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Overcoming Multi-Entity Financial Management Challenges

Overcoming Multi-Entity Financial Management Challenges

Multi-Entity AccountingYou have a business with multiple locations. You’ve worked to grow your business, sometimes into multiple nations, resulting in multiple currencies. A common occurrence, this growth provides both pride and pain for financial managers.

Different currencies, different taxation, and different business structures—common challenges of the multi-entity business. With a quickly growing organization, you may think that changing financial management software may be too complex.

Too complex? Consider how complex it is if your organization is using spreadsheets and manual entries to manage the following:

  • Currency translation
  • Exchange gain/loss accounting
  • Local reporting

With each month manually entering information, your organization faces not only an increased risk of non-compliance for each location, but sees more problems:

  • Increased Finance Staffing Costs
  • Longer Financial Close Processes
  • Lack of Real-Time Business Visibility
  • Increased IT Costs

This is not to mention that your finance team is more likely to be deadline-based than able to make decisions as needed. Real-time data is virtually impossible to come by, and automation is nonexistent.

Without this comes a lack of one key need for growing businesses: Agility.

Your business needs to make decisions using financial insights, and needs to do so quickly. What you need is a financial platform built for multi-entity, global businesses.

This is where Intacct shines. Built to make multi-entity financial management easier, Intacct has provided thousands of businesses, domestic and global, the following features:

  • One-Click Consolidations
  • Easy Multi-Currency Management
  • Simple Set-Up of New Entities
  • Flexible Reporting with both global and local reports

The video below shows how easy Intacct makes it for your global, multi-entity business:

Brittenford Systems, as a proud provider of Intacct Financial Management Software, has helped businesses of all sizes and distributions implement this unique, cloud-based software. Contact our team to learn more about how we can help your global business act more quickly and with better information. We also welcome you to learn more from the following resources:

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