8 Best Accounting Software for Financial Services

iplicit leads as the best overall option for UK mid-market finance firms that require native multi-entity consolidation, fast finance-led implementation and full MTD readiness without needing a full ERP. Sage Intacct and NetSuite also feature as options for large firms or more globally complex operations that can invest in longer rollouts.

Shortlisted platforms

#	Software	Best For
1	iplicit	Scaling mid-market UK PE and VC firms that require native multi-entity consolidation and rapid implementation
2	Sage Intacct	Mid-market to enterprise financial services with strong dimensional reporting and multi-entity needs
3	NetSuite	Large or complex organisations requiring a full ERP across finance and operations

Has your finance stack kept pace with your PE or VC portfolio growth?

Private equity and venture capital firms in the UK face unique accounting challenges around multi-entity structures, investor reporting, multi-currency transactions and strict compliance. Entry-level tools often fall short once portfolios grow, and the same thing happened with a venture capital firm, Dawn Capital.

It took their outsourced finance function around 60 to 80 hours a month (which is nearly two working weeks) just to produce one management reporting pack by hand across entities. It is more or less a familiar figure for financial services firms running multiple entities or investments.

Moving to iplicit, a software built for VC and PE firms, cut that time in half. That meant their finance teams did not spend time doing manual spreadsheet work. Instead, they dedicated more time to analysing, which is consistently the top priority, and it rarely happens without genuine multi-entity consolidation.

So to help you achieve the same efficiency, in this article, we will compare 8 accounting software platforms. We will look for multi-entity consolidation, multi-currency handling, and audit trail depth that private equity and venture capital groups need.

Why listen to us?

iplicit is purpose-built for mid-market UK organisations, including private equity and venture capital firms managing multiple entities and SPVs. We've migrated finance teams from most of the platforms on this list, and we've seen first-hand where each one starts to show its limits. This guide reflects that experience, alongside vendor documentation and user reviews.

How we compared these tools

We make iplicit, so this isn't an independent review. Our comparison criteria — multi-entity and SPV consolidation, multi-currency handling, audit trail depth and Making Tax Digital readiness — reflect the issues UK private equity and venture capital firms consistently raise when choosing accounting software. We've checked competitor features and pricing against publicly available product documentation and pricing pages, current at the time of writing; iplicit's own product and pricing information comes from our documentation and product team. This guide was last reviewed on 24 September 2026.

What is accounting software for financial services?

Accounting software for financial services in the UK, particularly within private equity (PE) and venture capital (VC), is software that handles finance complexity. This means the software can:

• Support native multi-entity consolidation
• Allow multi-currency accounting with automatic FX handling
• Provide detailed audit trails to meet governance and compliance needs
• Integrate with HMRC’s Making Tax Digital initiative

For finance teams, these specialised features allow them to automate intercompany processes and portfolio-level reporting. With this, finance teams can have real-time visibility without relying on fragmented spreadsheets.

With accounting software like iplicit designed specifically to handle their unique workflows, finance leaders can focus more on deriving strategic insight and less on crunching numbers manually.

8 best accounting software for financial services

#	Tool	Best for	Multi-entity	Multi-currency	Starting price
1	iplicit	Mid-market financial services groups and PE/VC portfolio companies	Yes, native, with SPV support	Yes	Custom quote
2	Sage Intacct	Firms wanting deep dimensional reporting from an established UK brand	Yes	Yes, 160+ currencies	Subscription available at two tiers: Sage Intacct Essentials, and Sage Intacct. From ~£12,000/year
3	NetSuite	Larger, operationally complex groups needing a broader ERP	Yes, via OneWorld	Yes	Quote based, ~£20,000 to £80,000/year (small), £80,000 to £200,000+/year (mid-market)
4	Xero	Early-stage firms before institutional complexity hits	No native consolidation	Yes, higher tiers only	£3.2 to £13/month, excl. VAT (for the first 6 months)
5	AccountsIQ	UK/Ireland mid-market groups wanting multi-entity without full ERP cost	Yes	Yes	From £250/month (Core)
6	Xledger	Mid-sized groups wanting strong automation across many entities	Yes	Yes, 22+ languages, all currencies	Custom quote
7	Access Financials	Businesses already inside the Access Group ecosystem	Limited, not true cloud	Yes	Custom quote
8	Exchequer	Long-standing Exchequer users evaluating their next move	Limited, on-premise	Yes	No public pricing; now in extended support only

