Any company that deals with multi-division, multi-currency or multi-entity accounting knows how challenging each can be. You’re constantly converting currencies, tracking separate spreadsheets, and combining them for an overview. There are also challenges like:
- Reporting for multiple business lines
- Consolidating in spreadsheets
- Digging for and applying multiple exchange rates
- Trying to integrate acquisitions with existing systems
The good news? There are solutions to this process, and in this article we’ll explain what you should look for.
Key features of a modern business accounting solution
Here’s what we recommend when you’re dealing with many entities, divisions, and currencies:
- Easy integration with other applications that may be required for all the divisions, entities, and lines of business
- Easy automated assembly of consolidated reports (no more spreadsheets)
- Ability to produce standalone reports for business, entity, or divisional leaders
- Single chart of accounts without the need for subaccounts
- Automation of bill payments from a central location
- Automation of intercompany eliminations
- Automation of exchange rates
As your company grows, so will your accounting and reporting requirements.
How Sage Intacct helps companies deal with complex accounting
Sage Intacct meets these challenges and scales as companies grow. We’ve seen an increase in clients choosing Sage Intacct. Some of those clients include:
Consolidation model businesses
We see many private-equity-backed clients looking for a solution that can accommodate its acquisition strategy.
They want platforms that can add and track new businesses for reporting purposes. Or there are nuances between the businesses and the firm needs to handle them.
Rolling the acquisition up into the platform allows for better scalability and the ability to meet the investment focus.
These include consulting groups with different lines of business. They also include line leaders or medical groups with multiple offerings.
These practices often have a front-end system or electronic medical record (EMR) they rely on. When these systems are integrated into Sage Intacct, companies can create various reports that look at dimensions, and accommdate multiple entities and currencies.
Sage Intacct also allows easy production of standalone operational views for any group, practice, region, etc. You can consolidate reporting for the entire organization in minutes instead of days.
You don’t have to struggle with an accounting system that can’t keep up with your growth and complexity. Complex operations require simplicity.
Tell us the ways you’re struggling with mutiple entities, divisions, or currencies. We’d want hear your challenges and see if Sage Intacct is the right platform to solve them.