Enterprise Accounting Software: Features, Integrations, Success Factors

With 14-year experience in building financial software and practical knowledge of 30+ industries, ScienceSoft offers software development services to help large enterprises implement reliable accounting solutions.

Enterprise Accounting Software: the Essence

Enterprise accounting software covers general ledger capabilities, the management of payables, receivables, taxes and payroll, asset and inventory accounting, automated invoicing and reconciliation, and more. The solution is aimed at large organizations with complex operations and accounting needs.

An enterprise accounting solution should integrate with CRM, HRMS, asset management software, treasury software, financial planning and analysis solution, etc.

The implementation of custom enterprise accounting software takes 10+ months. Building the enterprise accounting solution requires $400,000 - $600,000, depending on the solution complexity. Despite the substantial investments, the annual ROI for custom enterprise accounting software may reach up to 290%.

Enterprise Accounting Software: Key Features

  • Creating GL entries on external and intercompany financial transactions, including multi-currency transactions.
  • Rule-based assignment of GL codes and classification of financial transactions by category (asset, liability, equity, revenue, expense, etc.)
  • Multi-dimensional chart of accounts (dimensions can include business units, regions, product lines, customers, vendors, etc.).
  • Scheduled reversing and recurring GL entries.
  • Automatically attaching source documents (e.g., invoices, receipts, payroll reports, leases) to each GL entry.
  • Configurable subledgers.

Multi-entity accounting

  • Complex multi-entity GL architecture to maintain books for multiple company branches and subsidiaries, including those with different functional currencies, account structures, or accounting calendars.
  • Consolidation of financial transactions data across a company’s branches and subsidiaries.
  • Rule-based re-allocation of the accumulated account balances to the branch/subsidiary account balances.
  • Recording intercompany netting transactions.
  • Consolidated reporting on the financial transactions of multiple business entities.

Invoicing

  • Automated invoice generation and submission to customers (one- time/recurring, in advance/on delivery).
  • Customizable invoice templates.
  • Automated application of taxes, discounts (including those on early payments), additional charges (e.g., interest on late payments, insurance), and billable expenses.
  • Multi-department invoice approval.
  • Real-time invoice tracking by status (sent, received, partially paid, paid, due, overdue, etc.).

Accounts receivable (A/R)

  • Recording customer invoice data in the A/R ledger.
  • Calculation and real-time tracking of received, due and overdue amounts, DSO, total revenue by period, etc.
  • Automated payment collection via various payment methods, including bank transfers, wire transfers, ACH, credit cards, cheques, or by direct debit.
  • Prioritization rules for A/R collection.
  • Automated allocation of received payments to the relevant customer invoices.
  • Scheduled customer notifications on due payments.

Accounts payable (A/P)

  • Recording purchase order data in the A/P ledger.
  • Calculation and real-time tracking of the amounts paid, partially paid, owed, total liabilities by period, etc.
  • Automatically matching supplier invoices with corresponding purchase orders.
  • Scheduled/ad-hoc payments (to vendors, suppliers, contractors, governmental entities, etc.) via a predefined payment method / by direct deposit.
  • Multi-department payment approval.
  • Notifications on payment dates.

Payroll management

  • Calculating employee salaries, overtime, bonuses, commissions, deductions, etc.
  • Recording and tracking the calculated payroll amounts in the payroll ledger and the general ledger.
  • Scheduled payments to employees.

Employee reimbursement management

  • Calculating reimbursement amount per each employee.
  • Recording and tracking reimbursable employee expenses (travel, transport, corporate entertainment, etc.) in the expense ledger and the general ledger.
  • Scheduled payments of employee reimbursement.

Tax management

  • Calculating VAT, sales, use, withholding, income, and other taxes based on predefined tax rates, including those in various regions.
  • Recording and tracking data on the calculated tax amounts in the tax ledger and the general ledger.
  • Automated tax filing.
  • Scheduled tax payment.

Fixed asset accounting

Calculating, recording and tracking:

  • Original costs, capitalized costs, and current value of fixed assets, including assets in multiple locations, regions, of various business entities.
  • Fixed asset value depreciation based on various calculation methods (straight line method, double declining balance method, units of production method, sum-of-the-years’ digits method, etc.), or custom depreciation schedules.
  • An asset’s tax basis.

Inventory accounting

  • Recording and tracking inventory values of inventory items in multiple locations and regions across various stages of production (raw materials, in-progress goods, finished goods) or/and utilization.
  • Recording and tracking costs of goods sold for a specified accounting period.
  • Automatically creating inventory records based on purchase orders.

