Accounting Software Quick & Dirty Recommendations

ASA Research Recommendations as of May 2010

 

Here at ASA Research, the most frequent question we receive is "which accounting system should we select to meet our present and anticipated future needs?" Over the years we answered this question hundreds of times, providing quick & dirty recommendations based on the bare minimum amount of information such as size of company, industry, and business situations. Summarized below are a few insights into the "thought process" we currently follow in providing our quick & dirty responses.

 

LOW-END SOLUTIONS:

 

For companies with revenue less than $2 million, we believe that the best solutions are as follows:

 

Simply Accounting Professional 2010 - For just $49 for a single user version and $169, $299, and $1,499 for Pro, Premium, and Enterprise versions (for up to 5 users), this solution used by more than one million users around the world, including a $4 billion Canadian company that runs Simply Accounting in 600 locations to meet their entire accounting system needs. This is the lowest priced proven accounting software solution on the planet. If you have a need to make GST (Goods & Services Taxes) or VAT (Value-Added Taxes) calculations, then this product makes the most sense. (about 1.1 million users). http://www.simplyaccounting.com/

 

Peachtree Complete Accounting 2011 - Priced at $199 to $1,299 for 15 different editions, this is an excellent entry level solution, especially if you sell inventory. Peachtree offers strong sales order module with multiple pricing structures for inventory items, bill of materials processing capabilities, support for billing labor, and strong import/export capabilities. Peachtree for Windows offers a fixed assets module, strong account number structure, a proven e-commerce solution, customizable user fields, and financial alert capabilities. (about 1.2 million users) http://www.peachtree.com/

 

Sage Peachtree Quantum - Priced at $2,575, Sage Peachtree Quantum 2011 is a high performance accounting solution that supports 5, 10, 15, 20, 30 or 40 licensed, named users, and offers advanced security and order tracking settings. Sage Peachtree Quantum delivers all the features of Sage Peachtree Premium Accounting operating on a higher end database. Some of the features I like in this product are:

1. Real, Double-Entry Accounting; 2. Internal Accounting Review runs up to 15 checks on your data; 3. Audit Trail Report to maintain a record of details associated with every transaction; 4. A Cash Flow Manager for analysis and forecasting; and 5. Online Bill Pay to pay your bills electronically. http://www.peachtree.com/productsServices/quantum/

 

QuickBooks 2010 - Priced from $99 to $1,999 for 5 users, QuickBooks is the world number 1 selling accounting system with more than 4.2 million customers. For an entry level product it is loaded with most of the features you will need to run your business. Additional QuickBooks functionality is priced separately at prices ranging from $10 to $20 per month. We believe that all QuickBooks users should subscribe to some of these additional features such as online payroll, electronic banking, customer credit checks, online back up, etc,  www.quickbooksadvisor.com.

 

QuickBooks Enterprise 2010 - Priced from $3,000 to $9,000 for 30 users, QuickBooks Enterprise is basically the same great QuickBooks Premier product running on a higher end database that accommodates up to 30 users and 10 times the capacity.  www.quickbooksadvisor.com.

 

For companies with revenue less than $5 million, we believe that the best solutions are as follows:

 

NetSuite  - Priced at $1,200 a year for the first user, and $600 a year for additional users, NetSuite is a strong web based accounting software product that runs on the Oracle database and includes high end modules such as customer relationship management (CRM) and human resources (HR). It is light years better than QuickBooks and you will never outgrow it's capacity. (about 12,000 users) http://www.netsuite.com/portal/home.shtml

 

Intacct - Priced starting at $1,500 a year, Intacct is the leader in cloud-based financial management and accounting applications with thousands of customers. Intacct provides an accountant edition to help CPAs render accounting system services. The product handles projects, multi-currency, global consolidations, and offers a sales force solution.  http://us.intacct.com/

 

Sage BusinessVision Accounting - Priced at $995 for a single user version, and approximately $4,500 for a 10 user version, this is a great product which includes 17 modules. The system maintains multiple warehouses, serial numbers, item pictures, piece rate and billing. It also offers a terrific e-commerce web store that is priced at $99 a month and easy to use. Officially, BusinessVision 32 provides 1007 more features than does QuickBooks - wow. (about 120,000 users) http://www.sagebusinessvision.com/

 

 

MID-RANGE & HIGH END SOLUTIONS:

 

For companies with revenue ranging from $5 million to $200 million, we recommend the following:

 

Dynamics NAV - One of my long time favorite products overall, Dynamics NAV pricing typically ranges from $1,995 per user to $3,995 per user, depending on whether you purchase the 10 module or advanced module editions. Dynamics NAV features a very fast and stable database, great customization capabilities, terrific drill around audit trails, fixed assets, human resources, contact management, manufacturing, web shop modules, advanced distribution. This product is the most customizable product on the planet. In 2005, Dynamics NAV overtook MAS 90 as the top installed mid-market solution with more than 1 million users at that point in time. Read my extensive 2005 review of Dynamics NAV here: http://www.mbsadvisor.com/navision2005.pdf.

 

Dynamics GP - Dynamics GP pricing typically ranges from $1,995 per user to $3,995 per user, depending on whether you purchase the 10 module or advanced module editions. This product offers a solid solution with 54 modules, a good user-friendly design, excellent customization capabilities, solid end-user support, and a good offering of third-party add-on applications. It is the most well known mid market accounting solution on the planet. (about 65,000 customers). Read my extensive 2005 review of Dynamics GP at this web site address: http://www.mbsadvisor.com/greatplains2005.pdf. You can also see or 2005 comparison of Great Plains to MAS 90 located here: http://www.mbsadvisor.com/gp-mas90pdf.pdf.

