How Does Intercompany Accounting Work - Key Principles and Practical Applications
Intercompany accounting manages transactions between a company's entities, ensuring accurate reporting, compliance, and elimination of duplicate entries.
Best Accounting Automation Software (2025)
Accounting shouldn’t feel like a never-ending pile of spreadsheets, manual data entry, and last-minute reconciliations. Yet, for many businesses, that’s exactly what it is. Late payments, misplaced invoices, and human errors slow down operations and create financial blind spots.
In this guide, we’ll explore the best accounting automation software, helping you find the right fit for your business. We'll discuss how Wise Business can help you speed up your international payemnts while saving along the way.
Looking to efficiently send international business payments?
| Speed Up International Payment with Wise Business (and Save): |
|---|
| Schedule Transfers Choose to transfer your funds at your desired exchange rate |
| Integrate Wise Business with Accounting Software: QuickBooks, Xero, Wave, Sage, and more |
| Access to BatchTransfer: Pay up to 1000 invoices in one go |
What is Accounting Automation Software?
Accounting automation software reduces human errors, speeds up financial processes, and helps businesses stay compliant by eliminating manual data entry and automating repetitive tasks. key features of accounting automation software include:
| Feature | What It Does | Why It Matters |
|---|---|---|
| Automated Bookkeeping | Syncs transactions and categorizes expenses | Reduces manual errors and saves time |
| AP/AR Automation | Manages invoices, payments, and billing | Fosters timely payments and stable cash flow |
| AI-Powered Reconciliation | Matches transactions automatically | Speeds up month-end closing |
| Expense & Receipt Scanning | Digitizes receipts and links them to transactions | Simplifies expense tracking and reporting |
| Multi-Software Integration | Connects with QuickBooks, Xero, and ERP systems | Keeps smooth data flow across departments |
| Real-Time Reporting & Forecasting | Generates insights from financial data | Improves decision-making for growth. |
The Best Accounting Automation Software for Businesses
Managing finances manually is slow, error-prone, and inefficient. The right accounting automation software handles repetitive tasks, keeps things accurate, and smooths out your financial workflows.
1. QuickBooks Online
Best for: Small businesses needing simple automation
QuickBooks Online is an accounting automation tool designed for small businesses. It syncs bank transactions, automates invoicing, and quickly categorizes expenses.
Its AI-powered bookkeeping reduces errors, while seamless integrations with payment processors and payroll services provide a smooth financial workflow. Businesses benefit from easy expense tracking, tax preparation, and automated reporting.
| Features: |
|---|
| User-friendly interface: Simple setup with automated workflows |
| Robust third-party integrations: Connects with banks, payroll, and payment platforms |
| Mobile friendly: Manage finances on the go |
| Pricing increases with features: Higher-tier plans needed for advanced automation |
| Limited customization: Not ideal for businesses with unique accounting needs |
Pricing: QuickBooks Online starts at $35/month, with higher-tier plans at $65, $99, and $235/month, offering advanced features and more users. ¹
2. Xero
Best for: Growing companies with multi-user access
Xero is a cloud-based accounting platform that automates bookkeeping, reconciles transactions with AI, and integrates with over 1000+ third-party business apps. It’s ideal for growing businesses needing real-time collaboration with accountants and finance teams.
Xero supports multi-user access, making it a go-to solution for businesses looking for scalability and strong automation without enterprise-level complexity.
| Features: |
|---|
| Unlimited users: No additional cost per team member |
| AI-driven reconciliation: Automates bank transaction matching |
| Strong integration ecosystem: Connects with e-commerce, payroll, and CRM tools |
| Manual invoice approvals: Lacks built-in approval workflows |
Pricing: Xero plans start at $20/month, with Growing ($47/month) and Established ($80/month) tiers.²
3. NetSuite ERP
Best for: Enterprises needing deep automation and financial integrations
NetSuite ERP is an enterprise-grade financial automation system offering real-time visibility, tax compliance, multi-currency transactions, and detailed reporting. Businesses with complex financial workflows benefit from its customizable dashboards and AI-powered analytics.
NetSuite helps large organizations optimize AP/AR, expense management, and revenue forecasting while ensuring compliance with strict financial regulations.
| Features: |
|---|
| Comprehensive automation: Handles accounts payable, receivables, and compliance |
| Deep ERP integrations: Works seamlessly with enterprise-grade tool |
| Scalable: Supports multi-entity financial management |
| Complex implementation: Setup can take weeks or months |
| Customization requires expertise: Not as intuitive for non-finance users |
Pricing: Custom pricing based on business size and needs.
