Are you juggling multiple businesses and looking for bookkeeping software for multiple businesses to keep your finances in order? You're not alone. Finding the right accounting software for multiple businesses can be a game-changer for entrepreneurs and small business owners. Having a tool that simplifies bookkeeping, saves time, and helps you make smart financial choices for your business is important.

In this article, we'll explore the top affordable options for accounting software that cater to multiple businesses. You'll discover key features to look for when choosing the right solution for your needs. We'll also compare pricing plans to help you find the best value for your budget. You will understand how to make managing your finances easier and improve your business efficiency by the end.

Top Affordable Multi-Business Accounting Software Options

To manage finances for multiple businesses, you need a reliable and affordable accounting solution. Let's explore some of the top options available in the market that cater to multi-business needs.

QuickBooks Online

QuickBooks Online is a well-established cloud-based accounting software that offers scalable plans to suit various business needs. With four different plans ranging from USD 15.00 to USD 200.00 per month, you can choose the one that best fits your requirements.

Key features of QuickBooks Online include:

• Unlimited invoicing
• Expense tracking
• Bank reconciliation
• Financial reporting

The Simple Start plan costs $35 per month and is perfect for individual business owners with basic accounting needs. As your business grows, you can select better plans.

The Essentials plan costs $65 per month. The Plus plan costs $99 per month. Both plans offer extra features such as bill management, time tracking, and inventory management.

QuickBooks Online Advanced is for bigger businesses. It costs $235/month, supports up to 25 users, and offers advanced reporting and customization features.

FreshBooks

FreshBooks is an all-in-one accounting solution that's particularly well-suited for small businesses, freelancers, and contractors. It offers a user-friendly interface and allows you to manage multiple business accounts using a single login.

Key features of FreshBooks include:

• Professional invoicing with custom branding
• Expense tracking
• Time tracking
• Online payments

FreshBooks has plans starting at $19.00 per month, allowing users to create multiple business profiles in one account. This feature helps you manage all your finances in one place, making it easier to handle different projects.

Xero

Xero is popular for small and medium businesses, with features to help manage finances effectively for an unlimited number of entities. With plans starting from USD 15.00 per month, Xero provides a cost-effective solution for multi-business owners.

Key features of Xero include:

• Bank reconciliation
• Inventory tracking
• Project tracking
• Multi-currency support

One of Xero's standout features is its robust reporting capabilities. See how your business is doing with financial reporting tools. Use this info to make smart decisions for all your projects.

Wave

Wave is an excellent small business accounting software option for micro-businesses, particularly those with fewer than 10 employees. Especially appealing for businesses on a tight budget, the service offers free accounting and invoicing features.

Key features of Wave include:

• Free accounting and invoicing
• Income and Features include the ability to track expenses
• Features include financial reporting to help you understand your cash flow
• Multiple business profiles (up to 15)

Wave lets you have 15 business profiles in one account, which is great for entrepreneurs with many small businesses to manage. However, it's important to note that Wave is only available for businesses in Canada and the United States.

When you choose the best accounting software for multiple entities, consider factors such as scalability, feature set, pricing, and customer service. QuickBooks Online is great for bigger businesses, while FreshBooks is best for freelancers and small teams. Xero is good for small to medium businesses, while Wave is great for exceptionally small businesses with limited funds.

Remember, the best choice depends on your specific needs, the size of your businesses, and your future growth plans. Use free trials from these platforms to explore their features and find the best fit for your multi-business accounting needs.

Key Features to Look for in Multi-Business Accounting Software

When you're managing multiple businesses, choosing the right accounting software is crucial. Here are the key features you should look for to streamline your financial management across multiple entities:

Multi-Entity Support

Multi-entity support is the cornerstone of effective multi-business accounting software. This feature lets you handle transactions and reports for many entities in one place, without needing to log in and out to switch accounts. Large corporations with multiple divisions find it important to use organizational charts, especially during mergers and acquisitions.

With multi-entity support, you can:

1. Manage up to 15 business profiles within one account
2. Work with multiple fiscal years simultaneously
3. Easily switch between entities without logging in and out
4. Streamline subscription management for multiple businesses

This feature helps easily manage accounting tasks for franchise operations, global businesses with international finances, joint ventures, partnerships, and professional service firms.

Consolidated Reporting

Consolidated reporting is a critical feature that allows you to get a holistic view of your entire business operation. It enables you to:

1. Automatically gather data from all entities, even in real-time if desired
2. Generate comprehensive reports across all your businesses
3. Comply with accounting standards such as ASC 810 and IFRS 10

Consolidated reporting saves time and reduces errors. It automatically compiles financial data from all entities. This eliminates the need for manual work.

It also provides valuable insights for strategic decision-making. You can easily check how a product is performing in different areas. You can also see the overall financial health of your organization.

Customizable Chart of Accounts

A flexible chart of accounts is important. It helps you adjust your financial setup to fit the unique requirements of your multiple businesses. This feature allows you to:

1. Create a systematic list of all financial accounts used across your companies
2. Categorize and organize financial transactions for income, expenses, assets, liabilities, and equity
3. Structure your accounts to meet specific reporting requirements
4. Focus on key financial metrics and track performance indicators crucial for your industry or business model

A clear chart of accounts helps you understand finances, which is important for making smart decisions in your businesses. It also allows for scalability, adapting to accommodate changes as your business grows or evolves.

