Which Accounting Tools Are Used By Large Corporations?

As a company grows, so does the complexity of its accounting processes. With thousands of transactions, multiple revenue streams and international regulations to keep in mind, simple spreadsheets are not enough to keep their finances compliant and manageable.

That’s why it’s important to adopt tools that streamline and automate your accounting!

From accounting platforms to enterprise resource planning and everything in between, let’s take an in-depth look at all the tools that large corporations can use to manage essential parts of their operations.

Enterprise Resource Planning (ERP) Systems 

ERP systems are comprehensive pieces of software that integrate and manage core business processes. Rather than using separate systems, an ERP centralizes everything and allows users to collect, store and interpret data on a single platform.

For example, an ERP system can manage procurement, supply chain management, human resources and accounting. 

Large corporations are already complex, even before factoring in the challenge of managing multiple systems. ERP systems simplify operations by unifying data in real time and automating processes, reducing the need for manual intervention, which is more error-prone.

They also come with scalability built in: an ERP typically has no limits on the size of the organization it can serve.

Popular ERP systems used by corporations include:

• SAP S/4HANA: Considered the market leader, SAP S/4HANA is an “out-of-the-box” solution that excels in automating core financial processes. It provides preconfigured processes that comply with industry best practices and is easy to implement and use.
• Oracle NetSuite: NetSuite started by catering to mid-sized businesses but has expanded to manage large corporations. The platform is customizable with tools for omnichannel commerce, human capital management, field service management and more.
• Microsoft Dynamics 365: An innovator in AI technology, Dynamics 365 is designed to help businesses understand their customers better and personalize sales experiences. Its technology is also a leader in optimizing accounting and financial operations.

Streamlined Accounting and Financial Management

From a financial perspective, an ERP system is integral to unifying accounting practices. For instance, an ERP can simplify tasks like month-end closings, bank reconciliations and reporting. 

Where procurement is concerned, ERPs can link purchasing data directly to financial records, helping companies manage supplier contracts and control their spending and cash flow. 

Budgeting processes also benefit from ERPs, as real-time financial insights and forecasting tools enable accurate financial planning and strategic decision-making.

Financial Reporting & Compliance 

As a company grows, so does its accountability—especially when it comes to financial practices. Any financial reporting tool that a company uses must be on point and fully compliant with:

• Generally Accepted Accounting Principles (GAAP) 
• International Financial Reporting Standards (IFRS)
• Region-specific regulations such as the Sarbanes-Oxley Act (SOX)

Sticking to these rules and regulations ensures transparency and helps organizations avoid costly fines and penalties. 

For example, in 2024, PwC was fined $3.35 million by the PCAOB for breaching auditor independence rules after failing to separate its audit work from joint business ventures with clients.

Fortunately, there are tools available to help other corporations avoid a similar fate. These include:

• Workiva: A key cloud-based platform that helps organizations with SEC reporting, SOX compliance, and environmental, social and governance (ESG) reporting. The software supports collaborative workflows and maintains version control for easy auditing and compliance.
• BlackLine: This is a specialized tool used for automated financial close processes and reconciliation. By standardizing routine tasks, organizations can reduce errors and ensure greater accuracy—all with minimal manual input.
• FloQast: This go-to solution for corporate accounting teams integrates with ERP systems to organize workflows and ensure audit readiness. Besides accelerating the month-end close, it maintains accurate records that stand up to external scrutiny.

Payroll and Expense Management Software 

Large corporations often employ thousands of individuals across multiple regions and countries, each governed by distinct labor laws and regulations.

Additionally, large corporations must also track and reimburse employee expenses accordingly as well as manage benefit programs, paid time off (PTO), taxes and more.

Needless to say, payroll across multiple jurisdictions can be a minefield without proper software in place. And like any process involving finances, payroll is heavily regulated and compliance is non-negotiable.

For payroll processing, corporations typically adopt one of the following platforms:

• ADP: A frontrunner in payroll services, ADP offers integrated HR, tax, and payroll solutions. Though designed for large enterprises, it also offers plans for smaller and medium-sized businesses.
• Paychex: Now serving enterprise-level organizations, Paychex delivers scalable payroll processing, tax administration and employee benefits management. It also offers optional HR and time-tracking features.

Employee expense management requires a different type of software since it’s not directly linked to payroll. Therefore, corporations like to use:

• Expensify: This all-inclusive platform handles all types of employee expenses and can even facilitate travel bookings. Built-in spend-management tools help organizations analyze trends and forecast budgets more accurately. Invoicing tools allow companies to stay on top of their cash flow.
• SAP Concur: Another comprehensive platform that allows users to submit expenses from anywhere. It also features fully automated invoicing and includes a complete travel booking and budgeting tool. SAP Concur integrates with ADP and popular accounting platforms.

Tax Management Software

Corporations usually have operations that span multiple states and countries. The wider that range is, the more intricate and complex tax compliance gets.

There are a lot of obligations. From sales tax, value-added tax (VAT), income tax and a whole lot more. Manual tax handling is nearly impossible at this stage, so this is where tax automation software steps in and simplifies the whole process.

Accountants can also use these systems to identify where a corporation can make tax savings. This is important because often these savings are significant.

