For any business, keeping track of the company’s finances and accounting is of utmost importance. The accounting needs of a mid-sized business undeniably vary from those of small or large-sized businesses. However, it can be difficult to choose the right software to fulfill those needs in a precise manner from the countless options available in the market. This is why we have thoroughly reviewed the numerous software options and presented objective comparisons of the best accounting software for medium-sized businesses to help you make better-informed decisions.
These accounting software solutions offer a range of features tailored to medium-sized businesses, are scalable, and provide quality customer support services. They come at a higher cost compared to small business solutions, yet they are tailored to meet the needs of a growing business.
Our List of the Best Picks for 2023 Includes:
- QuickBooks Online: Best overall mid-size business accounting software.
- QuickBooks Enterprise: Best for needs with high-level inventory and reporting features.
- Zoho Books: Best for ease of use and affordability.
- Xero: Best for integration options and unlimited users.
- Sage 50cloud: Best for versatility as a desktop software with cloud access.
- FreshBooks: Best for time tracking, project management, and invoicing features.
Mid-size Business Accounting Software Solutions at a Glance:
| Software | Price | Promotion | Users | Integrations | Cloud access | App |
| QuickBooks Online | $30 – $200 per month | 30-day free trial or 50% off for 3 months | 1-25 | >750 apps | Included | Yes |
| QuickBooks Enterprise | $187.5 – $370 per month | 30-day free trial | 1-40 | >200 apps | Additional fees | Yes |
| Zoho Books | $0 – $275 per month | 14-day free trial | 1-15 (additional $2.5/user/month) | <50 apps | Included | Yes |
| Xero | $25 – $54 per month | 30-day free trial | unlimited | >1000 apps | Included | Yes |
| Sage 50cloud | $57.17 – $389.67 per month | 30-day free trial | 1 – 40 (additional fees for >10 users) | <20 apps | Included | No |
| FreshBooks | $17 – $55 per month | 30-day free trial | 1 (additional $11/ user/ month) | <50 apps | Included | Yes |
Best Accounting Software for Medium-Sized Businesses
QuickBooks Online – Best overall mid-size business accounting software
Overview
Intuit’s QuickBooks Online is one of the most popular accounting software for small to mid-sized businesses. It is a solid solution for growing businesses with a wide range of functionalities that can be tailored to the requirements.
This accounting software has tools that help in automating the reconciliation process, powerful reporting tools with the option to customize, unlimited invoicing, automatic sales tax tracking, and more. Its advanced features include transaction tracking tags, project tracking, inventory tracking, and a paid option to add multiple businesses.
Pros & Cons
pros
- Extensive inventory and project management tools and customizable reporting in higher-tier plans.
- Ease to use with a global search function, customizable dashboard, audit trails, and easy accountant access.
- Extensive training material and online resources available.
- Extensive training material and online resources available.
- Allows integration with more than 750 apps.
- Live bookkeeping and time-tracking add-ons available at a fee.
- 24/7 live chat and phone support available in all plans.
cons
- Monthly plans are expensive as compared to competitors like Xero and FreshBooks.
- Although user-friendly, it can have a learning curve for first-time users.
- Some of the most useful features are only available in Plus plan or higher.
- Limited number of users in each plan, and a maximum of 25 in the highest tier.
The pricing plans for QuickBooks Online:
| Plan | Pricing | Access |
| Simple Start | $30 per month | 1 user, 2 accounting firms |
| Essentials | $60 per month | 3 users, 2 accounting firms |
| Plus | $90 per month | 5 users, 2 accounting firms |
| Advanced | $200 per month | 25 users, 3 accounting firms |
QuickBooks Enterprise – Best for needs with high-level inventory and reporting features
Overview
QuickBooks Enterprise is an all-rounder, robust accounting solution for growing businesses with complex operations. It offers a wide range of features like customizable reports, advanced inventory management, industry-specific editions, payroll management, tax management, and more. QuickBooks Enterprise is a desktop-based software, and cloud access incurs additional costs.
