It’s a good time to be running a business and it’s not uncommon for small- and medium-sized companies to expand into multi-entity enterprises in the span of a few years. On top of that, a recent report from Small Business Trends found that 72% of small businesses plan to go global in 2017.
That’s exciting news, but businesses with multiple offices are an accounting nightmare without the right tools. Ad-hoc spreadsheets, ledgers, and even traditional accounting systems like QuickBooks are woefully unsuited for large-scale bookkeeping.
Cloud-based financial management software, Sage Intacct, on the other hand, provides all the functionality necessary to unify multi-entity operations.
On average, global operations take at least five days to close the books, but Sage Intacct can cut this down to minutes. Sage Intacct’s multi-entity consolidations make it possible for companies to consolidate accounting ledgers across multiple branches into a single database and balance the books with a press of a button.
Branch managers won’t have to re-enter data or reconcile separate ledgers manually because all the information is interconnected. One-click consolidations produce accurate financial statements instantly, giving branch managers more time to focus on revenue-building activities.
Additionally, Sage Intacct automatically produces audit trails, so you can track every development in your business.
Global consolidations also give you real-time visibility into your operations without the need to ask each branch manager to send you a report. Sage Intacct comes with a customizable dashboard where users can display a summary of data by business entity, region, or country to make analysis as user-friendly as possible.
Accountants can evaluate global key performance indicators like profit margins or average revenue per branch, or delve deeper and track specialized metrics for their industry. If you run a business in the healthcare sector, for instance, you can track operating margins and capital expenditures for each institution you own.
Overall, Sage Intacct’s multi-entity reporting gives you a better grasp of your business so you can make smarter decisions.
A business with an international presence can easily lose control of financial reporting processes. For example, if a healthcare organization has a clinic in another country, reports, insurance coverages, tax payments, and other outstanding invoices will be generated in a different currency.
Without powerful financial management software, accountants are forced to manually calculate currency exchange rates, making global consolidations slow, error-prone, and tedious.
Sage Intacct’s multi-currency management eliminates these problems by tracking incremental fluctuations in exchange rates. This makes it a breeze to convert reports, taxes and invoices into currency values tied to the date and time of the expenditure.
Easy entity management
If you’re thinking about opening a new office, Sage Intacct can get things started.
Within the multi-entity management module, you can easily set up policies, bank accounts, and workflows for how transactions are recorded. You can also share ledgers and project accounting data to another location for enhanced collaboration. If you don’t want branch managers to access specific data, Sage Intacct also lets you set access privileges for each file in the system.
To top it all off, Sage Intacct is a cloud-based accounting system, which means you can manage multiple offices remotely as long as you have a stable internet connection.
While there are plenty of accounting software solutions on the market, there continues to be a strong demand for Sage Intacct, and it’s easy to see why. It saves you from painful financial close processes, improves business management, and supports your growth.
If you want to experience these benefits, call WhiteOwl today. We implement Sage Intacct and provide world-class support for everything related to financial management.