1. iplicit

iplicit is a UK-built, purpose-designed cloud accounting platform to serve the needs of mid-market organisations such as private equity and venture capital firms with multiple entities and SPVs.

It offers real-time multi-entity consolidation, fully automated inter-company transactions and investor-ready reports. All of these capabilities are available without the consultancy costs associated with more conventional ERP solutions. Also, iplicit allows your finance teams to set up new entities within minutes and achieve a single point of truth across their portfolio.

Key features

• Multi-entity and SPV consolidation: New entities or SPVs are added by the finance team directly, with intercompany transactions and eliminations calculated automatically for group-level reporting.
• Multi-currency accounting: Consolidated reporting supports multiple currencies (with automatic revaluation) and different exchange rate types for intercompany transactions.
• Unlimited general ledger dimensions: Data can be analysed by entity, fund, department, or project without expanding the chart of accounts.
• A full audit trail, with role-based permissions: Everything you do gets recorded and gives you granular control over who sees what.
• Native MTD (Making Tax Digital) support for VAT: With iplicit, you can easily file your return directly to HMRC digitally, whether you have one or more registrations.

Pricing

iplicit has custom pricing based on your business size and requirements. There’s no published price list available online, and there’s no free trial as well. You can book a demo or a short guided tour directly to see the capabilities of iplicit.

Pros

• Purpose-built messaging and case studies for private equity and venture capital
• New entities or SPVs can be added without a fresh implementation project
• Fully auditable trail plus segregation of duties, which is ideal for regulated businesses with investor scrutiny
• Finance-led implementation, without ongoing consultant dependency

Cons

• No published pricing
• Not aimed at very large, globally complex enterprises

2. Sage Intacct

Sage Intacct is one of the leading cloud financial management systems. It is very popular amongst mid-market financial services organisations.

With its powerful dimensional reporting, multi-entity consolidation and real-time insights capabilities, Sage Intacct is an excellent fit for many PE-backed businesses & investment houses that don't want to invest in the whole ERP solution.

Key features

• Native multi-entity consolidation: Intercompany elimination and currency translation are automatically performed to deliver consolidated financials under UK GAAP (FRS 102) or IFRS.
• Multi-currency support: FX gains & losses are automatically calculated and posted for over 160 currencies.
• Multi-dimensional reports: Your finance team can report against departments, projects, locations or custom dimensions without having to restructure your general ledger
• Native MTD for VAT: Allows digital record keeping and submission to HMRC, included in the UK version, at no extra cost (multiple VAT registrations)
• Sage Copilot AI features: Its embedded AI tools now extend to include things like anomaly detection in your general ledger

Pricing

• It is priced as a subscription-based service with two options (Sage Intacct Essentials and Sage Intacct) based on user(s), module(s), and entity(ies). It can start at ~£12,000/yr (for the UK) with average price tags of ~£12K-30K/yr for smaller teams and 40k to 120k+/yr for mid-market orgs, with implementation fees of around ~£15K to 80K in year one.
• Sage Intacct has a 0%/7%/7% three-year contract model. Each year, you have to pay an annual upfront amount and a 7% uplift. Sage Intacct itself mentions a starting price of £1,000 per month.

