• Intacct Blog: The Anatomy of a Best-in-Class Multi-Entity Financial Management System
  • The Anatomy of a Best-in-Class Multi-Entity Financial Management System

    As we discussed in our post last week, operating a multi-entity, global organization without a flexible financial management system can be an expensive venture, riddled with add-on software tools, manual processes, poor visibility, and high labor costs.

    A modern, cloud-based financial management system can alleviate many, if not all, of those worries and leave your organization well-informed, operating in real-time, and functioning efficiently. To achieve this feat, however, the solution must encompass a tremendous breadth and depth of functionality, including...

    A sophisticated multi-entity structure to:

    • Allow each entity its own chart of accounts
    • Support local taxation rules
    • Accommodate individual reporting requirements
    • Enable both entity-specific and global consolidations
    • Automate inter-entity transactions and eliminations
    • Support various ownership structures by entity

    Automation and control to:

    • Automate costly manual processes
    • Increase productivity
    • Reduce errors
    • Enable real-time consolidations whenever needed
    • Provide access to transaction detail
    • Process payments and transactions between entities, even in differing currencies

    Multi-currency capabilities to:

    • Eliminate manual reporting and consolidation
    • Gain real-time visibility into currency gains and losses
    • Allow each entity to operating in its native currency
    • Facilitate buying and selling internationally

    Superior visibility to:

    • Improve reporting and decision making
    • Provide consolidated, real-time views at both local and global levels
    • Analyze along different dimensions of the business
    • Measure performance with access to both local and global KPIs

    Sounds too good to be true, right? Not really. A solution of this caliber exists and it’s called Intacct. For high-growth companies, Intacct provides a foundation to handle complex, multi-national operations in real-time. This allows companies to reduce costs, gain visibility, and grow more confidently. Intacct offers everything I described above, as well as the core accounting qualities you need to optimize your financials.

    For Intacct users, there are a variety of benefits that truly impact their businesses. For example:

    • Anytime, anywhere access to real-time information via the cloud to ensure data consistency and improve management alignment.
    • Automated financial workflows that increase productivity, accelerate period-end closes, eliminate the need for add-on software, and lower overhead and labor costs.
    • Real-time, multi-dimensional analysis to improve business visibility and decision-making.
    • Comprehensive audit trails simplify the audit process, satisfy auditor needs, and enable tighter controls.

    We've helped thousands of high-growth companies overcome their multi-entity challenges such as complex regulatory frameworks, geographies, laws, currencies, and others items that typically bring financial operations to its knees. For example, companies using Intacct to manage their global financials report cutting the time required for their monthly close by up to 75%, while others cut global transaction processing time by up to 80%. As you can see in the video below, our customers rave about Intacct's capabilities…

    Choosing the right financial management system is an important decision and can make a huge difference to your business.

    Be sure to follow Intacct on our social media channels: Facebook, Twitter, and LinkedIn. To network with other people interested in cloud financial applications, be sure to join the Intacct Cloud Accounting group and the CFOInsights group on LinkedIn.

    Map Image Credit: 123RF Stock Photos

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    Media Contacts

    Peter Olson Director of Corporate Communications 408-878-0951 | polson [@] intacct.com Twitter: @Intacct_Peter
    Brittany Benson Senior Corporate Communications Manager 408-620-3938 | bbenson [@] intacct.com Twitter: @brittanybbenson