For mid-market organisation working on improving their finances, it is crucial that you choose the right financial management software that will best equip your business to navigate the fast-paced business world we live in today. You likely have great growth plans, which rely on having an efficient financial management system in place. Two leading options in the current market are Xledger and Twinfield. Both are cloud-based accounting solutions offering a comprehensive suite of financial management tools specifically designed for mid-market organisations, providing features such as accounting, budgeting, and reporting. They offer businesses the ability to streamline their financial processes and gain real-time insights into their business performance, as well as scalability, flexibility, and robust functionality. They are both ideal choices for mid-market organisations looking to optimise their financial management practices, but knowing which one to choose will be down to the specific needs of your business.
Implementing Twinfield or Xledger systems into your organisation operations will establish a centralised platform for managing and optimising all financial processes. In addition, your streamlined processes will be automated, saving valuable time and resources and allowing your teams to focus on core business activities. We recognise the top of your agenda is likely to have growth plans and to do this you will need to have a clear picture of all aspects of your organisation, so that you can keep focusing on what you do well, but make changes to areas that need improvement. Fortunately, Twinfield and Xledger systems are both scalable and due to being cloud-based, able to provide real-time insights into your financial performance including expenses, cash flow and overall profitability. They are also able to integrate with other business tools you may wish to retain.
Xledger:
Xledger is well liked by mid-market organisations and perceived as comprehensive financial management software that addresses their specific needs well. Predominantly, the scalability ability that Xledger has is a main attraction to mid-market organisations who often experience rapid growth, whether it be in terms of size or expansion into new markets. As a mid-sized organisation you may have remote teams and employees that need access to financial information on-the-go, that is where cloud-based accessibility can be beneficial to yourself and your team. The intuitive and user-friendly interface can help you access the systems and accommodates to varying levels of financial expertise. Xledger is also ISO 27001 security certified, so you can have peace of mind that they have the commitment and capacity to maintain data security and protect your safety and privacy. Rather than offering core accounting, that is supplemented by third-party applications, Xledger is a fully comprehensive and unified cloud-based ERP system, that covers all of your needs. In addition, Xledger operates in 22 languages and can accommodate emergence into foreign markets and be deployed across multiple offices you may grow to have across the globe.
Xledger’s support is second to none, and for organisations switching from one financial management software to another, it will be absolutely invaluable. Xledger offers ‘help fragments’, which are areas broken down into small manageable pieces with step-by-step guides and screenshots to bring the training to life, to avoid you and your team feeling overwhelmed and giving you the option to learn one area at a time. Their systems also support multi-tenant access, so their consultants can access your data immediately and rapidly resolve any queries. All consultants are trained accountants and therefore able to offer the very best in customer support. They even deliver monthly webinars covering key topics based on customer queries throughout the previous month. Webinars are also released following each quarterly product upgrade, so that clients are fully informed of any changes and can continue to get the most out of their systems. Xledger additionally stand out to mid-market organisations for their Hypercare support. They are unique in providing new customers with a period of intensive support as they familiarise themselves with their new solutions.
When switching to a new system you and your team are likely to have plenty of day-to-day queries in the early phase of utilisation, therefore receiving priority support in the transition phase can be of great value.
As time with Xledger grows and support needs evolve, you will receive dedicated support via 4PointZero or Xledger’s organisation’s assigned contact-Zendesk. The Zendesk is a support portal where businesses can raise a case and be allocated a case number, which will be tracked until resolution.
As already touched upon, Xledger does also offer integrated accounting by combining accounting, budgeting and reporting into a single platform. This gives mid-market organisations an accurate end to end process and saves them time and money on data entry and reconciliation. All reports are produced in real-time, ensuring that you are equipped to track performance, identify trends and react swiftly when needed.
Twinfield:
For mid-market organisations looking for financial success, Twinfield is also a strong contender when it comes to selecting the best financial management system. It has been developed by Wolters Kluwer, a reputable brand name when it comes to all aspects of financial management , with years of proven experience dating back to 1836 and now a global provider of professional information, software solutions, and services for clinicians, accountants, lawyers, and tax, finance, audit, risk, compliance, and regulatory sectors.
