Properly-designed and implemented accounting systems provide an important set of tools to middle market managers and owners to make better decisions in a more timely and accurate manner. Having the right systems and processes in place plays a key part in enabling improved business management practices.
If you are like many middle market businesses that are currently experiencing pains due to using bookkeeping systems like QuickBooks or outdated systems lacking robust features and functionalities, it would be highly advisable to look at the “Big 3” middle market accounting systems to see if one is a potential fit for your needs.
The exponential growth and popularity of cloud computing has provided NetSuite with a significant boost in the middle market accounting software space. Now officially part of Oracle, NetSuite is a cloud-only financial system with an extensive array of modules ranging from customer relationship management to web commerce and inventory and order management. It is a highly scalable application; organizations ranging from fewer than 10 users to those with hundreds of users can leverage the platform.
Microsoft has been investing heavily in cloud-enabling its Dynamics product line, including its existing large install base products such as Dynamics GP (Great Plains). It has also introduced a new line of cloud-only applications dubbed Dynamics 365, primarily aimed at the SMB market and with a heavy focus on existing QuickBooks clients looking for a more robust system that also offers tight integration with Office 365 products.
Sage recently announced the purchase of another leading cloud-only provider, Intacct, which adds yet another application to Sage’s application portfolio. Its legendary MAS90 system (referred to as ERP 100) continues to add features and functionalities for its existing large install base.
In addition to these Big 3, many other providers including SAP, EPICOR, INFOR, and FinancialForce are making significant strides by adding new features and functionalities that can enable clients to run their organizations in a more effective fashion. The key benefit of working with a market leader lies in their extensive technological and support ecosystems, so these providers are worth a closer look if you are thinking about an upgrade to your existing functionality.
Interested in learning more about these applications? Kreischer Miller is hosting a Mid-Market Accounting/Financial System Best Practices webinar on Thursday, October 19. It will provide an overview of the latest developments in the field as well as test drives of Microsoft Dynamics, NetSuite, and Sage. Learn more and register.
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