Pros

• Deep, well-regarded financial reporting and dashboards
• Backed by a listed UK company
• Built for native MTD & compliance to UK GAAP (FRS 102)

Cons

• High total cost of ownership, combining licensing, implementation, and modules
• Implementation generally takes 8-24 weeks with support from a specialist partner
• The product roadmap and its level of configurability aren't as flexible compared to newer entrants using cloud-native technology

3. NetSuite

NetSuite is Oracle’s cloud-based ERP platform that covers both financial and other common elements of ERP, including CRM, inventory, and supply chain.

It’s an attractive option if you’re running a larger (or perhaps more operationally complex) group within the financial services sector.

NetSuite provides global multi-entity and multi-currency consolidation capabilities using its OneWorld module. However, it does require far heavier implementation capability than with a finance-only platform like iplicit.

Key features

• OneWorld global consolidation: Multiple subsidiaries and currencies consolidated with intercompany eliminations in a corporate structure.
• Wide scope of ERP: In addition to accounting and inventory matters, there are CRM and supply chain systems involved.
• SuiteSuccess methodology: Preconfigured, industry-specific editions aim to cut implementation from six-plus months to three to four.
• MTD-compliant VAT: Supported alongside UK GAAP (FRS 102) and IFRS reporting.
• Twice-yearly upgrades: All customers move to new releases together as a multi-tenant cloud system.

Pricing

• NetSuite doesn't publish its prices. You’ll need to get a quote if you’re interested, which can vary widely by scope and is often separate from the implementation cost.
• But an approximated typical cost in the UK can be from £20,000 to £80,000 per year for a small business with around 5-15 users. It might cost around £80,000 to £200,000+ per year for mid-market companies. Also, the implementation cost runs between one to two times the annual licence fees.

Pros

• Genuinely global multi-entity and multi-currency consolidation at scale
• Broad functionality beyond finance for operationally complex groups
• Larger integration ecosystem
• Well-suited for groups intending to achieve international or acquisitive growth

Cons

• It is the most expensive platform on this list, including implementation, which typically costs one to two times the annual licence fee
• According to industry reports, the typical duration for implementing NetSuite requires about nine months, with specialist consulting services usually required.
• Annual price increases of 3–8% are standard

4. Xero

Xero is a cloud-based accounting platform designed for small businesses and sole traders. It’s often a starting point for early-stage financial services firms before their entity structure gets more complex.

It lacks native multi-entity consolidation, which is usually the point where companies begin to seek out other options.

If you have a mid-sized finance firm with somewhat complex operations, Xero wouldn’t be a good choice. You can go for iplicit in that case, which offers multi-entity consolidation and doesn’t also require months for implementation, unlike NetSuite.

Key features

• Bookkeeping and bank reconciliation: Core features are supported by well-regarded bank feeds with automatic matchings.
• MTD compliant VAT: All account types can take advantage of MTD compliance for VAT.
• Support for multi-currency: This feature is available in Xero’s higher-priced plans and isn’t extended to group-level consolidations.
• A large app marketplace: It has a large marketplace with over a thousand integrations that expand on what Xero doesn’t offer natively.
• A simple interface: Xero’s interface is quite simple and easy to navigate. It’s very easy to learn for small teams without a dedicated finance function.

Pricing

• There are various tiers available for UK finance teams, ranging from £3.2/month (Ignite) up to £13/month (Ultimate) for the first 6 months. Note that VAT is excluded from this figure, and support for multiple currencies will only be available from the higher-tier subscriptions.
• However, new customers are offered a discounted rate during sign-up for their first organisation. Currently, Xero is offering 80% off all its plans in the UK for the first 6 months. That’s why the four UK plans cost a lot less than the usual price.
• Starter: £3.20/month (usually £16)
• Grow: £7.40/month (usually £37)
• Comprehensive: £10/month (usually £50)
• Ultimate: £13/month (usually £65)

Pros

• It’s a low-cost option, as compared to the other platforms on this list. Xero is also quite fast to set up for a single entity that has simple needs
• You will get strong bank reconciliation and everyday bookkeeping automation with Xero
• It has a large integration marketplace that you can benefit from if you think it lacks a particular feature
• Xero is familiar to most UK accountants, which eases early-stage audits