While most well-known accounting platforms include some tax management features, they typically don’t cover the full needs of enterprise-level businesses. Therefore, a more specialized solution is required:

• Vertex: Specializing in indirect tax automation for sales, use and value-added tax (VAT), Vertex also integrates with major ERP platforms. This enables large corporations to calculate taxes in real time for both domestic and international transactions.
• Avalara: Known for automating sales tax compliance, Avalara provides tax calculations, exemption certificate management and filing services. This cloud-based solution integrates with a wide variety of accounting and e-commerce platforms which makes it ideal for corporations with complex sales tax requirements.
• Thomson Reuters ONESOURCE: Providing a comprehensive suite of tax solutions, ONESOURCE is essential for maintaining corporate income tax compliance. The platform includes transfer pricing documentation, indirect tax automation and global trade management. Additionally, it’s known for its end-to-end tax workflow automation.

Auditing and Risk Management Tools

Internal audits lay the foundation for corporate best practices by identifying issues early, mitigating risks, and improving processes before external audits uncover shortcomings or trigger penalties. They also reassure regulators and stakeholders that the company is committed to strong, compliant operations.

Commonly used auditing tools include:

• AuditBoard: This platform automates internal audit workflows and risk assessments, and ensures compliance with regulatory frameworks. It features real-time dashboards and reporting tools that enable audit teams to monitor issues and track remediation efforts efficiently.
• Caseware: This tool offers a customizable suite of audit and analytics software for streamlining audit processes. It includes tools for data analysis, working papers and financial statement preparation.
• SAP GRC: This software provides tools for access control, fraud detection and risk management. SAP GRC integrates directly with SAP ERP systems to provide a unified view of risk across the organization.

AI and Automation in Accounting

Accounting tools have been among the first to fully integrate artificial intelligence (AI) into their processes, transforming labor-intensive tasks into automated workflows. 

Rather than replacing accountants, this shift has enabled them to focus on higher-value work like financial analysis and strategic advisory. As a result, corporations now rely on finance professionals not just for transactions, but for insights that drive decision-making and ensure compliance.

There are lots of popular AI-based accounting platforms and most feature integration capabilities that allow them to connect seamlessly to other software tools and ERP systems:

• Xero: While commonly used by smaller businesses, Xero is increasingly adopted by larger firms for their subsidiaries or regional operations. Its AI tools automate bank reconciliations, categorize transactions and generate cash flow forecasts.
• QuickBooks Enterprise: Intuit’s enterprise-level solution leverages AI for financial reporting, automated billing and data insights. It also provides smart reporting tools that help identify trends and variances in financial data.
• Zoho Books: This AI-powered platform offers features such as auto-suggestions for journal entries, workflow automation and intelligent alerts. Designed for global businesses, it enables foreign transaction management with auto-exchange rate conversions.

A popular option among small businesses and freelancers is Wave. Its services include free tools for invoicing, accounting, and receipt tracking, along with useful automation features. However, this platform is not designed for large corporations, as it lacks integration with major ERP and CRM systems, scalability for high-volume or multinational operations, custom workflows, and the advanced reporting capabilities required at the enterprise level.

Factors to Consider in Choosing the Right Accounting Tools

When choosing an appropriate accounting tool, there are many factors for a corporation to consider:

• Organization size: The software should be able to handle large numbers of employees spread across multiple jurisdictions.
• Industry-specific needs: Accounting requirements vary by industry—for example, what suits e-commerce may not fit manufacturing. The right tool should offer features tailored to the specific demands of each business type. 
• Compliance: International corporations require platforms that can handle multi-currency operations and multi-entity accounting, all while adhering to local regulations such as GDPR in Europe or SOX in the United States.
• Scalability: The ideal platform grows with your business, without limits on users or services. The last thing a corporation needs is to have to migrate to a new platform because the existing one can no longer support its needs.
• Integration: Corporations use many different types of software and integration between them is crucial for seamless data flow. Manually transferring data is a hassle and prone to error.

Cloud-Based or On-Premise?

The last thing to consider is the difference between cloud-based platforms and on-premise solutions.

Cloud-based platforms can be accessed from anywhere, are updated in real time and usually involve lower setup costs. Many corporations favor them for their flexibility and their suitability for a workforce located in multiple regions.

However, the main concern lies in data vulnerability and the dependence on internet connectivity.  Additionally, many of these platforms are limited in terms of customization and usually require hefty subscription costs.

In contrast, on-premise solutions give organizations full control over their data and how it’s handled. Plus, since there’s no reliance on the internet, the service is always available.

This solution is preferred by highly regulated organizations that require complete security and control over their data.

The downside is that on-premise solutions take longer to implement and have substantial upfront costs. Corporations must provide their own in-house maintenance teams, and keeping the software updated is an ongoing challenge.

Final Thoughts

Although large corporations require a lot of software infrastructure, the rise of AI and automation has made a lot of business processes easier and more efficient.

By taking repetitive manual tasks out of employees’ hands, companies can focus on more meaningful work that drives their operations forward.

If you’re interested in finding out more about AI-driven accounting platforms and the benefits of outsourcing financial processes, talk to Finvisor.

We support back-office practices for a multitude of industries including fintech, biotech and e-commerce, and our financial professionals have extensive knowledge of the unique challenges all of these industries face.

With customizable plans to suit all budgets, our solution is the modern way for your organization to handle your financial operations.