expense tracking: Track your income and expenses easily with QuickBooks Desktop. 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, you can clock employee time spent working on tasks and track billable hours, which can be added to invoices by client or employee.
We selected QuickBooks Desktop as the best overall multi-company 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 due to its outstanding general features that can be customized for any business. QuickBooks Desktop also has excellent inventory features and doesn’t require an internet connection to operate.
QuickBooks Accountant Desktop: Best for Independent Full-service Bookkeepers
Overall Score:
4.12 / 5
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
Standout Features
- Fixed asset manager: QuickBooks Accountant Desktop’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.
- Faster client collaboration: There’s no need to schedule a meet-up with the client just to transfer files—with Accountant’s Copy, you and your clients can work together easily and quickly. You can receive files from clients seamlessly and make changes without affecting the client’s files. Adjustments are merged with clients’ files without interrupting their work.
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. 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.
Therefore, 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 50cloud Accounting: Best Accounting for Consolidated Entities
Overall Score:
3.34 / 5
Pros
- Consolidate unlimited companies (Premium and Quantum plans)
- Open multiple companies simultaneously (Premium and Quantum plans)
- 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
Standout Features
- Advanced inventory management: Sage 50cloud’s advanced inventory management lets you monitor stock, manage assemblies, track cost flow, and establish reorder points.
- Project tracking and job costing: Sage 50cloud offers project tracking plus job costing to make billing easier. You can set up job records, phases, and cost codes. It also lets you estimate profits from jobs and projects while keeping track of expenses incurred through specialized reports.
- Robust collection of reports: There are more than 150 reports available on Sage 50cloud, including specialized reports for construction, manufacturing, and distribution industries.
- Multientity and multicurrency consolidations: With Sage 50cloud, you can consolidate subsidiaries, whether in the United States or overseas. It can help you consolidate separate financial statements of subsidiaries, eliminate intercompany transactions, and account for foreign currency translation gains and losses in the income statement and balance sheet.
We selected Sage 50cloud 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 50cloud may be more expensive than QuickBooks Desktop—but it’s considered very affordable for software that can perform consolidations.
Wave: Best Free Online Accounting Software for Multiple Companies
Overall Score:
2.62 / 5
Pros
- Free accounting and invoicing services
- Easy for first-time users
- Generates different kinds of accounting reports
Cons
- No inventory features
- Bank reconciliation feature cannot reconcile timing differences
- No class or location tracking for income and expenses
Standout Features
- Free accounting and invoicing: Wave’s full accounting and invoicing features are free, including chart of accounts, payables, receivables, and banking features.
- Sales and income tax tracking: You can add sales taxes on invoices, bills, estimates, and transactions with Wave. Every time you do this, the software credits the sales tax in the sales tax liability account automatically.
- Receipt scanning: Through your smartphone, you can upload or take a picture of your receipts whenever you create an expense record. This feature supports your records with actual receipts.
- Robust reporting: Although Wave doesn’t have report customization, the software gives users 16 different types of reports. These reports are more than enough for small businesses and freelancers.
Whether you’re an entrepreneur with multiple businesses or an accountant handling the books of several freelancers, Wave is a great option if you’re looking for free accounting software that can be used for multiple companies. It has impressive reporting capabilities, given that it’s a free service, and it lets you add an unlimited number of businesses into just one account. It’s also a great fit for ecommerce companies due to its large number of integrations through Zapier.
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
- 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
Standout Features
- Cryptocurrency accounting: SoftLedger is the only software in this list that offers cryptocurrency accounting features. Crypto investors can integrate with crypto exchanges, manage their wallets, and see real-time crypto transactions.
- Business adaptability: Since it has an application programming interface (API), you can modify the software to match your accounting needs. You can build specific accounting functions by programming or creating software connections for integration.
- Easy consolidation accounting: With SoftLedger, you can consolidate your financial statements across subsidiaries and segments and eliminate intercompany transactions and accounts automatically.
