There is no dearth of accounting software that claim to support MNCs with core finance operations. However, it’s still hard for young multinational organizations to choose the right accounting software. Here are some questions that often trouble them:
– What are the features to look into an MNC accounting software?
– Which accounting software is best for MNCs?
– How to choose an accounting software for an MNC?
If you have questions similar to the above in mind, you have come to the right place to get the answers. Finsmart Accounting – trusted globally for outsourced accounting and financial controller services – created this blog to help accounting teams of MNCs discover the most promising accounting software out there.
Let’s start with the benefits of using modern accounting software for your global business!
Accounting Software for MNCs: Benefits
Below are the top benefits of using accounting software for MNCs:
– Global accounting software helps streamline financial processes across multiple countries and provides a consolidated global view.
– A bookkeeping software tailored for MNCs helps manage complex business structures involving various business units and subsidiaries.
– It gives real-time access and analyzes financial data promptly for informed decision-making.
– A powerful accounting software reduces manual errors, enhances efficiency, and speeds up financial processing.
– It helps identify and mitigate financial risks, monitor compliance, and enhance financial governance.
– Accommodates business growth by adding new entities, users, and functionalities.
– An accounting software for global organizations easily integrates with other enterprise systems for seamless data flow between different business functions.
In short, accounting software for MNCs brings powerful capabilities to manage businesses and financial data.
Now, let’s discover the top 5 accounting software that are widely trusted by MNCs:
Accounting Software for MNCs: 5 Recommendations
Accounting software trusted by multinational organizations are designed with global accounting requirements in mind. They are also flexible and powerful enough to support accounting for multiple countries and business setups. Here the 5 accounting software that score high on the global accounting principles and pack powerful features:
Oracle NetSuite
Owned by Oracle, NetSuite is a cloud-based ERP solution that covers financial management, customer relationship management, and e-commerce functionalities. It supports multiple subsidiaries, currencies, and languages to organizations with a global presence.
Oracle NetSuite offers real-time visibility into financial performance and automated processes for growing MNCs. The scalability and flexibility of this accounting software make it suitable for multinational organizations.
SAP S/4HANA
SAP S/4HANA is an enterprise resource planning suite developed by SAP. It integrates various business processes including finance, sales, supply chain, and manufacturing into a unified platform. Its in-memory computing capabilities allow for faster data processing and analytics.
Not really a core accounting software, it provides advanced financial accounting functionalities and supports complex financial structures. SAP S/4HANA is widely used by large enterprises and MNCs for its comprehensive features and integration capabilities.
Microsoft Dynamics 365 Finance
Microsoft Dynamics 365 Finance is part of the Dynamic 365 suite. This accounting software for global businesses offers a range of applications and financial management tools for different business functions. It provides capabilities for budgeting, financial reporting, and compliance.
Microsoft Dynamic 365 Finance is known for its seamless integration. It also integrates smoothly with other Microsoft tools like Excel and Power BI for enhanced data analysis and reporting capabilities.
Xero
Xero is a cloud-based accounting solution that is known for its user-friendly interface and accessibility. This accounting software provides financial reporting, invoicing, bank reconciliation, and expense tracking features for global organizations.
Xero supports multi-currency transactions and integrates with various third-party applications. No wonder, it is used for MNCs with diverse accounting needs.
Acumatica
Acumatica is an ERP software solution designed to meet the needs of MNCs and large sized businesses. It provides a cloud-based platform that integrates various business functions such as finance, distribution, customer relationship management, and manufacturing.
Not really a core accounting software, it offers comprehensive financial management features including general ledger, accounts payable, accounts receivables, and advanced financial reporting.
Accounting Software for MNCs: Final Words
While choosing accounting software, consider factors such as organization size, industry, global footprint, and specific business process to make an informed decision. Additionally, evaluate the security capabilities, compliance features, and ongoing support for a successful implementation.
Got any queries to ask about bookkeeping software for global organizations? Drop us an email at sales@finsmartaccounting.com to get them answered by our experts.
Also, read our recently published blogs:
Everything about accounting outsourcing cost
Tax software for small CPA firms
Tips to maximize tax deductions
Everything about Zoho vs Tally
Don’t forget to check out our most subscribed services:
Accounts receivable outsourcing service
Outsourced bookkeeping services
India Business Head
Mrs. Dipali Phadke is a qualified Chartered Accountant with more than 20+ years of experience in the field of Accounting, Taxation and Payroll. She is the backbone of Company’s Operations and heads India Business at Finsmart Accounting
