Which accounting software should I use for a medium-sized business?

Choosing the right accounting software is a vital for any medium-sized business aspiring to streamline operations and achieve sustainable growth.

Growing organisations have increasingly complex financial needs, making it essential to choose a solution that offers robust functionality, scalability, and ease of use.

This guide will help you understand the unique requirements of medium-sized businesses, explore the benefits of cloud accounting software, and provide tips on what to look for in your next accounting solution.

Why medium-sized businesses should opt for cloud accounting software

Medium-sized organisations often find themselves grappling with the limitations of entry-level tools. They will often have basic accounting programs initially designed for small enterprises, making up for the limitations of those systems by doing a lot of work in spreadsheets.

Cloud-based accounting programs provide an ideal solution for businesses looking to upgrade. Here’s why:

Advanced reporting and insights
Unlike simpler tools, cloud accounting systems for medium businesses offer detailed financial reporting and analytics, providing the insights needed to make informed decisions.

Scalability for growth
Your accounting system should grow as your business grows. Cloud solutions enable you to add users, modules, or access controls with ease as your needs evolve.

Remote accessibility
With cloud-based access, key stakeholders can review financial data, approve budgets, or analyse reports from anywhere in the world.

Customisable workflows
Automation and tailored workflows reduce manual tasks, freeing up your finance team to focus on value-added activities like forecasting and strategy.

Enhanced integration
Cloud solutions integrate seamlessly with CRM, payroll and ERP systems to create a unified digital workspace that boosts efficiency.

With these advantages, it’s clear why cloud accounting software has become the standard for midmarket businesses.

Key features to look for in medium business accounting software

When researching online cloud accounting software, ensure the solution aligns with the complexities of managing a medium-sized enterprise. Here are some key features to look out for:

Comprehensive financial management

The software must handle more than just basic bookkeeping. Look for tools that include cash flow management, budgeting, multi-currency capabilities, and VAT compliance for UK businesses.

Consolidated reporting

Midmarket organisations often have multiple departments, branches or legal entities. Consolidated reporting enables you to manage and analyse your financial data holistically.

Scalability and flexibility

Ensure the program can expand with your organisation. Features such as role-based access, custom reporting, and dashboards become important as teams grow.

Robust security

With sensitive financial data at stake, ensure the software adheres to high standards of data encryption and compliance.

Integration capabilities

Accounting software that integrates with other cloud-based accounting programs and existing tools such as inventory management or CRM systems offers seamless data flow across your organisation.

User-friendly interface with training support

While medium-sized businesses require sophisticated tools, usability remains key. Choose solutions that offer dedicated training and ongoing support to ensure a smooth transition.

Why iplicit could be the solution you’re looking for

While traditional "starter" cloud accounting systems work well for small businesses, they often can’t keep up with the demands of mid-sized organisations. iplicit bridges this gap.

Designed for businesses ready to move beyond basic tools, iplicit provides a true-cloud alternative to legacy on-premises software and limited entry-level solutions. Some of its standout features include:

Seamless migration: iplicit offers a smooth transition from existing systems, ensuring minimal disruption during implementation.

Customisable workflows: Create workflows customised to the unique needs of your departments and teams, improving process efficiency.

Integration-friendliness: iplicit connects with other cloud-based tools, delivering a unified experience essential for growing businesses.

Cost predictability: With transparent subscription pricing, iplicit ensures there are no unexpected costs.

Final considerations

Choosing accounting software for a medium-sized business demands a future-focused approach. You’ll need a solution that not only meets your current needs but also grows alongside your organisation. By opting for cloud accounting software, you gain the flexibility, scalability, and efficiency required to tackle today’s challenges while preparing for tomorrow’s opportunities.

If your business has already outgrown basic cloud accounting software for small businesses, tools like iplicit provide the ideal next step. Offering tailored workflows, enhanced reporting, and seamless integration, iplicit is designed to empower medium-sized enterprises to stay competitive and thrive.

Take the time to assess your business's unique requirements, shortlisting options that strike the right balance between functionality and scalability. With the right tools in place, you’ll not only simplify your financial management but also gain the clarity needed to drive growth.

Ready to find out more about iplicit? Why not take a tour of the software to see how it can help your finance team?

Which accounting software should I use for a medium business?

Which accounting software should I use for a medium-sized business?

Why medium-sized businesses should opt for cloud accounting software

Key features to look for in medium business accounting software

Popular cloud-based accounting solutions for medium-sized businesses

Why iplicit could be the solution you’re looking for

Final considerations