As your company expands, adds locations, and acquires other businesses, your accounting needs are going to inevitably change with them. With one location, managing the entity was smooth sailing, but now seems more complex with multiple entities. If you don’t have a comprehensive solution that makes consolidation a simple process, you may be going through a painfully time-consuming transition that is riddled with roadblocks and errors. If you’re struggling with consolidating multiple entities and looking for a new solution, here are a few things you should look for to make sure all future consolidations are done with ease.
With the right accounting solution, closing should be easier than ever. Adding acquisitions and entities should be a quick set up process that automatically integrates all of your existing policies, procedures, workflows, and reporting styles. Giving your CFO an instant look at consolidated financials makes the closing process seamless and quick.
Centralize Your Payables
When payables are all centralized, it is easier to see the entire organization as a whole. A solution that automatically posts a transaction across all of your entities can help make sure that everything is always in balance. Not only is it easier to manage payables this way, but you are also saving time and money for all of your entities.
On the other hand, if you have a business reason to keep payables in individual companies, your accounting solution should allow you the flexibility to enter them and pay from an individual company while still seeing the full picture across all of your companies.
You should be able to run reports for all of your entities at the click of a button without having to access multiple programs or reach out to each entity individually for their numbers. Real-time numbers should always be available to you.
If your entities are operating globally or planning to in the future, it is essential that your accounting solution is able to accommodate that. Your solution should be able to stay up to date on exchange rates and configure all of your reports to reflect numbers in your company’s primary currency.