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Accounting challenges multi-entities face and their solutions

10/19/2017

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Multi-location and multi-entity organizations face complexities—decentralized payables, inter-entity transactions, multiple currencies, global consolidations—that require a purpose-built financial management system.

As businesses grow, a need for a strong financial system grows along with it. Some of the challenges that an organization can face with a Legacy ERP system are:

  • Having to maintain multiple systems and processes; no standardization
  • Lack of control with no approvals, workflows
  • Inefficient reporting through Excel, subject to errors
  • Lack of visibility across entities
  • Inability to scale and grow the business

With an ERP system that specializes in multi-entity organizations, you can automate activities such as:

  • Currency conversions
  • Local tax reporting
  • Inter-entity transactions

LBMC Technology Solutions is dedicated to help business owners bridge these gaps and provide tools needed to improve visibility and effeciencies overall.  If you think your organization can benefit from any of the below, contact us today.

Quick close, Continuous multi-entity consolidations

Multi-entity consolidations are easy, closing your books faster, while having access to journal entry reports for every consolidation

Consolidation reporting that is fast

Access to accurate financial reports have never been faster.  Performance across entities can be quickly compared, giving increased visibility into the organization’s financial health.

Simple multi-entity set up

Setting up entities with configurable rules for inter-entity transactions and bank accounts have never been easier. New entities can have unique definitions, or inherit your existing lists, process definitions and chart of accounts. 

LBMC Technology Solutions has already helped many companies manage their multi-entity accounting needs. If you would like to learn more about Sage Intacct or our other ERP software solutions, contact us today.