4. Zoho Books
Best for: Cost-effective automation with AI-driven features
Zoho Books is a powerful yet affordable accounting automation tool that simplifies invoice tracking, bank reconciliation, and AI-driven categorization.
Businesses using the Zoho ecosystem can benefit from seamless integrations with Zoho CRM and Payroll.
| Features: |
|---|
| Affordable: Lower cost compared to competitors |
| AI-powered automation: Smart categorization and recurring invoicing |
| Multi-currency support: Ideal for international transactions |
| Limited integrations outside Zoho: Best for Zoho-powered businesses |
| No payroll in certain regions: Not available in all countries |
Pricing: Zoho Book offers a free plan for solopreneurs, with paid plans starting at $15/month (billed annually). Higher-tier plans with advanced automation, reporting, and inventory management range from $40 to $60.³
5. FreshBooks
Best for: Freelancers and service-based businesses
FreshBooks is a popular automated bookkeeping software tailored for freelancers and small businesses. It simplifies invoicing, expense tracking, and time-based billing, making it ideal for consultants, agencies, and service providers.
Its automation features allow users to send recurring invoices, track payments, and manage expenses without hassle.
| Features: |
|---|
| Automated recurring invoices: Great for subscription-based businesses |
| Client portal for payments: Streamlines invoice approvals and collections |
| Simple interface: Easy to use for non-accountants |
| Limited integrations: Not the best fit if you want to integrate with multiple tools |
| No advanced reporting: Basic financial insights |
Pricing: FreshBooks starts at $6.30/month, with Plus ($11.40/month) and Premium ($19.50/month) plans. Select plans offer custom pricing.⁴
Looking to efficiently send international business payments?
| Speed Up International Payment with Wise Business (and Save): |
|---|
| Schedule Transfers Choose to transfer your funds at your desired exchange rate |
| Integrate Wise Business with Accounting Software: QuickBooks, Open Banking, Xero, and more |
| Access to BatchTransfer: Pay up to 1000 invoices in one go |
6. Sage Intacct
Best for: Mid-sized businesses needing strong reporting and controls
Sage Intacct is a financial automation powerhouse that excels in real-time reporting, automated billing, and AI-driven financial analysis.
It’s best for mid-sized businesses needing a structured financial management system that enhances decision-making with custom reports, budgeting tools, and compliance tracking.
| Features: |
|---|
| Customizable financial reports: Deep insights for decision-making |
| Strong multi-entity accounting: Ideal for growing businesses |
| Audit-ready automation: Helps with tax compliance |
| Higher learning curve: Requires accounting knowledge |
| Limited third-party integrations: Not ideal for businesses that rely on a wide range of apps |
Pricing: Custom pricing based on business size and needs.
7. BlackLine
Best for: Enterprises needing finance automation and compliance
BlackLine is an enterprise-grade accounting automation tool designed to streamline financial close processes, compliance tracking, and accounting reconciliation. It automates journal entries, variance analysis, and transaction matching, reducing the risk of manual errors.
Finance teams benefit from real-time reporting, workflow automation, and built-in audit trails, making it a go-to choice for large corporations needing regulatory oversight.
| Features: |
|---|
| Strong compliance tracking: Ensures adherence to financial regulations |
| Customizable workflows: Fits enterprise financial structures |
| Expensive for small businesses: Tailored for large organizations |
| Complex implementation: Requires training for new users |
| Limited small business features: More focused on large-scale accounting |
| Automates month-end close: Reduces manual reconciliation workload |
Pricing: Custom pricing based on enterprise needs.
8. Bill.com
Best for: Accounts payable and receivable automation
Bill.com is a specialized AP/AR automation platform designed to simplify invoice approvals, vendor payments, and cash flow management.
It integrates with QuickBooks, Xero, and NetSuite, making it a great choice for businesses looking to automate bill payments, reduce manual entry, and gain visibility into financial transactions. AI-powered data extraction eliminates invoice errors, reducing processing time significantly.
| Features: |
|---|
| Streamlined AP/AR automation: Speeds up vendor payments |
| Seamless accounting integrations: Works with leading accounting software |
| Fraud detection tools: Reduces financial risk |
| Transaction fees apply: Additional costs per transaction |
| Limited reporting capabilities: Not as in-depth as full ERP solutions |
Pricing: BILL offers Essentials ($45/user/month), Team ($55/user/month), and Corporate ($79/user/month) plans. Enterprise pricing is available on request.⁵
9. Fyle
Best for: AI-powered expense management and receipt scanning
Fyle is a modern accounting automation tool focused on expense tracking, receipt management, and real-time transaction categorization. It integrates directly with corporate cards and accounting software, ensuring every expense is logged automatically.