Some of the features of QuickBooks Enterprise are:
- Customizable reporting: This software boasts a suite of more than 200 customizable reports. The advanced reporting tool can be used to generate industry-specific reports.
- Advanced inventory and order management: Available in Platinum and higher plans, this feature allows businesses to automate pricing, track order processing, use barcode scanning, manage inventory across multiple locations, etc.
- Industry-specific editions: Six industry-specific editions are available that provide custom features and reports for various business types. The editions are for construction, manufacturing and wholesale, retail, nonprofit, professional services, and accountants.
- Payroll management: Advanced payroll management is another attractive feature of this software, which allows tracking time and expenses, managing benefits and deductions, and filing taxes electronically.
Pros & Cons
pros
- Robust set of features for inventory and payroll management and industry-specific reporting.
- More than 200 reports with customization tools.
- Management of multiple businesses with the same software license.
- 24/7 chat and phone support included in all plans
cons
- Plans are expensive and include only 1 user. Additional users are to be paid for separately.
- Limited accessibility with desktop-only software. Additional fees for remote cloud access.
- The desktop app works only on Windows operating system.
- Advanced features available only in Platinum plan and up.
The pricing plans for QuickBooks Enterprise are:
| Plan | Pricing | Access |
| Silver | $1410 per year | 1 user |
| Gold | $1830 per year | 1 user |
| Platinum | $2250 per year | 1-10 or up to 30 users |
| Diamond | $4400 per year | 1-10 or up to 40 users |
Zoho Books – Best for ease of use and affordability
Overview
Zoho Books is a user-friendly accounting software for medium-sized businesses with very affordable pricing that offers various features and integrations. It is ideal for businesses that are already using other Zoho applications for invoicing, CRM, and inventory management. Zoho Books is cloud-based and also has a handy mobile app.
Some of the features of Zoho Books are:
- Invoicing: Generating quotations, professional invoices, payment tracking, and automated reminders. It allows businesses to customize their invoices with their logo, color palette, and form templates.
- Inventory: Advanced inventory control with stock-level alerts, setting reorder threshold, generating reports, serial number tracking, and e-commerce integrations.
- Projects: Advanced project management features with time tracking, budget, and profitability monitoring, along with integrations with other Zoho apps.
Pros & Cons
pros
- Advanced invoicing, inventory management, and mobile app, which competes with QuickBooks Online.
- Free plan for businesses with annual revenue less than $50,000.
- Five plans with affordable pricing.
- 24/5 live chat and phone customer support to users with paid plans.
cons
- Provides fewer third-party integrations than the competitors such as QuickBooks and Xero.
- Limits the number of users, with its highest-tier plan capping users at 15. Additional users can be added for $3/ user/ month.
- No industry-specific editions
The pricing plans for Zoho Books are:
| Plan | Pricing | Access |
| Free | Free for businesses with annual revenue < $50,000 | 1 user, 1 accountant |
| Standard | $180 per year | 3 users |
| Professional | $480 per year | 5 users |
| Premium | $720 per year | 10 users |
Xero – Best for integration options and unlimited users
Overview
Xero is one of the best accounting solutions for growing businesses. It’s easy to use, is cloud-based, and allows integration with more than a thousand apps. Apart from being less expensive than its competitors, its USP is that it allows unlimited users in all its plans.
Xero has robust reporting tools with customization, inventory management, and stock-level monitoring in all plans. It includes audit trails, easy accountant access, an automated reconciliation process, and a customizable dashboard, which makes it easy to use.
Pros & Cons
pros
- Unlimited number of users in all plans.
- Integration with more than 1000 apps.
- Very affordable pricing as compared to alternatives
- A wide range of solid functionalities, including a mobile app, which are easy to use.
cons
- Limitations on number of invoices in the Early plan.
- No live chat support or phone number for help. A representative calls after an issue has been raised online.
