Multi-entity accounting made easy with cloud finance software
When managing many organisations in various locations or countries, finance teams may find multi-entity accounting to be difficult and time-consuming. Cloud financial software, however, can make this procedure considerably quicker and more effective.
What is accounting software for multi-entities?
CFOs and accounting teams may easily manage inter-company transactions and financial reporting for several companies in a single database with the help of multi-entity accounting software. A true multi-entity accounting solution enables you to manage transactions for numerous companies on a single screen, in contrast to entry-level accounting software solutions that force you to set Several businesses can simply share accounts payable and receivable by maintaining a shared list of suppliers and clients. Several currency transactions can be automatically converted. With simple-to-read dashboards and unified reports, multi-entity accounting software also provides complete insight into the overall functioning of your firm.
Who has multi-entity accounting suitable for?
Multi-entity accounting software is used by CFOs, company owners, controllers, and accounting teams in fast-growing and medium sized and large businesses with several locations or legal entities to increase productivity and profitability. Many manual duties, such as revenue recognition for subscription billing organisations and sending billing reminders, are eliminated by multi-entity accounting software with automated workflows. Also, franchise owners and chief administrative officers of healthcare systems with numerous sites will find it to be ideal. Multi-entity accounting software that incorporates individualised reporting for each family member and investment management tools is beneficial to CFOs of family offices who represent high net worth individuals with many businesses in their portfolio.
Are there any other advantages?
As mentioned above, the ability for finance teams to access and handle financial data for several companies in one single location is one of the main advantages of cloud finance software. This allows for the processing and tracking of all financial transactions, including payments, reconciliations, and invoices, in real time, giving a more precise and current view of each entity’s financial situation.
Cloud finance software offers strong reporting and analytics features that can assist finance teams in analysing financial data from many entities, seeing trends and patterns, and drawing conclusions from this data.
But it’s the ability to automate many of the manual procedures involved in multi-entity accounting, such as inter company transactions and currency conversions, is another benefit of cloud finance software. By doing so, errors can be decreased, and productivity can be increased, allowing finance teams to concentrate on more strategic tasks.
Overall, cloud finance software is a great resource for finance teams trying to streamline their financial procedures and simplify multi-entity accounting. Finance teams may manage financial data for numerous companies in a centralised and effective manner by utilising the power of the cloud, as well as obtain insightful information about their overall financial performance.
Leading systems of today, like Sage Intacct, provide real-time business visibility through straightforward dashboard and report creation.
Thorough financial reporting, analysis, and aggregation across several corporate units, you can submit, approve, audit, and reimburse expenditure reports from anywhere at any time, giving you more insight into how much money your business is spending on travel and other expenses.
Also, a higher cash flow as a result of prompt payments and shorter sales cycles. Businesses must manage more customers, transactions, and currencies as they expand. Sage Intacct and other cloud accounting software systems can make it simple and quick for firms to scale up in order to meet expanding operational demands.
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Itas Solutions began in 1995 with just one client and today serves over 200 businesses around the UK and we are always on call to help our clients.
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