Reconciliation

  • Automatically matching data on financial transactions provided in daily/weekly/monthly bank statements with those recorded in the general ledger.
  • Rule-based one-to-one, one-to-many, and one-to-all transaction matching.
  • Automated marking of the outstanding transactions to be reconciled manually.
  • Automated intercompany reconciliation.

Analytics and reporting

  • Real-time dashboards on A/R and A/P performance, cash inflows and outflows by the type of activity, current asset value, etc.
  • Short-term A/R and A/P forecasting.
  • Customizable templates for scheduled/ad-hoc financial reports, including:
    • Balance sheet.
    • Profit and loss statement.
    • Statement of changes in equity.
    • Cash flow statement.
    • Customer statement.
    • A/R turnover ratio.
    • Tax summary.
    • Revenue recognition report, and more.

Security and compliance

  • Multi-factor authentication.
  • Data-level permissions.
  • Role-based access control.
  • Payment data encryption.
  • Invoice timestamping.
  • Comprehensive audit trail.
  • Customer data retention and deletion policies.
  • Compliance with GAAP (specifically ASC 606 and IFRS 15), SOC1 and SOC2, SOX, GDPR (for the EU), ZATCA regulations (for Saudi Arabia), industry-specific regulations.
  • Electronic signature workflow.

Power Enterprise Accounting with Robust Software!

ScienceSoft’s team is ready to plan, build, and support a reliable accounting solution to help you effectively consolidate, record, and report on financial transactions at the enterprise level.

CRM

Importing sales orders and quotes from CRM to enterprise accounting software to use relevant data for invoice generation and recording the invoice amount in the GL.

Procurement system

Importing purchase orders from a procurement system to enterprise accounting software for the automated data input in the A/P ledger.

Treasury software

Importing real-time data on financial transactions across operating, investment, financing activities from treasury software to enterprise accounting software for automated creation of entries in the general ledger, A/P and A/R ledgers.

Asset management software

Importing data on fixed asset utilization and maintenance from asset management software to enterprise accounting software for accurate calculation of asset depreciation.

Inventory management software

Importing data on inventory purchasing and utilization from inventory management software to enterprise accounting software for accurate calculation of current inventory value.

HR management software

Importing data on the employee working schedules and pay rates from HR management software to enterprise accounting software for accurate payroll calculation.

Financial planning and analysis software

Importing data on revenue, expenses, fixed assets, liabilities from enterprise accounting software to financial planning and analysis software for accurate financial performance analysis, financial planning, budgeting, and forecasting.

Bank accounts

Importing real-time data on financial transactions across multiple domestic and international bank accounts to enterprise accounting software for faster reconciliation.

Maximized automation

To eliminate repetitive, time-consuming manual accounting tasks, such as financial transactions recording and reconciliation, payroll, taxes and depreciation calculation, and free up the accounting team for high-value, strategic enterprise accounting activities.

Embedded BI tool

To enable advanced visualization of complex analytics on receivables and payables turnover, recognized and deferred revenue, accumulated depreciation, etc.

OCR capabilities

To capture and extract relevant data from paper financial documents (invoices, receipts, remittances, etc.).

AI-enabled fraud protection

To ensure timely detection and alerting on fraudulent financial transactions with real-time transaction analysis.

Cloud deployment

To reduce software maintenance costs, enable faster updates, and provide easily accessible, secure workspace for global collaboration.

Easy-to-use APIs

To provide streamlined connection of enterprise accounting software to the business-critical systems and ensure real-time data sync.

Costs for building the enterprise accounting solution vary between $400,000 and $600,000, depending on the solution complexity.

The annual ROI for custom enterprise accounting software may reach up to 290%.

Benefits of enterprise accounting software

  • 90%

    improvement in accuracy of recording financial data due to eliminated manual error

  • 90%

    improvement in visibility across accounting transactions

  • 80%+

    time saved due to max automation of accounting processes

  • 50-100%

    faster financial close

  • 2x

    faster revenue recognition with accurate A/R recording

  • Up to 50%

    reduction in DSO due to automated A/R collection

  • Improved

    audit readiness due to easy access to the source documents

  • Off-the-Shelf Enterprise Accounting Software ScienceSoft Recommends

    FinancialForce Accounting

    Best for

    Enterprise-wide accounting and complex financial analysis.

    Description

    Rating: Key player on the global market for enterprise accounting software (as per Global Enterprise Accounting Software Market Report).

    Key strengths:

    • Native integration with Salesforce CRM for end-to-end order-to-cash management.
    • Intelligent analytics on financial performance and profitability powered by Salesforce Einstein.
    • Automated revenue recognition.