Automated Inter-Company Transactions

Automated inter-company transaction management is a game-changer for multi-business accounting. This feature helps you:

1. Automatically generate inter-company journal entries
2. Create inter-company invoices for goods or services provided between entities
3. Reconcile transactions between entities, reducing the risk of errors
4. Eliminate double entries that could overstate revenues

Automation in inter-company accounting ensures consistency and accuracy in billing, simplifies the reconciliation process, and maintains compliance with accounting standards. It also saves time by eliminating the need for manual data entry and reduces the risk of overlooking transactions.

By leveraging these key features in your multi-business accounting software, you can significantly improve your financial management processes. You will see how well your business is doing, follow accounting rules, and make smarter choices using accurate data from all your parts.

Pricing Comparison of Multi-Business Accounting Solutions

Choosing affordable online accounting software is essential for managing finances across several businesses. Let's explore the various pricing options available, from free solutions to paid plans and additional costs you might encounter.

Free Options

For small businesses and startups looking to keep costs low, there are several free accounting software options available:

1. Wave: Wave offers core accounting features at no cost, making it an excellent choice for small businesses. However, it's worth noting that some features, such as receipt scanning, now come with a fee of USD 8.00 per month.
2. Zoho Books: Zoho Books provides a robust free version that's particularly suitable for businesses anticipating growth. The free plan includes features like client management, multilingual invoicing, and expense tracking.
3. Brightbook: This free accounting software is ideal for exceptionally small businesses or freelancers with one to five employees.

Paid Plans

For businesses requiring more advanced features and scalability, paid plans offer comprehensive solutions:

1. FreshBooks:

• Allows you to manage multiple business accounts using a single login.
• Offers the ability to create multiple business profiles within one account.
• Pricing is available upon request from their sales team.

1. QuickBooks Online:

• Offers four pricing tiers:
• Simple Start: USD 35.00 per month
• Essentials: USD 65.00 per month
• Plus: USD 99.00 per month
• Advanced: USD 235.00 per month
• Provides a 30% discount for 24 months on each additional subscription added (available through telesales).

1. Xero:

• Offers three pricing tiers:
• Early: USD 15.00 per month
• Growing: USD 42.00 per month
• Established: USD 78.00 per month
• New users can get 50% off for the first three months.

1. Zoho Books:

• Provides six pricing tiers:
• Free: USD 0.00 (for businesses with yearly revenue below USD 50,000)
• Standard: USD 15.00 per organization per month, billed annually
• Professional: USD 40.00 per organization per month, billed annually
• Premium: USD 60.00 per organization per month, billed annually
• Elite: USD 120.00 per organization per month, billed annually
• Ultimate: USD 240.00 per organization per month, billed annually

1. Sage Intacct and Acumatica:

• Both offer customizable solutions for multi-entity accounting.
• Pricing is available upon request, allowing for tailored solutions based on your specific needs.

Additional Costs

When considering accounting software for multiple businesses, it's important to be aware of potential additional costs:

1. Payment Processing: Some software providers charge extra for payment services, including credit card processing. For example, Wave's payment processing is an add-on cost.
2. Payroll: If you need payroll functionality, this often comes at an additional cost. Wave, for instance, charges separately for payroll services.
3. As your business expands, you might need to switch to higher-tier plans. These plans offer advanced features like inventory management and multi-currency support.
4. User Limits: Some plans restrict the number of users. Adding more users might require upgrading to a more expensive plan.
5. Some accounting software can connect with other business tools, but additional fees may apply for certain integrations.
6. Data Storage: As your business grows and generates more data, you might need to pay for additional storage capacity.

When choosing accounting software for your multiple businesses, consider your current needs and future growth. If you're starting, try free options first, but be ready to pay for better solutions as your business grows.

Remember to think about additional expenses in addition to the regular subscription fee. This will help you determine the total cost of using financial management tools. These extra costs could include fees for additional features or services.

By taking these into account, you can better plan your budget for financial tools. Understanding the total amount you'll spend on financial management tools is important for effective financial planning. Don't overlook these additional costs when evaluating your options.

Conclusion

Choosing the right accounting software for multiple businesses has a significant impact on financial management and overall business efficiency. Entrepreneurs can find solutions for their needs and budget by looking at QuickBooks Online, FreshBooks, Xero, and Wave. Key features such as multi-entity support, consolidated reporting, and automated inter-company transactions are crucial to streamline operations across various ventures.

To wrap up, the best choice depends on factors like business size, growth plans, and specific requirements. Decide between a free or paid plan based on current needs and future growth potential. Considering both options is important. Business owners can use the right tools to understand their finances, make smart choices, and achieve success in their businesses.

FAQs

What are the top accounting software options for managing multiple businesses?

The best accounting software for handling multiple businesses in 2024 includes Sage Intacct for overall multibusiness accounting, Acumatica Cloud ERP as the best ERP system, Zoho Books for enterprises, QuickBooks Online for the best user experience, Xero for unlimited users, and Wave Accounting as the best low-cost option.

Is QuickBooks suitable for managing multiple businesses?

Yes, both QuickBooks Desktop and QuickBooks Online effectively manage multiple businesses. Create a separate company file for each business and set up the required accounts in the same QuickBooks program.

Can FreshBooks handle accounts for multiple businesses?

FreshBooks helps manage multiple business accounts with one login, making financial management easier for different companies.

Which accounting software do people consider the simplest and easiest to use?

The best accounting software includes QuickBooks Online, Xero for easy use, FreshBooks for freelancers, and Wave as the top free choice.