The challenges of Companies that have grown to the point of having multi-division, multi-currency or multi-entity accounting are numerous. However, having the right accounting system can make all the difference in the world. Some of the key features of the right solution include:
- Automation of bill payments from a centralized location
- Automation of exchange rates
- Single chart of accounts without need for subaccounts
- Automation of intercompany eliminations
- Easy automated assembly of consolidated or consolidating reports (no more spreadsheets)
- Easy integration with other applications that may be numerous for all the divisions, entities and lines of business
- Ability to produce standalone reports for business, entity or divisional operating leaders
Balancing the accounting and reporting requirements along with the Company’s growth can add additional complexity. Sage Intacct has proven itself in meeting these challenges and providing that scalability to grow with the organization. We have seen an increase in clients choosing Sage Intacct for some of the following reasons:
- Consolidation model businesses – we have had many private equity backed clients looking for a solution that can accommodate its acquisition strategy. They are looking for platforms that can add new businesses that can be tracked distinctly for reporting purposes or there are nuances that may exist between the businesses and the system may need to handle those nuances. Rolling the acquisition up into the platform allows for better scalability and synergies to meet the investment thesis.
- Practice based businesses – for example, consulting groups with different lines of business and line leaders or medical groups with multiple offerings. These practices many times have a front-end system or EMR they rely on. These systems are integrated into Sage Intacct and Sage Intacct’s ability to excel in varying reporting needs relying on its dimensions, multi-entity set up and multi-currency capabilities steal the show. Operational reporting needs are met by allowing easy production of standalone operational results for any group, practice, region, etc. Consolidated reporting for the entire organization is made a breeze with Sage Intacct and the days of consolidating via spreadsheets is in the past.
If your company is struggling with operational reporting for multiple business lines, consolidating in spreadsheets, digging for and applying multiple exchange rates, acquisitions that you cannot integrate with existing systems contact us today.