When a business enjoys continued growth and success over a period of time, it might eventually become a multi-entity business, encompassing multiple subsidiaries, divisions, or brands.
Multi-entity expansion is undoubtedly exciting for a company that was once a fledgling. However, it results in a new set of challenges pertaining to efficiency and organization. What may have worked for one business in one location might no longer be sufficient as that same business scales.
Accounting is one area that multi-entity businesses should approach differently than those with singular locations. Their financial operations are more complex, as each location or brand’s transactions, currency, and decentralized payables need to be accessible to the parent company.
Seem like a tall task? With sophisticated software like Sage Intacct, it doesn’t have to be.
What is Sage Intacct?
Sage Intacct is a cloud-based accounting software that specializes in financial management for large-scale companies. It is a highly effective tool that gives financial teams a bird’s eye view of multiple business locations, working to streamline and consolidate data across accounts.
By using Sage Intacct, multi-entity businesses can:
- Manage each location with one centralized login/account;
- Review business progress both individually and as a whole with global reporting features;
- Quickly and automatically toggle between currencies.
Ultimately, Sage Intacct software is capable of consolidating data for hundreds of entities within minutes, boosting productivity by more than 50%.
Why Do Growing Businesses Choose Sage Intacct?
Newly-expanded and established multi-entity companies alike choose Sage Intacct for the many benefits the program provides. These include:
Easily Scale Businesses/Drive Growth
With advanced tools that promote stronger efficiency and sharper insight, business owners can put themselves in a position to drive growth rather than merely cope with it. Using outdated programs to track KPIs and run financial reports is not sufficient to keep up with significant progress, as running older software is likely to result in wasted time.
Alternatively, software solutions such as Sage Intacct allow businesses to log, store, and access all of the data they need at the touch of a button. This streamlined approach makes it possible for companies to spend more time and energy on growth-oriented objectives.
Consolidate Quickly & Accurately
Consolidating financials across company branches or unique brands is a brilliant shortcut that allows parent companies to view important information within seconds. With Sage Intacct, new entities may be set up instantly with configurable rules for inter-entity transactions, bank accounts, and more.
Essentially, any new units of a multi-entity business can be set up to inherit existing lists, process definitions, and charts of accounts. The act of centralizing payables and receivables also becomes a simplified process rather than a tedious task.
Sage Intacct automates the complete array of accounting processes from basic to complex, so business owners can improve productivity in the following ways:
- Multi-currency accounting that makes globalization easier and more accurate;
- Automated financial consolidation tools that save time and reduce errors;
- Increased visibility with flexible, updated reports across entities;
- Time savings of hours or days creating, troubleshooting, and reconciling inter-entity transactions.
If simplified expansion is among your top goals as a business owner, reach out to learn more about harnessing the power of Sage Intacct today.