Cons

• There isn’t a feature to consolidate data from multiple entities, making this software ill-suited for multi-entity structures common at PE and VC firms. You’ll find that while features are adequate when you’re operating a single entity, as your company grows into a larger organisation with different teams, you’ll quickly run into limitations.
• The lack of depth in reporting, combined with the absence of an audit trail, makes this software unsuitable for companies requiring a higher degree of transparency from their accounting software.
• Price increases have happened with every one of their latest re-pricings, with some experiencing double-digit increases

5. AccountsIQ

When a finance team decides to call it quits on platforms like Sage 50 or Xero due to their basic features, they typically move towards iplicit or AccountsIQ.

AccountsIQ provides powerful mid-market consolidation and multi-currency accounting functionality for UK and Ireland-based multi-entity business groups, at a lower price point than other ERP systems.

Its popularity can be attributed to its adoption by growing private equity-backed companies as well as financial services firms.

Key features

• Automated multi-entity consolidation: With intercompany transactions, multiple currencies, and complex ownership structures consolidated automatically, a new entity can be created simply by replicating an existing model.
• Three-tier general ledger, six BI dimensions: It can feed into 250+ pre-built reports and management packs.
• Excel add-in and Power BI connectors: There’s custom reporting in familiar tools that can use live data.
• Approvals and audit trail: You can configure your approval process with an extensive audit trail for statutory/investor reporting.
• Open API: You get to connect to CRM, expense, payroll, and more (Salesforce, Concur, etc.) without any hassle.

Pricing

• Their Core plan starts at £250/month. You can also scale up with Growth, Scale, and Enterprise plans, based on your number of modules, entities, and users.
• AccountsIQ has three plans available:
• Core: £250/month
• Growth: £600/month
• Scale: Requires contacting sales

Pros

• Multi-entity & currency consolidation capabilities are part of the core platform
• It has a lower price point vs NetSuite or Sage Intacct with a similar level of multi-entity depth
• There’s UK and Ireland-based support which is very attractive for UK-based accounting firms

Cons

• Initial setup needs support input and cannot be carried out internally
• The bulk actions on accounts receivable feel limited
• Consolidation rolls data up from each entity rather than reporting from one live dataset

6. Xledger

Xledger, from Scandinavian origin, is a cloud ERP & finance software designed with mid-sized and multi-entity organisations in mind. It's suitable for businesses that have outgrown entry-level accounting packages but still require significant automation within their finance function.

But there are concerns regarding how the platform is configured and adapted. Xledger often relies on external consultants for setup and reporting. This alone can be a real pain point and can leave finance teams dependent on outside help and slower to make changes themselves.

Apart from that, in user reviews, many users complain about that custom reporting and intuitive drill-down can be harder than expected.

Key features

• Real-time multi-entity consolidation: There’s a hierarchical entity structure that eliminates Excel-based consolidation. It also provides fully automated inter-company postings and eliminations.
• Multi-currency by design: There are all international currencies and 22+ languages are that it supports at both the entity as well as consolidated levels.
• Deep process automation: Xledger fully automates processes from AP to AR to bank reconciliation, expenses, project accounting & period close.
• Native BI and reporting: You can get access to role-based dashboards with the ability to drill down to the transaction level without having an additional BI licence.

Pricing

Xledger has custom pricing based on the number of users & selected modules. It works as a monthly SaaS subscription. You’ll also have to pay a one-off implementation fee during onboarding.

Pros

• Genuinely native, real-time multi-entity and multi-currency consolidation
• Deep automation within the finance function that eliminates manual efforts.
• Ability to rapidly onboard new or acquired entities via an inherited configuration.
• Strong customer retention and UK-based support

Cons

• Several reviewers have commented on how unintuitive its interface and error messages can be.
• Users have raised concerns about performance problems under heavy usage.
• Increased dependency on partner and consultancy support over more configurable self-serve platforms.

