Best Multicompany Accounting Software

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We picked QuickBooks Enterprise because there is no limit on the number of companies that you can set up. While Enterprise is a desktop program, QuickBooks now offers hosted versions that provide the convenience of cloud-based software.

It also has industry-specific editions for contractors, manufacturers and wholesalers, nonprofits, retailers, services, and accountants. Each edition has unique features that’ll be helpful for your business’s specific accounting needs.

Pricing isn’t QuickBooks Enterprise’s strongest suit. It is expensive and is not suitable for small businesses on a budget. However, that’s understandable because it offers more advanced features as reflected in its high scores in A/P, A/R, inventory, and project accounting.

On the flip side, QuickBooks Enterprise didn’t score well in ease of use and ease of setup. Our evaluation reveals that these low scores are due to QuickBooks Enterprise being an advanced accounting software, giving it a steep learning curve. Though it has a high monthly price and a steep learning curve, QuickBooks Enterprise remains the best pick in this guide because it is the most powerful QuickBooks product to date.

Wave has a free plan (Starter) for accounting and invoicing for one user only 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: $8 monthly or $72 annually; free 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.

Wave aced our pricing criterion because of its free plan and also scored high for ease of use and user reviews. However, while it offers many basic accounting features, it does have some limitations. Two of Wave’s strengths are that you can easily manage unpaid bills and invoices, but it doesn’t let you issue credit memos or add tracked expenses to an invoice. If these features are important to you, we suggest looking into QuickBooks Enterprise.

However, Wave has only basic features compared with QuickBooks Enterprise. Its bank reconciliation feature is also very limited, as are its project accounting features. Once again, QuickBooks Enterprise is a good option because we awarded it perfect marks for both. It allows you to create estimates and allocate costs and expenses to a project, and it also has a comprehensive bank reconciliation feature.

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.

QuickBooks Accountant Desktop is a must-have for independent bookkeepers with clients who use QuickBooks Desktop. You can import, review, and adjust your clients when they send you an “Accountant’s Copy” of their QuickBooks file.

It’s also a great tool for you to do after-the-fact bookkeeping for 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.

QuickBooks Desktop Accountant has the same accounting features as QuickBooks Desktop Premier. In our evaluation, QuickBooks Desktop Accountant performed exceptionally well in many areas, as expected for software designed specifically for accountants offering bookkeeping services to QuickBooks users. However, it scored lower in pricing, ease of use, and ease of setup.

The platform is a substantial investment due to its high cost. However, the robust features it offers make it a worthwhile trade-off. As desktop software, it comes with a learning curve, particularly for those accustomed to simpler accounting platforms. While it may initially seem challenging, ease of use will likely improve with continued experience

You can purchase Sage 50 Accounting under three subscription plans:

• Pro Accounting: $607 per year with a maximum of one user and one company (cannot consolidate companies)
• Premium Accounting: Ranges from $1,043 per year for one user to $2,391 per year for five users and unlimited companies
• Quantum Accounting: Ranges from $1,780 per year for one user to $4,546 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 other options in this guide, but we consider it very affordable for software that can perform consolidations.

Sage 50 aced our rubric in terms of project accounting, reporting, and integrations. It also received high marks for its A/R, A/P, and inventory management features. Its project accounting features include everything from creating projects to assigning project costs and estimates. Like SoftLedger, Sage 50 offers consolidation features, unlike the other providers featured in this guide.

However, Sage 50 lacks a mobile app and is pricier than some competitors, which impacted its score. Therefore, if remote access and affordability are important to you, we recommend Wave. Sage 50 is also difficult to use for business owners without accounting software experience, which affected its ease of use score. Wave is also the better option in this case.

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.

In choosing the best multicompany accounting software for your business, the process can be quite different from selecting a tool for a single company, as there are added factors that you need to consider. Let’s go over each.

1. Determine the number of companies you need to manage. Some multicompany software offer unlimited companies, while others don’t. However, this shouldn’t be an automatic deal breaker, especially if you need to manage only a few companies.
2. Set your budget. More advanced multicompany software can be priced on the higher side. It’s important to set a budget first so that you can single out an accounting solution that is way above your monthly budget for software subscriptions.
3. Check core features. The best multicompany accounting program must provide all the necessary accounting features such as:
4. • Banking and cash management
   • A/R and invoicing
   • A/P and billing
   • Inventory management and COGS tracking
   • Payroll management
   • Tax tracking
   • Fixed asset tracking
4. Check for specific features. If your business operates in a specific industry that requires unique features, go with a tool with industry-specific capabilities. This ensures your accounting processes are tailored to the specialized needs of your industry, streamlining your workflow.
5. Ensure scalability. Lastly, you’ll want multicompany software that can grow with your business—switching platforms because your current software can’t meet your expanding needs is a hassle. To avoid this, it’s best to select a scalable solution from the start so that you’re ready when it’s time to scale up.