Managing Multiple Entities with Flexibility and Ease
As your company grows, your financial and managerial accounting needs become more complex. Not only does your organization require more advanced financial system functionality, your internal processes and workflows need to become more automated and streamlined to support agility. You start experiencing the limitations of your existing accounting software—and start looking for a more flexible solution.
But if your growth includes the addition of new business entities, locations, or currencies—you find yourself on the fast track to overhauling your entire approach to financial and accounting management. There’s no time to lose: you need a more flexible solution ASAP to help you handle the onslaught of complexities your expansion has created. And you need to turn the challenge into an opportunity to scale your operations and forge ahead.
When Challenge Meets Opportunity
Whether your business structure is simple or complex, and whether your company’s expansion is domestic or global, your team has come face to face with a number of multi-location accounting challenges. Now, you need to manage some combination of the following:
- Decentralized payables
- Inter-entity transactions
- Financial consolidations
- Data security between divisions
- Multiple currencies
- Compliance concerns impacting taxes and reporting
These are only the tip of the iceberg. Suddenly, there are new considerations at the table that require significant changes to the way your team works. What’s more, your executive team may start expecting information that depends on real-time visibility—and you’re just not there yet.
You may start applying various workarounds to “make due” until you adopt a new financial and accounting management solution. But these can create additional process inefficiencies related to cumbersome and error-prone manual tasks (e.g. currency translation and exchange gain/loss accounting), especially if you’re onboarding new staff who need to be trained on outdated systems.
So here’s the opportunity: adopt a financial platform built for multi-entity businesses—one that can get up-to-speed quickly.
Intacct: Your Best In Class Solution
Intacct makes managing the financials for multiple locations and entities easier. It enables you to automate your manual tasks and do more with your data for more efficient and accurate accounting. It provides:
Using Intacct, your team can enjoy faster closes that are more comprehensive and provide better visibility. You’ll be able to record bills and send payments for all of your business entities using a central screen, and automatically create due to and due from transactions between entities. Plus, every consolidation includes a detailed journal entry report that’s easy to audit.
Easy Multi-Currency Management
Intacct’s powerful multi-currency management module completely automates the process for your team. You’ll have access to current exchange rates for currency conversions and revaluations as well as actionable information about gains and losses. And reports can be created in your primary currency or the entity’s local currency.
Simple Set-Up of New Entities
You’ll be able to quickly set up policies, procedures, workflows, and reporting for new entities, whether they have “inherited” or unique definitions. These include charts of accounts, period definitions, vendors, customers, and item lists.
Intacct’s comprehensive reporting functionality works seamlessly for both global and local reports. Your team will have real-time visibility with instant roll-up financial statements and reporting (single currency) or push-button consolidations (multiple currencies)—and it’s easy to switch between consolidated and local views.
Learn more! Intacct’s consolidating accounting software makes it possible for you to manage multiple entities in a single database out-of-the-box. It’s designed to scale—so it can grow with you as your company expands and your needs change. And it’s easy and intuitive for even the most non-technical team member. Download the Next Generation Financial Consolidations whitepaper and discover the benefits of automating this process.