Many accounting tools are built to accommodate a single entity. This can make managing multiple entities challenging. Managers frequently find themselves juggling multiple currencies, manual consolidations, limited reporting across entities, and difficulty managing inter-company transactions. Sage Intacct has deployed several features to help managers automate these tasks.
Centralized Accounting
Inter-Company Automation
Roll-up Financial Reporting & Dashboards
Multiple Currencies
Sage Intacct uses dimensions on all accounting transactions. Included in these dimensions are both a parent entity and a child (or grandchild) location. In addition, you’re able to set up multiple entities and locations in one environment. This gives users the ability to easily tag transactions with multiple entities or even pay bills for another entity. Multi-entity tagging is available for all accounting transactions in Sage Intacct.
Multi-Entity Transactions: For example, users can create an AP bill tagging multiple entities at once. Once the bill is saved, you’re able to run an AP aging for all entities or just one. You could also run reports on all rent paid across entities or the amount of rent paid for just one entity.
Many clients come to us wanting to improve their inter-company workflows and save time reconciling these transactions between systems. With Sage Intacct many common inter-company transactions are automated.
Automatic Inter-Entity Postings: In our above example, we created a bill that has two entities tagged. When you use one entity’s checking account to pay a multi-entity bill, a due to/due from transaction is automatically created and linked to the original transaction. This will also happen automatically if one entity receives money from another entity.
Financial Reporting: Because all entities will transact in one environment, you’re able to easily report across multiple entities at once. Users will be able to select one parent entity, a single child location, or view reporting across all entities using dimension filters available on all financial reports.
Dashboards: Intacct has designed the dashboards to support multiple entities and growth. You can easily filter dashboards down to a single entity or a group of entities. If you’re expanding, you can track costs by project on any report or dashboard.
Sage Intacct has several features to support companies operating in multiple countries. With multi-base currency enabled in Sage Intacct, you’re able to transact in each company’s base currency. This allows you to enter transactions, generate invoices, and process payments in the appropriate currency for each entity. The system will automatically handle currency conversions using the Intacct daily exchange rate.
Sage Intacct offers several types of consolidation options including Domestic Consolidations, Global Consolidations, and Advanced Ownership Consolidations.
Domestic Consolidations: Includes multi-entity consolidation in a single currency and includes inter-entity eliminations.
Global Consolidations: Includes multi-entity consolidations in multiple currencies, currency translations, inter-entity eliminations, and reporting across entities and currencies.
Advanced Ownership Consolidations: Includes multi-level ownership consolidations in multiple currencies, currency translations, non-controlling interest entries, and inter-entity eliminations.
If you would like to learn more about how Sage Intacct can support multi-entity management, please reach out to RKL eSolutions. We would love to show you solutions tailored to your business and industry.
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