With AI-driven receipt scanning, businesses can eliminate manual expense reporting, enforce policy compliance, and simplify employee reimbursements.
| Features: |
|---|
| AI-powered receipt scanning: Automates expense tracking |
| Real-time expense categorization: Reduces manual reconciliation |
| Seamless corporate card integration: Syncs transactions instantly |
| Best suited for expense management: Not a full accounting system |
| Limited to finance teams and employees: Not ideal for vendor management |
| No built-in payroll features: Will need to use a separate payroll system |
Pricing: Growth ($11.99/user/month), Business ($14.99/user/month), Enterprise (custom). Charges apply only to active users.⁶
10. Autymate
Best for: Advanced accounting integrations and workflow automation
Autymate is a powerful automation tool specializing in financial data integration, transaction syncing, and accounting workflow automation. Businesses can automate bank reconciliation, invoice approvals, and multi-system data transfers.
It’s particularly useful for companies using QuickBooks, Xero, or NetSuite, as it streamlines financial data movement across platforms.
| Features: |
|---|
| Advanced accounting integrations: Syncs multiple financial tools |
| Automated reconciliation: Reduces human errors in transactions |
| Custom workflow automation: Adaptable to different finance needs |
| More technical setup required: Not as plug-and-play as simpler tools |
| Best suited for accounting pros: Requires finance knowledge to maximize use |
| Limited standalone accounting features: Works best as an automation layer |
Pricing: Custom pricing based on integrations and workflow complexity.
How to Choose the Right Accounting Automation Software
Business Size & Complexity
Not all accounting automation software is built for every business.
A freelancer or small business might only need basic features like expense categorization, invoicing, and bank reconciliation, which tools like QuickBooks or Xero handle well.Mid-sized businesses need something more robust, with multi-user access, advanced reporting, and automation across accounts payable and receivable, like Sage Intacct or FreshBooks.Enterprises need full-scale financial ecosystems where tools like NetSuite ERP or BlackLine integrate with ERP systems, payroll, and compliance tracking to manage complex financial workflows.
Ease of Use & Scalability
Some platforms are plug-and-play, requiring no prior accounting knowledge, while others demand training and financial expertise to maximize their potential. Consider whether the software will scale with your business.
Integration Capabilities
Your accounting software shouldn’t work in isolation. The best tools seamlessly integrate with your ERP, payroll, banking, and tax software to eliminate data silos and manual transfers.
If you handle international transactions, look for multi-currency support and compatibility with global payment systems to avoid foreign exchange headaches. Tools like NetSuite ERP and Autymate offer strong API connections, making automation effortless across multiple business functions.
Security & Compliance
Handling financial data comes with risks, so security can’t be an afterthought. Look for software that offers end-to-end encryption, fraud detection, and compliance with financial regulations like GAAP or IFRS.
Audit-ready automation ensures that tax season doesn’t become a nightmare, keeping records accurate and easy to access. If compliance is a top priority, BlackLine excels in risk tracking and regulatory reporting.
Cost & ROI
Accounting automation is an investment. While some tools offer free or budget-friendly plans, more advanced features like AI-driven reconciliation or deep integrations often come at a higher cost.
Implementing Accounting Automation: A Step-by-Step Rollout Guide
Even the most advanced accounting automation software won’t deliver results if implemented incorrectly.
Businesses should use a structured approach to foster a seamless transition and maximize the benefits of automation.
1. Evaluate Your Current Accounting Workflows
Before introducing automation, assess where your current financial processes are falling short.
- Identify pain points: Are late payments, manual invoice processing, or time-consuming reconciliations slowing your operations?
- Analyze inefficiencies: How much time does your finance team spend on repetitive tasks that could be automated?
- Set automation goals: Do you need faster month-end closing, better compliance tracking, or real-time cash flow visibility?
2. Select the Best Accounting Automation Software
Choosing the right tool is critical to success, and businesses should weigh several factors before deciding..
- Match software to your business size and needs: Small businesses may only need automated invoicing and reconciliation, while enterprises require AI-powered analytics and multi-entity financial management.
- Prioritize integration capabilities: Ensure the tool syncs seamlessly with your ERP, payroll, and banking platforms.
- Test multiple options: Use free trials, demos, or pilot programs to compare usability, automation accuracy, and customer support.
3. Ensure Seamless Integration with Existing Systems
For automation to work effectively, it needs to integrate smoothly with your current financial tech stack.