We selected SoftLedger as the best for consolidating entities with cryptocurrency transactions due to its ability to deal with multiple currencies, including cryptocurrencies. It is also a great fit for companies needing consolidated financial statements.
*While we were unable to access the program to perform our full case study and award it an overall 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 Multi-company Accounting Software
We evaluated accounting software using our case study framework and awarded points based on the tasks we were able to complete in 13 separate categories. We used our expertise to weigh the importance of each task and categories of tasks.
5%
Pricing
7%
General Features
7%
Banking
7%
A/P
7%
A/R
10%
Inventory
10%
Project Accounting
4%
Tax
4%
Reporting
30%
Ease of Use
5%
Mobile App
4%
User Reviews
5% of Overall Score
In evaluating pricing, we considered the billing cycle (monthly or annual) and number of users.
7% of Overall Score
This section focuses more on first-time setup and software settings. The software must be quick and easy to set up for new users. Even after initial setup, the software must also let users modify information like company name, address, entity type, fiscal year-end, and other company information.
7% of Overall Score
The banking section of this case study focuses on cash management, bank reconciliation, and bank feed connections. The software must have bank integrations to automatically feed bank or card transactions. The bank reconciliation module must also let users reconcile accounts with or without bank feeds for optimal ease of use. Lastly, the software must generate useful reports related to cash.
7% of Overall Score
The A/P section focuses on vendor management, bill management, bill payments, and other payable-related transactions. A/P features include creating vendors and bills, recording purchase orders and converting them to bills, creating service items, and recording full or partial bill payments.
7% of Overall Score
This takes into account customer management, revenue recognition, invoice management, and collections. The software must have A/R features that make it easy for users to collect payments from customers, remind customers of upcoming or overdue invoices, and manage customer obligations through analytic dashboards or reports.
10% of Overall Score
Businesses with inventory items should choose accounting software that can track inventory costs, manage COGS, and monitor inventory units.
10% of Overall Score
Service or project-based businesses should choose accounting software that can track project costs, revenues, and profits. The software must have tools to track time, record billable hours or expenses, send invoices for progress billings, or monitor project progress and performance.
4% of Overall Score
In this section, we’re looking at sales tax features. The software must have features that allow users to set sales tax rates, apply them to invoices, and enable users to pay sales tax liability.
4% of Overall Score
Reports are important for managers, owners, and decision-makers. The software must have enough reports that can be generated with a few clicks. Moreover, we’d also like to see customization options to enable users to generate reports based on what they want to see.
30% of Overall Score
Ease of use gets the highest weight in this case study because we want to give more credit to easy accounting software. For this section, we considered customer service, support network, and a subjective expert opinion score. Users must have easy access to customer service channels in case of problems, questions, or assistance.
Support network refers to a community of software users that can extend professional help to businesses. Having an independent software expert perform the bookkeeping is good for overall ease of use. Lastly, our expert opinion score is our subjective rating based on our experience in trying the software.
5% of Overall Score
The software must also have a mobile app to enable users to perform accounting tasks even when away from their laptops or desktops.
4% of Overall Score
We went to user review websites to read first-hand reviews from actual software users. This user review score helps us give more credit to software products that deliver a consistent service to their customers.
*Percentages of overall score
Most businesses needing 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 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 making sure your multi-company accounting software matches your needs, see to it that the platform 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’ll 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 (P&L) by job. This is especially important for construction companies.
Frequently Asked Questions (FAQs)
Multi-company accounting is software that manages the accounting functions of multiple operations, locations, and companies in a single program.
One QuickBooks Desktop License can be used to keep the books for an unlimited number of companies.
Sage 50cloud Accounting charges $578 per year for Pro Accounting with a maximum of one user and one company. Premium Accounting subscribers will pay anywhere from $924 per year for one user to $2,116 per year for five users and unlimited companies. Quantum Accounting subscriptions run from $1,533 per year for one user and $3,912 per year for 10 users, with custom pricing for up to 40 users and unlimited companies.
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’re an independent accountant or bookkeeper looking to provide full-service accounting to unlimited companies, QuickBooks Accountant Desktop will serve you well.
