Best Online Accounting Software for Multiple Companies
Managing the finances of multiple companies can feel like juggling several balls in the air. You’ve got different revenue streams, expenses, tax regulations, and often entirely separate teams. If you’re not careful, things can spiral out of control quickly. That’s where choosing the right online accounting software becomes essential. The good news is that there are plenty of options designed specifically to manage multiple businesses seamlessly under one roof. So,
1. QuickBooks Online
QuickBooks has become a household name when it comes to small and medium-sized business accounting, and for good reason. Not only is it user-friendly, but it also provides a robust solution for managing multiple companies from a single account. QuickBooks Online allows you to set up different companies within your profile, making it easy to switch between them without logging in and out constantly.
Here’s the kicker: each company needs its own subscription, but you can manage them all under one login. This means you don’t have to remember a dozen passwords or juggle multiple logins. It also offers cloud-based access, so whether you’re in the office or on the go, your data is always available. It’s particularly popular with accountants who handle multiple clients, as they can easily toggle between accounts.
QuickBooks also supports integration with hundreds of other business apps, which can be a lifesaver if your companies use different software solutions for payroll, inventory management, or invoicing.
2. Xero
Xero is another heavy hitter in Much like QuickBooks, Xero allows users to manage different organizations under a single login. With its intuitive interface and real-time tracking capabilities, Xero makes multi-company management feel less like a burden.
One standout feature is its ability to handle multi-currency transactions effortlessly, a game-changer if your companies operate internationally or deal with clients across borders. On top of that, Xero offers unlimited users for each company at no extra cost (unlike some competitors), which can be especially helpful if you have teams that need access to various entities.
Xero’s marketplace includes over 800 third-party app integrations, so whether you need specialized tools for inventory management or point-of-sale systems, there’s probably an app for that. You can check out more details about their offerings here.
3. Zoho Books
If affordability is high on your list of priorities but you don’t want to skimp on functionality, Zoho Books could be the perfect fit. As part of the broader Zoho suite (which includes CRM tools and project management software), Zoho Books integrates smoothly with other Zoho apps, ideal if your various businesses already use some of their services.
The beauty of Zoho Books lies in its simplicity and automation features. For instance, you can automate recurring invoices or set up workflows that trigger alerts when certain conditions are met (like overdue payments). And yes (you guessed it) you can manage multiple businesses from a single account login.
One small downside: Zoho Books doesn’t offer as many integrations as Xero or QuickBooks. But if you’re already using other Zoho products or simply looking for an affordable way to keep track of several businesses without breaking the bank, it’s definitely worth considering.
4. Sage Business Cloud Accounting
Sage has been around long enough to build a reputation for reliability and trustworthiness in financial software solutions. Their cloud accounting product is no exception, it’s particularly well-suited for small businesses looking for a solution that scales with growth.
Sage Business Cloud Accounting allows users to create multiple company profiles and manage them all within one account while still maintaining separate financial records for each business entity.
This platform stands out when it comes to reporting capabilities, Sage provides comprehensive reports that allow business owners or accountants to get deep insights into individual company performance while keeping everything organized in one place. Plus, Sage offers strong security features like two-factor authentication and data encryption.
If compliance and regulatory reporting are a big concern across your different ventures (and let's be honest, they probably are), Sage is definitely worth checking out here.
5. FreshBooks
If invoicing is a critical part of your business operations (and For most businesses it is) FreshBooks could be just what you’re looking for. FreshBooks offers multi-business support under one account and is especially known for its user-friendly invoicing system that allows even non-accountants to feel like pros when managing finances.
This platform might not be as robust as QuickBooks or Xero when it comes to large-scale financial management across numerous companies. What it lacks in complexity it makes up for in ease of use, particularly for service-based companies where sending invoices and managing client payments are top priorities.
If you run several small businesses and are primarily looking for straightforward expense tracking and invoicing solutions without needing all the bells and whistles found in larger systems, FreshBooks could be a great fit. Explore more about FreshBooks here.
So which one should you choose?
The decision ultimately depends on what your needs look like across your various companies:
- If ease of use and integrations are top priorities, QuickBooks Online could be your best bet.
- If multi-currency support matters most, Xero shines in this area while also offering extensive integrations.
- If affordability rules all, Zoho Books offers solid functionality at an attractive price point.
- If detailed reporting and compliance are critical, Sage Business Cloud Accounting has you covered with its robust features.
- If invoicing is key, FreshBooks excels here with its user-friendly setup focused on service-based businesses.
No matter which platform you end up choosing, make sure it fits the specific needs of each company while allowing you room to grow as your businesses expand. After all, keeping those financial balls in the air doesn’t have to be stressful, with the right tool at hand!