Here’s the good news: your business is growing and now has multiple locations. The bad news? Your current accounting software can’t keep up with the complex financials that resulted from that growth. So let me guess — in an attempt to fill the void, you’ve turned to various Excel spreadsheets, right? If yes, then you’re not alone.
It’s a bummer because you and your team are working way harder than you need to. That inefficiency means your business is losing out on better things, namely time, money, and productivity. How long can you continue down that path? Are you actually saving money by not upgrading your accounting software? The success of your business depends on having the right tools in place to make it flourish. We’ve seen time and time again where Intacct has proven hugely beneficial to growing businesses (like yours), especially from an ROI perspective.
When you’ve got multiple locations, multiple currencies, decentralized payables and inter-entity transactions, you’ve got to have the right software in place to accurately handle the consolidated data and reporting requirements for each. What’s great is that Intacct can handle these multi-entity needs with ease and even better, do it almost instantly (especially when you compare it to the time it takes to do all that stuff in Excel.)
Here are some specific ways Intacct can help:
Challenge: With multiple locations, closing the books is slow and often inaccurate
Solution: Intacct has one-click consolidation for multiple locations. This means that you can close your books much faster while improving accuracy and visibility. In addition, audits are easy since every global consolidation includes a detailed journal entry report.
Challenge: Managing multiple currencies is complicated, time-consuming and error-prone.
Solution: Intacct automates everything related to managing multiple currencies. The latest exchange rates are used for proper currency conversions and re-valuations. With that, you can instantly see information on currency gains and losses. Even better, your reporting can be done in your currency or the global entity’s local currency.
Challenge: Setting up the accounting for each new location is a nightmare
Solution: As your business grows, Intacct grows with you. No matter how complex your multi-entity structure becomes, Intacct allows you to quickly and easily set up the accounting, as well as the policies, procedures, workflows and reporting for each.
Challenge: Reporting for multiple locations is never ‘real-time’ and takes forever to produce
Solution: With Intacct, delivering accurate, ‘real-time’ financial reporting is a cinch, even with multiple currencies. You can easily consolidate your reports across locations or do individual ones for each. You’ll no longer have to rely on (or double-enter data into) Excel for producing your reports. Intacct has the flexibility built-in to meet your specific reporting requirements.
If you are running into any of the issues mentioned above and have questions, feel free to contact us. We’ll be happy to answer them, as well as provide you with a free Intacct ROI calculation for your business.