 

Serenic Navigator - Serenic Navigator is the top Not-for-Profit solution built upon the Navision accounting system. It provides virtually all the key features  needed by "for-profit" companies as well as all the additional features needed by not-for-profit companies such as encumbrance accounting, accounting for restrictions and grants, compliance with FASB 116 and 117, fund accounting and more. Read my extensive 2008 review of Serenic Navigator here:

http://www.notforprofitadvisor.com/SerenicReport2008.pdf

 

SAP BusinessOne - SAP is moving downstream with BusinessOne. This product was originally developed in Israel and is now being deployed around the world. there are now over 9,000 customers and momentum is growing. Positioned to compete against Sage MAS 200, Dynamics GP, Dynamics NAV, and Dynamics AX, SAP Business One provides a wide range of modules, good customization and impressive technology. http://www.sap.com/sme/solutions/businessmanagement/businessone/index.epx

 

Sage ACCPAC ERP Solutions - Sage ACCPAC offers just about everything (except for proven job costing and customization). Great technology; four different pricing options scaling from low end pricing to enterprise pricing; LINUX version, web based version, good distribution, good manufacturing, strong financial reporting. Sage ACCPAC is loaded with features and worth consideration. I worry a little bit about what Sage Software's plans are for Sage ACCPAC , but trust that the product will continue to receive adequate funding for development and marketing. http://www.sageaccpac.com/

 

Dynamics SL - Dynamics SL is a deep product with more than 45 modules designed to meet many industry niches such as project costing, financial reporting, distribution, service, and manufacturing. The product features a strong general ledger with some of the best multi-company capabilities we've seen. Written in Visual Basic 5.0, the product is highly customizable. In 1999, the company took a bold move by standardizing its' product solely on the Microsoft SQL Server database in an attempt to attract larger corporate customers. While this move has been successful in achieving the company's goals, the resulting higher price tag and increased complexity position the product for the higher-end of the mid-range market. Read my extensive 2005 review of Solomon here: http://www.mbsadvisor.com/solomon2005.pdf.

 

Dynamics AX - Dynamics AX is one of my favorite high end products. I call it the ERP killer because I've seen it successfully replace SAP R/3, Oracle E-Business Suite, PeopleSoft, JD Edwards (PeopleSoft II), Baan, SYMIX, Epicor, and other tier 1 products, in most cases for far less cost. Dynamics AX offers great customization, process manufacturing, discrete manufacturing, distribution, and all the modules you need (except payroll). Read my extensive 2005 review of Axapta here: http://www.mbsadvisor.com/axapta2005.pdf.

 

SouthWare Excellence Series - With 8,000 customers, SouthWare is the twelfth best selling accounting software solution for the mid market in the world. The product is loaded with features and runs on a combination of 600 different technology and database platforms. The price point is typically half the price of all other mid market solutions listed on this page. The product is not as well known as other products, but the company has done more to improve this product in the past 4 years than any other accounting software vendor. Read my extensive 2005 review of Southware  here. http://www.asaresearch.com/web/swtour.pdf.

 

Sage Pro ERP - Developed in Visual FoxPro, this product offers source code in addition to strong customization capabilities. ProSeries offers good core financial accounting, and relies on third party developers to fill in the missing add-on solutions. This strategy has helped worked well as the company has cultivated a wide range of add-on solutions ranging from radio beacon, bar coding, and point of sale cash drawers to advanced manufacturing and job costing. ProSeries was the first product to offer the WebTrader module that enables businesses to link web-based catalogs to the accounting system. http://www.sageproerp.com/

 

Sage MAS 200 - Sage MAS 200 is one of the top selling accounting systems in the world and an excellent solution for many companies. In 2005 I delivered a lecture at the Microsoft Partner's conference to Microsoft Resellers on the topic "How Great Plains Beats MAS 200" in which I took the stance that Great Plains and MAS 200 were the top two accounting system solutions in the world, but that on paper Great Plains is a convincingly better product. I compared the two products to the top two sprinters in the world racing, where one would win and the other would come in second. Many assumed that the paper trashed MAS 200, but on the contrary, the paper conveyed high praise for both products. You can see my review of MAS 200 here: http://www.mbsadvisor.com/gp-mas90pdf.pdf and you can learn more about MAS 200 here: http://www.sagemas.com/.

 

Epicor - Epicor Software (NASDAQ: EPIC) is a global leader delivering business software solutions to the manufacturing, distribution, service, retail, and hospitality industries, with 20,000 customers in more than 150 countries. It is a strong product that has weathered the rough economy well. If you need high end inventory management, manufacturing, or retail solution - then Epicor should be included on your short list.  http://www.epicor.com/pages/default.aspx
 

xTuple - While a newer product, xTuple features similar capabilities to the products previously mentioned including manufacturing, but delivered to you in an open source code framework. It can run it in your offices, or hosted off-site   http://www.xtuple.com/

 

CONCLUSION

 

There is no substitute for the full-scaled evaluation and needs analysis process to help a company identify the best product to meet their needs. However these general guidelines discussed above can sometimes help a company narrow down the list and identify the best two or three products for evaluation purposes.

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