To manage your renewable energy startup’s financial management needs in the early days, you might’ve relied on Excel spreadsheets or a basic accounting solution. But as your business grows, there will be a point where your finance function can no longer generate accurate reports and analyses with the tools at hand.
At this point, you may be considering upgrading to a more advanced solution, perhaps an accounting software tailored for the needs of the renewable energy industry. Such systems might come with features specific to your industry, such as energy and sustainability reporting or multi-entity management.
We've compiled a short comparison list of some popular accounting software for renewable energy startups like yours, as rated on sites like Capterra and Software Advice.
Alternatively, if you’re planning to pursue rapid regional growth for your renewable energy startup in the near future, you could take a step further and consider a scalable Cloud ERP system
Accounting Software That Are Popular With Renewable Energy Startups Today
1. QuickBooks Online
Overview of QuickBooks; Source: QuickBooks International
What Is It?
Known for its ease of use and accessibility, QuickBooks Online is also one of the best accounting software for reporting on the market today. Thanks to its web-based interface, businesses can access QuickBooks Online from any web browser, and manage their accounting whenever they want.
What Is It Best Known For?
Because it is a web-based accounting software, you can access QuickBooks Online from any web browser anywhere, at any time.
It also has a powerful mobile app which is available in both iOS and Android, and includes almost all of the functions that can be found in the desktop interface.
How Does It Review?
- 4.3 stars from 6300 reviews on Capterra
- 4.3 stars from 6303 reviews on Software Advice
What Type Of Business Is It Best Suited For?
QuickBooks Online is one of the most popular accounting software for small businesses in many industries today, including the renewable energy industry.
2. EnergyCAP
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EnergyCAP Dashboard View; Source: EnergyCAP, LLC
What Is It?
EnergyCAP is a leading energy and sustainability ERP software which tracks the energy usage, cost, and carbon emissions of your business, providing comprehensive reporting and analysis to inform your decision-making. It offers automated bill entry, budgeting, and audting tools.
What Is It Best Known For?
EnergyCAP brings best-in-class portfolio-level energy and sustainability reporting to the table, which is especially useful for utility bill management.
It also provides real-time energy and sustainability analytics, and also displays carbon emissions data to help your business meet its ESG reporting needs.
How Does It Review?
- 4.7 stars from 62 reviews on Capterra
- 4.7 stars from 62 reviews on Software Advice
What Type Of Business Is It Best Suited For?
EnergyCAP is commonly used by utility vendors, government bodies, as well as higher education institutions.
3. AccountsIQ
Overview of AccountsIQ; Source: AccountsIQ
What Is It?
AccountsIQ is a cloud-based financial management software. It offers bespoke reporting, faster consolidation and in-depth strategic analysis to help boost collaboration across renewable energy businesses spread across multiple entities.
What Is It Best Known For?
AccountsIQ is a cloud-based multi-company accounting software which understands different entity structures, and recognizes the role of SPVs/SPEs in a renewable energy business’s portfoilio.
It also allows each business entity to be treated as a project and handle it differently according to its stage. This makes it suitable for renewable energy businesses, which often comprise multiple entities across different solar or wind farm sites.
How Does It Review?
- 4.7 stars from 25 reviews on Capterra
- 4.7 stars from 25 reviews on Software Advice
What Type Of Business Is It Best Suited For?
Renewable energy businesses with multiple locations, such as solar or wind farms.
4. Gravity Software
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Gravity Dashboard; Source: Gravity Software, LLC
What Is It?
Designed especially for multi-entity companies, especially those in the energy sector, Gravity is a cloud-based accounting software that can help renewable energy businesses tackle challenges such as forecasting capital expenses and multi-currency accounting.
What Is It Best Known For?
Gravity is built natively on the Microsoft Power Platform, which means it can be easily integrated with other applications such as Microsoft Office 365 for seamless collaboration.
Its automated multi-currency accounting features also helps renewable energy businesses with locations in multiple countries to easily calculate foreign currency transactions.
How Does It Review?
- 4.2 stars from 4 reviews on Capterra
- 4.2 stars from 4 reviews on Software Advice
What Type Of Business Is It Best Suited For?
Small to mid-sized enterprises (SMEs) in various industries, including renewable energy.
5. Accounting Seed
Demo of Accounting Seed; Source: Accounting Seed
What Is It?
Built exclusively for Salesforce users, Accounting Seed is a cloud-based accounting software for SMEs. It offers accounting features tailored for businesses involved in energy generation, whether through a grid or through renewable resources.
What Is It Best Known For?
Accounting Seed can help you achieve full project data transparency while managing the entire budget and projects across your renewable energy business.
It also captures and analyses financial details to give you a view of profit and loss reports in real-time.
