The 5 Best Accounting Software Solutions for Medium-Sized Businesses

As businesses move from the early stages into their next phase, the role of finance becomes increasingly central. Controllers, heads of finance, and CFOs are no longer just managing day-to-day operations; they’re helping shape how the company scales. With growth comes added complexity and new challenges. 

Medium-sized businesses need accounting software that can handle:

• Multiple departments with distinct budgets
• Hundreds of vendors and clients with individual needs
• Subsidiaries and multi-entity expansion
• Evolving product offerings, deal sizes, and currencies
  

In this article, we’ll discuss the specific features to look for when shopping for accounting software and the best accounting software systems for your medium-sized business. We’ll also cover some of the most common mistakes founders make when selecting a new product.

The 5 Best Accounting Software Solutions for Medium-Sized Businesses

1. Rillet

Rillet is an AI-native accounting software designed to automate core financial operations, from bookkeeping to consolidations. The platform centralizes accounting data, enforces compliance controls, and provides real-time visibility across entities and currencies, all while providing best-in-class security. 

Rillet’s ERP enables companies to scale their finance and accounting functions effortlessly as the business grows. Its emphasis on automation enables finance teams to accelerate close processes, streamline reporting, and maintain GAAP-compliance.

Key features

• Multi-entity / multi-currency reporting: Streamlines the accounting processes for multiple currencies and legal entities.
• Revenue recognition & consolidation: Automatically generates revenue schedules and journal entries across pricing models.
• Complete ERP: Acts as a central hub for all your business operations, allowing you to grow into it as your business continues to scale. 
• End-to-end ledger automation: Reduces manual journal entries and accelerates the close.
• Close management: Helps financial teams reach a zero-day close, for real-time financial insights.
• GAAP reporting: Manages all financial statements and investor reports in a single dashboard.

2. NetSuite

NetSuite is a cloud-based accounting software with dynamic and highly customizable features. Its module-based platform lets businesses configure the exact system that fits their needs. NetSuite is a good option for companies with granular financial metrics and robust AP/AR automation. Its project accounting tools support milestone tracking and project-based billing, while the built-in CRM connects sales activity directly to financial reporting. 

NetSuite is best suited for business owners with a financial or accounting background who are prepared to manage the complexity. 

Key features

• Project accounting: Helps with tracking project-based KPIs and financial milestones and allows for invoicing based on project deliverables rather than individual accounts or expenses.
• Automated payroll: Streamlines payroll processing to avoid late payments.
• Integrated CRM: Brings your accounting and sales teams together in one system to easily turn prospects into customers. 
• Advanced capabilities and a deep feature set: Among the more customizable and robust offerings on the market. Some find the complexity an asset; others find it overwhelming and difficult to implement. 
• Order-to-cash and procurement: Optimizes revenue flows and keeps spending on track. 

3. Sage Intacct

Sage Intacct is a cloud-based accounting system with AR/AP management, budgeting tools, tax management, and real-time financial reporting. Its complex inventory management system makes it a strong choice for product-based businesses, and the connection to the cloud ensures real-time updates. With robust dashboards and reporting capabilities, Sage is a popular choice for businesses that are ready to upgrade from QuickBooks.

Key features

• Continuous updates from the cloud: Instantly update apps and integrations in real-time to stay on top of business. 
• Create, edit, and send invoices from anywhere: Especially helpful for remote teams who all need access to systems on the go.    
• Real-time inventory management: For brick-and-mortar businesses, to keep inventory as lean as possible while maintaining liquidity. 
• AI-assisted general ledger: Ensures accurate accounting and catches anomalies and accounting opportunities. 

4. QuickBooks

QuickBooks is a popular choice for new business owners for its relatively low cost and ease of use. It has an intuitive UX that can be put to use immediately and more than 650 integrations, making it simple for most businesses to connect to their existing CRM and expense tools. 

However, it lacks the more advanced features of AI-native choices like Rillet or highly customizable module-based systems like NetSuite. As businesses continue to grow, they can outgrow QuickBooks.

Key features

• 650+ connected apps and integrations: Easily connects with most payment systems, CRMs, and other essential tools. 
• Core bookkeeping: Imports and categorizes bank transactions and handles AR/AP and invoicing. 
• Time tracking add-on: Allows your team to keep track of their time without a third-party integration. 
• Access to the cloud: Updates all apps and systems in real-time via connection to the cloud. 
• User-friendly interface: One of the most plug and play options on the market, QuickBooks is easy to pick up and use right away without much onboarding. 

5. Acumatica

Acumatica is a cloud-based accounting platform built for flexibility and customization. Its resource-based pricing model allows companies to align costs with system usage. The platform supports complex financial structures with multi-entity and multi-currency capabilities.