The pricing plans for Xero are:
| Plan | Pricing | Access |
| Early | $13 per month | Up to 20 invoices and 5 bills; unlimited users. |
| Growing | $37 per month | Unlimited invoices, bills, and users. |
| Established | $70 per month | Unlimited users with advanced features. |
Sage 50cloud – Best for versatility as a desktop software with cloud access
Overview
Sage 50cloud is designed to combine the best of both worlds with reliable desktop-based software with the accessibility of the cloud. It has built-in tools for automation, reducing the time spent on administrative tasks.
One of the most useful features is that it can integrate with Office365 for data-syncing, contacts import, and remote access for improved teamwork. It also allows add-ons for automating data entry, self-service payroll, payment processing, CRM, time tracking, and more.
Pros & Cons
pros
- Integration with Microsoft Office and other Sage apps.
- Advanced accounting features and industry-specific functionalities in higher-tier plans.
- 40+ years of expertise and worldwide user base ensures solid customer support and easily available resources.
- 24/5 live chat and phone customer support available.
cons
- Only 1 user access is included. Every additional user incurs extra cost.
- Third-party integrations are limited to the apps on Sage Marketplace.
- The desktop software is compatible only with the Windows operating system.
The pricing plans for Sage 50cloud are:
| Plan | Pricing | Access |
| Pro Accounting | $578 per year | 1 user |
| Premium Accounting | $970 per year | 1 user (additional users up to 5 at extra cost) |
| Quantum Accounting | $1610 per year | 1 user (additional users up to 40 at extra cost) |
FreshBooks – Best for time tracking, project management, and invoicing features
Overview
FreshBooks is another hard-wearing accounting software for medium-sized businesses that can accurately streamline complex operations. It has a host of features for mid-size business bookkeeping, like tracking billing hours, automated billing and invoicing, payments management, and reporting. It’s designed to be easy to use even by people with little or no experience in accounting and allows design customization to reflect the values of a brand.
Pros & Cons
pros
- Intuitive user interface, short learning curve.
- Frequent introductory offers on monthly and annual subscriptions.
- Wide range of functionalities for accounting, invoicing, inventory and project management, and reporting at par with competitors.
- Good value for money with affordable pricing plans.
- Live chat, email, phone customer support available.
cons
- Limited number of clients can be serviced in the lower-tier plans.
- Only 1 user is included in all plans; any extra user incurs an additional cost of $11 per month.
- Significantly fewer options for third-party integrations.
The pricing plans for FreshBooks are:
| Plan | Pricing | Access |
| Lite | $17 per month | 1 user (additional $11/ user/ month), unlimited invoices up to 5 clients |
| Plus | $30 per month | 1 user (additional $11/ user/ month), unlimited invoices up to 50 clients |
| Premium | $55 per month | 1 user (additional $11/ user/ month), unlimited invoices to unlimited clients |
| Customized | Needs-based quotation from the company representative | 1 user (additional $11/ user/ month), unlimited invoices up to unlimited clients |
Methodology
At Sifter, we perform extensive market surveys and compare the various available options to produce comprehensive reviews. In crafting this specific blog post, we have assessed mid-size business accounting software solutions. Our evaluation encompassed factors such as the array of features, user-friendliness, and cloud and mobile app accessibility for remote use. Other important factors include customer support, pricing structures, plans, and feedback from reputable platforms. Based on these criteria, we have narrowed down our list to the six best accounting software, as discussed above.
Frequently Asked Questions
What Is Accounting Software for Self-Employed Business Owners?
For self-employed business owners, accounting software for small businesses is an ideal option that helps them manage their finances and taxes according to the scale of their business. These softwares provide functionalities to manage expenses and incomes, taxes, inventory, projects, invoices, and payments, and generate reports. The accounting software for self-employed business owners can help them streamline their operations, save time and money by automating processes, and improve customer satisfaction by reducing response time and errors.