7. Access Financials

Access Financials (formerly Access Dimensions) is a finance and ERP software by The Access Group, sold together with their wider range of HR and CRM solutions.

It is particularly suited to financial services firms managing multiple entities, high transaction volumes and strict governance requirements.

Key features

• Flexible ledger structures: Allow users to configure multi-entity and multi-currency consolidation, project accounting, and not-for-profit accounting options.
• Interactive dashboards: Let you monitor KPIs in real-time with drill-down into supporting data and docs.
• Mobile and Microsoft Office integration: Approvals and data entry through mobile apps or Office tools.
• Subscription-based cloud delivery: Includes updates and support without separate infrastructure costs.

Pricing

Access Financials does not offer public pricing details. Pricing is custom depending on your business scale, no of modules you need, and the scope of implementation.

Pros

• Familiar and dependable core finance functionality
• A natural fit for organisations that use any other Access Group products
• Subscription pricing avoids separate infrastructure and maintenance costs

Cons

• Many existing customers still run legacy or hybrid deployments rather than true cloud
• Interface is described as dated compared with cloud-native competitors
• Full functionality often needs multiple bolt-ons or third-party add-ons

8. Exchequer

Exchequer is a long-established UK and Ireland-based accounting system, which is primarily on-premise with a couple of hosted options. It has built a loyal base on core financials and Excel integration. The product is now in extended support only, with development having ceased, a significant factor for any PE or VC-backed business assessing its long-term viability.

The main issue is that Exchequer lacks native cloud architecture and struggles with multi-entity structures. This means you’ll have to heavily lean on manual work and spreadsheet exports, which is a deal breaker for many.

Exchequer accounting software is now owned and supported by OneAdvanced. You can find the main product details and support on the OneAdvanced Financials Page. The software's original brand name has transitioned.

Key features

• Core financials: It has a general ledger, accounts payable, and accounts receivable, which cover the essentials for small to mid-sized organisations.
• Tight Excel integration: Reporting and analysis depend on Excel, which suits teams comfortable with manual processes.
• On-premise or hosted deployment: Runs primarily on-premise, with some hosted options, rather than true multi-tenant cloud.
• Established functionality: You can find familiar features designed for small- to mid-sized organisations.

Pricing

Unfortunately, there’s no publicly available pricing for the Exchequer platform. If you’re looking to purchase the product, be sure to reach out to their sales team directly. Also, the software is in extended support only.

Pros

• Long-standing reputation and a loyal, experienced customer base
• Deep institutional knowledge among long-term users
• Familiar core financials for teams that used to manually run their processes using spreadsheets

Cons

• Development has ceased, so you’re stuck with what you have (in an “extended support” mode)
• The software is neither designed nor built to facilitate true cloud access, multi-entity consolidation or audit trails as deep as investors would demand
• Reliance on manual processes and Excel exports introduces risk of error at scale

The right accounting software for financial services

When choosing the best accounting software for private equity and VC in the UK, you must find the right balance. The right balance between multi-entity functionality, multi-currency support, and audit requirements, against costs and implementation efforts, will make all the difference.

Reviewing your number of entities, current reporting needs, and considering future growth goals could help you choose. If your current system is making multi-entity reporting a manual effort, it's worth seeing what iplicit does differently.

Request a quick tour to see how it handles SPV consolidation, intercompany transactions, and investor-ready reporting, without the implementation weight of a traditional ERP.

Sources and review information

Sources: vendor pricing pages, product documentation and publicly available feature comparisons for iplicit, Sage Intacct, NetSuite, Xero, AccountsIQ, Xledger, Access Financials and Exchequer, current at the time of writing. iplicit's own product and pricing details come from our documentation and product team. Customer figures for Dawn Capital are drawn from iplicit's own published case study.

This guide was last reviewed on 24 September 2026. Vendor pricing and promotional offers change frequently — always confirm current pricing directly with the vendor before making a decision.