They pride themselves on having developed a product which is versatile and suitable for businesses of every size, ranging from the smallest startup to even the largest of enterprises, at a very competitive price point. In terms of how they can specifically help mid-market organisations, their systems offer the functionality to be shared with advisors at the same time as clients. Their advisors can access the same information in real time, so together they can collaborate in confidence on financial matters and be able to receive informed advice on business decisions. Their software is fully scalable too, so you can feel safe in the knowledge that should your business grow and needs change, you can make use of some of the more advanced features like Fixed Assets, Project Accounting, Inter-company Postings, Group Consolidation and Currency Revaluation for example. Twinfield also integrates with other Wolters Kluwer products such as CCH Accounts Production and Basecone providing a complete, end-to-end accounting solution, for advisors and businesses. Should your organisation operate globally or grow to form a global presence, Twinfield’s systems are able to operate in multi-languages and multi-currencies. You can see your financial position in the currency of choice and produce reports in your chosen currency also.
Twinfield has open API links which provide secure integration with other business systems and can even pull data across from them and use it within Twinfield generated reports, which provides you with the flexibility to be able to retain any other existing operational systems which you are already using or wish to use within your business.
Twinfield’s security is of the highest degree. They use data centres in Europe to deliver a first-class and seamless service and conduct quarterly security audits to make sure their procedures are as tight as can be. These levels of security are enhanced by access control settings being put in place allowing control and customisation to ensure all of your staff can only access what they need to and confidential data is restricted.
In terms of support, Twinfield issues every new client with a welcome pack to get them started on the systems and offer access to a suite of online courses and learning plans. They also have a support portal where clients can raise a support case, access the support community and use a virtual chatbot agent. Through their support portal Twinfield also showcase the people behind their organisation and celebrate their success. This portal also includes podcasts, case studies knowledgebase topics, to develop understanding and confidence.
Comparison of modules in Xledger and Twinfield:
To ensure that you choose the correct financial management system for your organisation a short comparison of the main modules in both Xledger and Twinfield have been undertaken.
As a part of the core accounting module both the providers offer unlimited transactions and are period based, which means that both have transaction data and the ability to open and close periods. Xledger offers 5+ dimensions as a part of the core accounting module, whilst Twinfield offer 2 dimensions. Both have all the report functionality that you would expect from a finance accounting package, including building your own reports. In addition to the reporting capabilities, Xledger also modules that allow you to design and build your own graphs, tables and dashboards. Twinfield does not provide these modules but you can integrate other apps if you want to do this in Twinfield.
Both Twinfield and Xledger have an asset management module, including a fixed asset register. As well as an accounts receivable / payable module, and the ability to integrate with other system. However, both would put the onus on the customer or third part system to take on the integration. Both systems have cash, bank and payments capabilities, but Xledger has in addition a built in connection to Bottom Line payment bureau, mean that you can approve payments in Xledger without accessing any other systems.
Whilst both system can maintain a budget, neither are capable of scenario planning. Xledger does have the capabilities to produce a profit and loss forecast, but no debtor/creditor/cash item forecasting. Twinfield has no forecasting capabilities. The project accounting module in Xledger has the capability to undertake full time and materials rebilling. Whilst the project accounting in Twinfield is only for reporting. Xledger has a time and management module for employees to feel in timesheets, Twinfield however does not have a module like this. You can track expenses, and use the procurement and inventory module in Xledger, but in Twinfield you will have to use an integrated App/separate third party provider. You can do your invoicing in both systems, however, in Xledger you can also process sales orders. In Xledger you can also implement a workflow in your organisation for approval of orders and invoices.
Xledger has a member and donor management module which they developed for industry specific functionality for Not for profit organisations. They also have a CRM functionality called XRM, which is not offered in Twinfield.
Pricing:
Comparing the pricing for Twinfield and Xledger is less simplistic, as for both clients you are required to complete a form and then they then contact.
When the time comes for you to make your final choice between Xledger and Twinfield for your organisation’s financial management, it will depend on the unique needs and priorities of your individual organisation. Both Xledger and Twinfield are highly capable financial management software solutions, but one will be more suited to your mid-market organisation’s needs. It’s essential for you to carefully evaluate your unique financial needs, growth projections, budget constraints, and existing infrastructure before making a decision. It would be wise to assess the scalability, the complexity of your financial operations, your integration requirements, the user-friendliness of the systems and how support and training will be delivered as well.
It would also be beneficial to conduct a thorough needs assessment, consult with financial experts like 4PointZero, and even explore free trials or demonstrations of both platforms to gain a better understanding of which one aligns best with your organisation’s specific requirements. Ultimately, the right choice will empower your organisation to manage its finances effectively and support its growth in the long term.