With the advent of automation, you’d think all companies would transition to a cloud accounting solution. However, you would be surprised to learn how many companies are still working with QuickBooks and Excel spreadsheets and have a portfolio comprised of many different businesses that make it nearly impossible to determine the health of each organization, let alone the overall health of the company.

There’s good news for companies looking for a better way to consolidate financials in real-time. With Sage Intacct, your firm can consolidate hundreds of entities in minutes instead of days and boost productivity by more than 50% while finding money, creating visibility within each business and across enterprises. You will regain control of your business financials quickly and easily.

In this article, we’ll define consolidations, explain why it is an essential function in business today, and provide direction for how to get started with consolidations in your company.

When you combine assets, liabilities, and other related financial items of more than one entity, you are engaging in the act of business consolidation. This means all subsidiaries report under a parent company’s umbrella. The more companies you have, the more vital this ability becomes for the success of your financial growth.

Sage Intacct has accounting for multiple entities that automates financial consolidation accounting activities, including currency conversions, inter-entity transactions, local tax reporting, and more. This eliminates manual work so you can close the books faster, increase accuracy, and streamline processes to create new efficiencies and insights that will propel company growth.

Why Are Consolidations Essential?

Consolidation using Sage Intacct helps your business gain control over all the financials. It provides visibility across all entities for better insights into how each business and your company is performing.

You gain essential real-time data and business insights that help you make informed decisions regarding growth. You eliminate manual data entry and spreadsheets, gain the ability to create customized reports, and manage multiple entities within a single system. You also gain a role-based dashboard with live-data access even when away from your desk. It saves you time and money, freeing you to focus more on strategic decisions. Consolidating creates streamlined visibility of all your financials in one easy-to-access cloud-based location.

Financial Consolidation Sets Your Business On the Path to Success. If your current accounting software doesn’t provide complete real-time visibility and consolidation of data tracked from every entity and group and provide your Investors and Stakeholders with minority and majority views. In that case, you will be severely limited in the operation of your business.

If you are spending untold hours gathering and manually inputting data for your vital reports, you lack the basic capacity for deferred management of revenue. Your reports are disconnected from the operations of your business, and you have revenue leakage. Sage Intacct solves those issues. You can stay on top of finance challenges by leveraging the automation you have in Sage Intacct. — You can rest assured that you will get rock-solid financials and operational metrics. You will have the kind of results and analyses you’ll need to see your entire business as you go through venture financing and an IPO. The best part is that the Sage Intacct Solution is fully scalable and ready to grow with your business.