Every business owner dreams of growing their company and taking over the world, right? Or maybe at least the region or state. But advancing from a single-entity to a multi-entity company can have its growing pains.
As companies grow transaction volumes and have more information, retaining financial data for multiple entities in separate data files and using consolidation spreadsheets becomes extremely labor intensive. When you add the complexity introduced by subsidiaries that have different base and reporting currencies the result can be a highly complex, fragile, and spreadsheet-based manual process.
The original financial system that once worked well for your single-entity company progressively swells under the stress of additional locations, affiliates, or departments.
LBMC Technology Solutions recommends Intacct for companies in the process of going from being single entity to multi-entity or multi-location. Intacct allows users to do the following with “out of the box” capabilities:
- Save time and reduce error with automated multi-entity consolidation: Perform financial consolidations with a click of a button allowing you to close the books faster and view interim summary figures at any time. Intacct produces a detailed journal entry report for every consolidation, giving you auditability.
- Support growth by streamlining new entity set-up: Instantly set up new entities with configurable rules for inter-entity transactions, bank accounts, and more. With Intacct, you can have new entities inherit your existing lists, process definitions, and charts of accounts. Or you can easily configure each new entity with unique definitions. If you want to centralize payables and receivables, you can. If you want to have multiple charts of accounts, you can.
- Increase visibility by relying on flexible, fully up-to-date local and global reports: Get fast, accurate financial reports, regardless of your organization’s complexity. With Intacct’s consolidation accounting, you can quickly compare performance across entities. You can choose your reporting currency and language, tailor local account titles to fit local regulations, and easily switch between consolidated and local views for further insight into the figures.
Our clients have found that Intacct makes it easy to manage the financials for multiple locations and entities, whether their business structure is simple or complex, domestic or global. With Intacct, organizations can eliminate manual effort, close the books faster, and bring on the growth even when transitioning into a more complex business.
LBMC Technology Solutions offers several financial software options to fit the way you do business. Contact us to discuss the best solution for your organization.