- Sync with your ERP and payroll systems: Avoid data silos by ensuring transactions flow between accounting, HR, and procurement tools.
- Leverage APIs for advanced automation: Custom API integrations allow businesses to tailor workflows and create end-to-end automation.
- Test integrations before full deployment: Running a controlled test helps transfer data correctly between systems, reducing errors at scale.
4. Train Your Team to Better Adoption
Automation is only effective if employees know how to use it. Even the best tools can lead to frustration and mismanagement without proper training.
- Provide hands-on training: Offer interactive sessions for finance teams, accountants, and non-financial staff who handle invoices or expenses.
- Define clear usage policies: Establish company-wide guidelines on how automated workflows will function, including approval hierarchies and reconciliation processes.
- Encourage feedback and adaptation: Employees who work with the system daily can provide insights on refining automation rules to better fit business needs.
5. Monitor, Measure, and Optimize for Long-Term Success
Automation isn’t a set-it-and-forget-it process. Continuous monitoring and optimization ensure that the software delivers real financial benefits.
- Track key performance metrics: Monitor invoice processing speeds, reconciliation accuracy, and error reduction rates.
- Identify workflow bottlenecks: Use real-time analytics to spot inefficiencies and adjust automation rules accordingly.
- Scale automation as your business grows: Companies should explore adding advanced features like AI-driven cash flow forecasting or fraud detection as financial needs evolve.
With a structured approach, businesses can maximize the impact of accounting automation, improving efficiency, reducing errors, and freeing up valuable time for strategic financial management.
The Future of Accounting Automation: AI, Blockchain & Beyond
Accounting automation has moved beyond simple task elimination. AI, blockchain, and advanced analytics are redefining financial management, making processes faster, more accurate, and more secure.
These innovations transform how businesses handle transactions, compliance, and forecasting, bringing a new level of efficiency and control.
AI-Powered Accounting: Smarter, Faster, More Accurate
Artificial intelligence is already transforming accounting, but its capabilities are expanding rapidly. Let’s take a look at a few examples:
- AI-driven reconciliation: Automatically matches transactions with invoices, eliminating errors and reducing month-end closing time.
- Predictive analysis: Uses historical data to forecast cash flow, detect spending patterns, and prevent financial risks.
- Automated compliance monitoring: Identifies anomalies, flags suspicious transactions, and promotes tax and regulatory adherence.
Blockchain & Decentralized Accounting
Blockchain has the potential to revolutionize accounting with secure, transparent, and tamper-proof financial records.
- Real-time auditability: Transactions recorded on a blockchain ledger create an immutable financial history, reducing fraud risks.
- Smart contracts: Automate payments based on pre-set conditions, streamlining vendor agreements and eliminating delays.
- Cross-border transactions: Enables faster, low-cost international payments without relying on traditional banking intermediaries.
The Rise of Fully Autonomous Accounting
Looking ahead, accounting automation will shift toward self-driving finance, where systems handle financial decision-making with minimal human intervention.
- End-to-end automation: Future platforms will handle entire financial cycles from invoice approvals to tax fillings.
- AI-powered fraud prevention: Machine learning models will detect financial anomalies before they become liabilities.
Looking to efficiently send international business payments?
| Speed Up International Payment with Wise Business (and Save): |
|---|
| Schedule Transfers Choose to transfer your funds at your desired exchange rate |
| Integrate Wise Business with Accounting Software: QuickBooks, Open Banking, Xero, and more |
| Access to BatchTransfer: Pay up to 1000 invoices in one go |
Sources:
- Pricing | Quickbooks
- Pricing Plans | Xero
- Pricing | Zoho
- Pricing | FreshBooks
- Pricing | Bill.com
- Pricing | Fyle
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Money without borders
Find out more
How to Form an LLC in New York: Step-by-Step Guide for 2025
Learn how to form an LLC in New York with this expert 2025 guide. Covers filing, costs, taxes, and compliance to protect your business.
How To Manage Business Expenses Without Slowing Your Team Down
This guide breaks down how to track spending clearly, keep your workflows clean, and give finance the control it needs without slowing the business down.
Unit Economics 101: A Guide for Growing Businesses
Let's break down what unit economics is, how to calculate unit economics, and how you can use it to build a more sustainable business.
How to Form an LLC in Tennessee | 2025
Our guide explores how to form an LLC in Tennessee to protect business and personal finances.
How to Set Up Recurring Payments on Square | Steps | Best Practices
Learn how to set up recurring payments on Square to receive money from customers or send payments to others.
