Top accounting software options for CFOs: An up-to-the-minute decision guide

What to consider when evaluating accounting software

As a starting point, CFOs and those working with them to select accounting software should consider factors such as deployment model, cost, complexity, customization, integration and industry-specific functionality.

Common deployment models include cloud, hosted and on-premises. The former has grown significantly in popularity, as cloud provides an easier deployment and can potentially save the company money on hardware. Nevertheless, some organizations prefer on-premises or private hosting because of the control those options offer.

Cost generally correlates with complexity. Enterprise-grade options are more expensive but offer flexibility and scalability. Smaller organizations might prefer the lower total cost of ownership and simpler learning curve associated with less complex offerings.

Most top accounting software offers some customization and integration capabilities, ranging from user-configurable screens and pre-built connectors to open APIs that provide connectivity to virtually any option. Software selection teams should evaluate API openness to avoid functional silos.

CFOs should also make sure the software selection team considers how the organization's industry-specific requirements could affect core accounting functions. Compliance and governance features are also important, since they support standards such as SOX, GDPR and International Financial Reporting Standards.

Software selection teams should also consider whether products include the latest technology. Many vendors are incorporating AI features such as predictive forecasting, anomaly detection and task automation.

8 top accounting software options to consider

Accounting software can help companies shorten their closings, increase accuracy and efficiency through integration, and increase agility.

Here's a list of top accounting software, derived from sources such as Gartner, G2 and vendor websites. Products are listed in alphabetical order.

Acumatica

Acumatica's cloud ERP for companies with up to 1,000 employees includes a consumption-based pricing model that gives companies flexibility. Paying for resources used rather than the number of users can help organizations save money.

Its customer satisfaction ratings are high, and customers praise its ease of use.

Microsoft Dynamics 365

Microsoft Dynamics 365 would be a good fit for companies already using other Microsoft platforms.

Product versions are available for organizations of various sizes, and the Power Platform enables low-code automation, while Dynamics 365's integration with Azure and programs such as Excel are potentially useful.

Governance capabilities include compliance dashboards for risk monitoring.

Oracle Cloud ERP

Oracle Cloud ERP is an enterprise-level product that is likely the best fit for very large organizations.

Oracle ERP was built with a cloud-first design philosophy and includes APIs, extensive customization capabilities, and core financial features. Oracle offers numerous industry-specific versions of this product.

Oracle NetSuite

Oracle NetSuite offers strong integration capabilities and AI features, including anomaly detection in budgeting.

This cloud product is likely a good fit for small and midsize enterprises and for organizations that want their finance, CRM, and e-commerce capabilities combined into a single product.

Sage Intacct

Sage Intacct is tailored for midsize enterprises that have moderate cloud adoption.

Intacct prioritizes system ease of use over complexity and offers strong financial features such as multi-entity consolidation. Its AI features include automated reconciliation, which can make account balancing faster and more accurate.

SAP Business One

SAP Business One would be the best fit for small to midsize businesses as well as subsidiaries of large enterprises that are using SAP.

Business One is available in on-premises or cloud versions. It includes SAP technology originally developed for large companies, such as AI capabilities and cloud analytics.

SAP S/4HANA

S/4HANA is comprehensive in scope. It offers extensive functionality, extensive customization and integration options, and various industry-specific versions are available. It includes real-time analytics, AI and multi-national support.

As with Oracle, SAP is more expensive and complex than some other options.

Workday

Workday is a cloud-based platform. It would be a particularly good fit for professional services organizations and other companies where HR plays a major role. It merges finance, HR and payroll to offer real-time financial visibility.

Governance lens

Governance is a critical part of operations for most organizations, and accounting software can help companies with factors such as auditability, internal controls and data governance.

Compliance is non-negotiable for companies subject to SOX, HIPAA and similar regulations. GDPR and other privacy regulations are more far-reaching, requiring companies of all sizes to adhere to certain personal data standards. Accounting software's real-time dashboards and AI-based anomaly detection can simplify compliance by alerting managers to unexpected events, such as unusual payments or irregular data access patterns.

Accounting software's governance-related capabilities can help minimize corporate risk and align finance departments with enterprise-wide controls.

James Kofalt spent 16 years at SAP working with SME business applications and was a product manager for integration technology at Microsoft's Business Solutions division. He is currently the president of DX4 Research, a technology advisory practice specializing in ERP and digital transformation.