Exploring the Right QuickBooks Alternative for Multi-Entity, Multi-Location, Multi-Currency Companies
You feel you are outgrowing QuickBooks even though you don't have as many locations as McDonald’s or Starbucks, you are still operating a multi-entity company and you face similar complexities as these larger businesses and need to find a proper QuickBooks alternative. Decentralized payables, inter-entity transactions, global consolidations—all these challenges require a highly functional financial management system.
For many organizations, that means finding and moving beyond the familiarity of QuickBooks to a more purpose-built solution. It may be uncomfortable—or downright painful—to make the change, but sticking with old accounting and financial management practices may be even more painful in the long run. As you expand into new markets and make acquisitions both domestically and abroad, you need a system that can help you manage that growth.
Multi-entity businesses need a multi-functional system—4 features to look for
1-Provide quick, accurate consolidations and closes.
Whether you have two or 200 entities, closing the books should be an automated process that doesn’t eat up valuable time. The right financial management system will allow one-click consolidations that speed closing with greater accuracy. You should be able to view interim summary figures at any time until the month-end consolidation reports are available.
2-Manage multiple currencies.
If your business crosses borders, this is a must. Your system should automatically manage multiple currencies using up-to-date exchange rates for conversions and revaluations. This ensures accuracy from the transaction level to global reporting. Instant visibility into currency gains and losses will give you greater insight, as will the ability to produce reports in your headquarters’ currency or the entity’s local currency.
3-Provide simple setup for new entities.
Growth brings complexity, especially as you integrate new businesses or locations into your existing organization. The right financial management system will allow you to quickly establish new entities in a way that fits with your multi-entity structure. This may mean setting up unique policies, procedures, workflows, and reporting for that entity, or you may prefer “centralizing” these for a standard, organization-wide configuration. The choice should be yours.
4-Deliver real-time business insights.
No matter how small or large, simple or complex your organization, you need a clear view of your business from all angles.
No matter how small or large, simple or complex your organization, you need a clear view of your business from all angles. Accurate financial reports should be easily available in real time, both from a local level (single currency) and a consolidated view (multiple currencies). Consolidated accounting will let you compare compare performance across entities. In addition, you need the flexibility to choose your reporting currency and language, as well as the ability to tailor local account titles to fit local regulations.
To more efficiently manage your multi-entity business, partner with the experts at RKL. You’ll discover how Intacct, the #1-rated rated financial management system, can speed closings and consolidations, manage multiple currencies and entities, and provide the insights needed to drive your business forward.