How Does It Review?
- 4.3 stars from 114 reviews on Capterra
- 4.3 stars from 114 reviews on Software Advice
What Type Of Business Is It Best Suited For?
SMEs which are already using, or plan to use the Salesforce CRM software only.
6. Sage Intacct
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Overview of Sage Intacct Dashboard; Source: Sage Group Plc
What Is It?
A flexible and scalable financial platform that delivers deep accounting capabilities, Sage Intacct is preferred by SMEs across multiple industries – including renewable energy – for its ease of use, integrated multi-dimensional reporting, and more.
What Is It Best Known For?
Sage Intacct powers strategic decisions thanks to its rich, multi-dimensional reporting features. It also tracks and manages the finances and operations of multiple entities – such as renewable energy businesses tend to be – with ease.
In addition, Intacct integrates and shares data seamlessly with asset management systems, energy trading platforms, and environmental compliance tools which are in
How Does It Review?
- 4.2 stars from 388 reviews on Capterra
- 4.2 stars from 388 reviews on Software Advice
What Type Of Business Is It Best Suited For?
Any size of renewable energy businesses, from growing startups to public companies.
7. Xero
Introductory Video On Xero And Its Value; Source: Xero Accounting Software
What Is It?
Designed for small business owners and accountants, Xero is one of the most popular accounting software on the market. It is a software-as-a-service (SaaS) solution which can be accessed from any computer or mobile device.
What Is It Best Known For?
Like QuickBooks, Xero is a web-based solution which can be accessed from any computer or mobile device with an Internet connection.
Xero also integrates with more than 1,000 3rd-party applications, which makes it easily customisable for unique industry needs such as a renewable energy startup might have.
How Does It Review?
Xero scores:
- 4.4 out of 5 stars from 2,724 reviews on Capterra
- 4.4 out of 5 stars from 2,774 reviews on Software Advice
What Type Of Business Is It Best Suited For?
Xero is best suited to renewable energy startups that are in the rapid stage of their growth and scaling.
When Accounting Software Just Isn’t Enough (And Where Cloud ERP Comes In)
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While accounting software will serve your renewable energy startup well in its early days, your business will eventually outgrow these solutions.
At this point, the next stage is to look for a cloud ERP software to replace your accounting software which is able to support your business’s next phase of growth.
A suitable choice of ERP software should help your renewable energy startup address these issues:
Depreciation of Power Generating Equipment
Accounting for the depreciation of renewable energy assets, such as solar panels and wind turbines, can be complex due to varying lifespans and technological advancements in the sector. Proper depreciation accounting is essential to reflect the true value of assets over time.
Capital Expenditures
Managing capital expenditures efficiently is vital. Renewable energy businesses often need to make substantial upfront investments. Proper allocation and tracking of capital expenditures are crucial for accurate financial reporting and budgeting.
Intercompany Accounting
When renewable energy businesses cross a certain point of growth, they tend to differentiate into multiple business entities in different locations due to the nature of the industry. A software solution that can unify all these entities under a single platform with intercompany accounting capabilities is crucial at this point.
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NetSuite ERP as one of the leaders in 2022 Gartner Magic Quadrant for Cloud ERP; Source: Gartner
For a solution which has the capability to address all of the above industry-specific challenges, renewable energy startups like yours could stand to benefit greatly from a cloud ERP software like Oracle NetSuite.
Recognised as a Leader in the 2022 Gartner Magic Quadrant for Cloud ERP for Service-Centric Enterprises, NetSuite comes with powerful capabilities that can handle all of the above industry challenges that renewable energy startups face, and more.
Accounting Software Won’t Be Sufficient For Your Renewable Energy Startup Forever; It’s Time To Think About An Upgrade To ERP Software
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Selecting an accounting software is a critical decision for your renewable energy startup in the the early days. By choosing a solution that can optimise your financial management, and even comes with features for addressing specific industry needs such as multi-entity accounting and project management, you can give your business a good start.
However, your renewable energy business will grow beyond the startup phase, and require a solution that scale with its growth. A simple accounting software won’t be able to fulfil that requirement, and you’ll need to upgrade to a solution that can scale in line with the continued growth of your business.
A true cloud ERP software like Oracle NetSuite is the ideal choice for such an upgrade. The cloud-based nature of NetSuite means it can easily be scaled to provide as much capacity as your growing business needs at any point in time. It can even support the expansion of your renewable energy business to multiple locations across different countries.
Interested in learning how else a true cloud ERP software can support your hotel operations better than a mere accounting software? Click on the image below to download our resource, and find out why businesses are moving away from basic accounting software like QuickBooks to cloud ERP software like Oracle NetSuite.