    Features:

    • Multi-dimensional chart of accounts.
    • Automated workflows for invoice and payment approvals.
    • One-time and recurring invoicing.
    • Scheduled customer notifications on A/R collection.
    • Automated bank and intercompany reconciliation.
    • Tracking fixed asset costs, warranties, and depreciation.
    • Pre-built financial report templates.
    • Compliance with ASC 606, IFRS 15, SOC 1, Making Tax Digital (MTD) for VAT (for the UK), and more.

    Pricing

    • $175 user/month – access to all features for core users.
    • $125 user/month – read-only access for executive users.
    • $10 user/month – limited read-only access for sales users.

    QuickBooks Enterprise

    Best for

    Advanced inventory and payroll accounting for enterprises operating in manufacturing, retail, or construction industries.

    Description

    Rating: Key player on the global market for enterprise accounting software (as per Global Enterprise Accounting Software Market Report).

    Key strengths:

    • Automated creation of entries in the inventory subledger and general ledger with inventory barcode scanning.
    • 130+ built-in financial report templates, including industry-specific (for manufacturing, wholesale, retail, construction, etc.).

    Features:

    • Full audit trail of accounting data entries.
    • Consolidated invoicing.
    • Automated categorization of payment transactions for faster payment-to-invoice matching.
    • Payroll calculation and payment with printed cheques or direct deposit.
    • Federal and state payroll tax calculation and filing.
    • Calculating and tracking costs of inventory items required for product manufacturing.
    • Calculating depreciation based on the IRS standards.
    • Access control based on 13 predefined user roles.

    Pricing

    From $380/month for 5 users (basic Desktop Enterprise package) to $2,783/month for 30 users (Cloud Enterprise package with advanced inventory and pricing capabilities).

    AccountsIQ

    Best for

    Accounting for enterprises operating internationally or managing multiple subsidiaries.

    Description

    Rating: Key player on the global market for enterprise accounting software (as per Global Enterprise Accounting Software Market Report).

    Key strengths:

    • Advanced multi-entity accounting.
    • 3-level general ledger structure (category, sub-category for summary, and account for detail).
    • In-built BI tool providing advanced analysis and reporting on financial performance (company-wide, by location, department, project, etc.)

    Features:

    • Subsidiary-level coding of ledger transactions.
    • Budget creation and variance tracking.
    • One-time and recurring invoicing.
    • Automated allocation of received payments.
    • Centralized storage of source documents.
    • Automated bank reconciliation.
    • Calculating, paying, and reporting taxes across multiple business entities based on the region-specific regulations.
    • Product pricing and discount management.
    • Creating custom fixed asset categories to apply various depreciation methods.

    Pricing

    • Essential plan – €250/month (a basic feature set).
    • Growth plan – €450/month (an advanced feature set).
    • Enterprise plan – pricing info is available upon request to a vendor (for highly complex needs).

    When to Choose Custom Enterprise Accounting Software

    ScienceSoft recommends building a custom enterprise accounting solution in the following cases:

    You need an enterprise accounting solution with modular multi-tier architecture that allows easy functionality extension when needed.

    You need corporate accounting software providing specific features, for example, custom payroll and employee reimbursement calculations, or creating tailored priority rules for payment and debt collection queues.

    Ready-made enterprise accounting software requires costly and effort-consuming integration with your back-office systems (asset management software, inventory management software, treasury software, etc.).

    Off-the-shelf enterprise accounting solutions do not provide compliance with the regulations in the regions your company operates.

    Implementation of Enterprise Accounting Software with ScienceSoft

    In financial software development since 2007, ScienceSoft helps enterprises build effective accounting solutions.

    Enterprise accounting software consulting

    • Analysis of your complex enterprise-wide accounting needs.
    • Assessment of the existing enterprise-wide accounting processes and tools.
    • Suggesting optimal features, architecture, and tech stack for the enterprise accounting solution.
    • Preparing an integration plan (with CRM, asset management system, treasury software, etc.).
    • Implementation cost & time estimates, expected ROI calculation.

    Enterprise accounting software implementation

    • Enterprise-wide accounting needs analysis.
    • Enterprise accounting solution conceptualization.
    • Architecture design.
    • Enterprise accounting software development.
    • Integrating the solution with other enterprise systems (CRM, asset management system, treasury software, etc.).
    • Quality assurance.
    • User training.
    • Continuous support and evolution of enterprise accounting software (if required).

    About ScienceSoft

    ScienceSoft is an international IT consulting and software development company headquartered in McKinney, Texas. We provide consultancy and development services to help businesses build reliable enterprise accounting software tailored to their accounting needs. Being ISO 9001 and ISO 27001 certified, we apply a mature quality management system and guarantee that cooperation with us does not pose any risks to our customers’ data security. If you are interested in developing an effective accounting solution for your enterprise, turn to ScienceSoft’s team for custom enterprise accounting software.