Acumatica emphasizes security and compliance with advanced cybersecurity controls to protect customer and company data. And its automated tax offering makes it easy to collect W9s and file 1099s.

Key features

• Resource-based pricing model: Like NetSuite, Acumatica lets you build a plan that fits your needs. 
• Advanced cybersecurity: Keeps your customers and your business safe from hacking and security breaches.
• Automated tax reporting: Saves time collecting W9s and filing 1099s.
• Credit management: Automatically monitors corporate credit cards, setting limits and permissions, and holding charges that exceed them. 

What accounting software features matter most for medium-sized businesses?

Real-time financial reporting and analytics

You need to know where you stand financially right now–not the end of the month or the beginning of the quarter. Could your CFO look at the books on a Thursday morning and have the details needed to make an informed business decision in the afternoon? That’s what matters.

Multi-entity and multi-currency reporting

Growing organizations often expand across markets, legal entities, and currencies. Your accounting software needs to accommodate these complex financial transactions.

Automated workflows

Manual workflows create bottlenecks as companies scale. Strong systems automate routine tasks, incorporate approval processes, and handle exceptions through structured, multi-channel workflows.

Compliance (permissions, approvals, and audit trail)

If compliance is king, your permissions, approvals, and audit trail are the cavalry that protects the king. Clear audit trails, role-based access, and structured approval chains are essential. These controls reduce compliance risk and improve accountability across financial operations.

Third-party integrations

Accounting systems must integrate with the platforms handling payments, expenses, revenue operations, and vendor activity. Always check the available integrations before committing to an accounting system, and consider how you onboard new integrations. If the process is mostly manual, it won’t serve you in the long run. 

Ongoing support

Don’t underestimate the value of tech and product support. The best accounting software options include professional support to help you troubleshoot issues, solve complex problems, and get the most value out of your system of choice. 

Security

Security is essential for yourself, your business and your customers. Seek out accounting systems that offer enterprise-grade security, 24/7 monitoring, change logs, and secure sign-on (single sign-on or magic link).

Common mistakes to avoid when selecting accounting software

When selecting a new accounting software for your medium-sized business, avoid these common pitfalls:

Shopping before you know what you need

Do you need robust permissions and exceptions for expense approvals? Do you need a more efficient way to manage W9s and 1099s? Do you struggle to manage multiple legal entities? When you know what you need, you can be an informed shopper. 

Focusing entirely on price

If you select your accounting software based on price alone, you may limit your growth. If you get swept away with features and ignore your budget, you could spend beyond your means.

Start by evaluating where you are now and where you want to go in the next few years. Consider how your accounting software can scale with you, and buy the best solution to fit your needs that you can afford.  

Focusing too much (or not enough) on AI

Similar to focusing on price, focusing on AI integrations and future-forward solutions should be a balancing act. You want software that can grow with you and do everything you need it to. But if you choose the fanciest option you might miss the forest for the trees. 

Not budgeting time and money for training

It’s important that your employees understand how to get the most out of your accounting software. Consider the onboarding and training process and available community support, and be sure to build in training time for your employees. 

FAQ

What accounting tasks should be automated?

Anything you do every day, from expense approval and invoicing to payroll and AR/AP can be automated.

Why does my accounting software system need user permissions and audit logs?

There is a heightened risk of compliance issues for medium-sized businesses. Having a clear chain of command and user logs can help identify the cause of issues faster and keep your customers and data protected. 

Do I need an AI-native accounting software? 

While AI-native accounting software is not a requirement for growing your business, it makes it easier to integrate AI applications into your workflows without complicated manual solutions. It also allows you to see real-time data, achieve a faster close, and manage a leaner team.

Do I need multi-entity and multi-currency reporting?

As your business grows, it’s likely you will eventually veer into multiple currencies or legal entities. It’s smart to select an option that can handle the variation now so you don’t have to transfer accounting software later. 

How to choose the right option for your business

As businesses grow from small operations into medium-sized enterprises, their financial complexity grows, sometimes exponentially. Multiple departments and currencies, various business units and legal entities, varied revenue models, nuanced compliance requirements, and a continued need to scale can overwhelm traditional accounting tools. That’s why medium-sized businesses need tailored solutions built for complexity.

Among the top options available today, Rillet stands out for a number of compelling reasons:

• Best-in-class user permissions and audit logs to control who has access to what and to see who has made what changes. 
• Customizable reporting, allowing your finance team to build the reports they need and gain real-time insights.
• Automated workflows and AI agents to take care of the busy work so you can keep your team lean and focused on high-value projects.
• Multi-entity and multi-currency reporting to keep your business operating smoothly.

Looking for an accounting solution that can meet your business where it is and take it where you want to go?

See how you can close your books on day zero with Rillet.

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