Top 3 Accounting Software Packages in the Energy Industry

Most fuel dealers have software to manage their delivery operations, but these systems often lack the accounting features needed to run a business. Instead, fuel dealers turn to best-in-class accounting and ERP software that integrates with existing systems to manage financials. Here are three integrative accounting solutions that fit the specific needs of fuel dealers.

QuickBooks

QuickBooks is a popular solution among small businesses just getting started with finance management. QuickBooks has simple, straightforward features and a low price point, making it a natural fit for small businesses.

QuickBooks handles basic accounting needs, like general ledger, payables, receivables, income and expenses, and payroll. There are different versions, so businesses can choose the one that best meets their needs and budget. QuickBooks can be used online or installed on your desktop.

Dynamics GP

Microsoft Dynamics GP is much more extensive than QuickBooks. Its advanced accounting features work alongside payroll and operational features like purchasing, sales orders, and inventory management. Businesses can install it on cloud servers to use online, but GP was initially built to be hosted by on-premise servers. 

Dynamics GP’s advanced features and hardware requirements make it a more expensive solution than QuickBooks. However, Dynamics GP is a better fit for mid-size and large businesses.

Dynamics GP is a proven product used by thousands of companies, but it is also an older solution built using dated technology. Microsoft continues to develop new software using the most modern technology available.

Current Dynamics GP users may be interested in Dynamics 365 Business Central, Microsoft’s newest accounting and operations system released in April 2018. It has features similar to Dynamics GP but was built as a cloud product, so it can be used online on any device.

Sage Intacct

Sage Intacct is an ideal solution for mid-size businesses that have outgrown QuickBooks but don’t need an advanced enterprise-level accounting system. The software saw rapid growth in the energy industry during the late 2010s because of its ability to fill a crucial gap in the market.

Before Sage Intacct, there was no accounting system option for mid-size businesses that had outgrown QuickBooks. Companies had to either buy a much larger, more expensive system or stay on QuickBooks, developing inefficient workarounds to use the software effectively.

Sage Intacct goes beyond Quickbooks with built-in reporting so you don’t need to export data to Excel, dimensional reporting so you can slice and dice data in new ways, consolidated reporting to support multiple locations and entities, and security and audit controls that are GAAP compliant.

Sage Intacct is a cloud solution, which means it’s accessible on any device with an internet connection. Its design lets it easily connect to other systems.