As a business grows, so does the complexity of its financial requirements with increasing transaction volume and disparate entities coming together through mergers and acquisitions. At this stage, the amount of data created makes using spreadsheets for consolidation almost impossible, but SMBs can also gain a competitive advantage with multi-entity accounting software for ERP.
What is Multi Entity Accounting Software?
For CFO’s and other financial executives with multiple financial entities under a single umbrella multi-entity accounting software enables automated processes to improve accuracy and efficiency of accounting across entities–whether various departments or lines of business within a holding company, franchising organization or conglomerate.
Particularly for companies expanding overseas, managing finances across currencies with unique tax and regulatory compliance environments presents challenges and risk. Multi-entity accounting software mitigates that risk by protecting against data entry errors, theft, fraud and compliance.
Multi-entity accounting software unifies accounting processes and insights from multiple entities and consolidates them in place. With a robust accounts payable solution, accounting teams can streamline approvals and reduce errors.
Modernize Accounts Payable with Multi-Entity Management
Multi-entity management (MEM) enables financial leaders to monitor a company’s financial health across entities with the ability to drill down into the financials of each unit. Add multi-entity accounts payable technology to the mix and you can expand rapidly without growing your accounting team.
The days of manual approvals are gone, and sticking to error-prone manual entry for multi-entity accounts payable risks putting a business at a disadvantage. Beyond the time delay of manual entry itself, broken links between spreadsheets, lost data and human error can prove to be very costly.
Plus, emailing spreadsheets back and forth is not a real-time exchange which can lead to miscommunication and errors, all leading to delays and headaches that decision makers can’t afford, especially when the end of a period looms on the calendar.
The Value of AP Automation
With role-based multi-entity accounting, MEM mitigates pain points for a variety of roles including:
CFOs & Other Senior Financial Leaders:
- Grow your business and keep your accounting team lean
- Real-time, accurate internal and external reporting
- Enhanced efficiency of invoice reconciliation
- Accelerated period closings
Accounting team:
- Simplifies invoice approvals and reconciliation
- Accelerated period closings
CTOs and other IT Managers:
- Self-service reporting for fewer requests from accounting departments
- Reduced costs
- Reduced risk
Why Microsoft Dynamics GP Users Need MEM
As this article has previously said, MEM allows multi-entity businesses to quickly consolidate and manage complex financial environments across unique financial entities. However, Microsoft Dynamics GP does not come with a built-in multi-entity accounting feature. This hurdle can be easily cleared with Binary Stream’s Multi-Entity Management for Microsoft Dynamics GP.
Fidesic – The Dynamics GP MEM Accounts Payable Solution
Fidesic AP builds upon Multi-Entity Management with a web-based approval workflow system. Monitor status, create reports, and approve invoices from anywhere with an internet connection.
The Fidesic AP Workflow gives you and your team visibility into the entire process and you’ll be able to approve and pay invoices quickly with limited manual processes. Fidesic is designed to help streamline these processes for small businesses, mid-sized businesses, and enterprise level corporations.