For organizations with multiple businesses, units, or divisions, finding the right way to manage these entities is crucial to ensure efficiency. Being able to share information, access real-time reporting insights, and control resources are all vital for successful multi-entity management. Within the Microsoft Dynamics 365 ecosystem, this ability is particularly useful for organizations that operate in multiple regions, have various subsidiaries, or run several distinct legal entities. However, while the Business Central core offers tools to streamline such business arrangements, opportunities exist for customers to open themselves up to even greater levels of efficiency.
For customers looking to facilitate successful multi facility or entity management, we walk through the key components to look out for, and explore the unique offerings of Binary Stream’s Multi-Entity Management (MEM) product.
Within the Microsoft Dynamics 365 Business Central core system, users can easily manage multiple companies within the same localization. For streamlined efficiency, however, customers will often require tools that extend their functionality. Not all solutions are equal in this regard. Binary Stream’s MEM solution in Dynamics 365 Business Central, for example, aims to help teams consolidate multiple legal entities into a single centralized instance, and gain 360° visibility with hassle-free transactions and reporting across all business units.
In general, recommended features to look out for in a robust multi-entity management software include:
Customers already in the Business Central ecosystem, who think they’re doing just fine might wonder—why bother with a new system? Let’s explore some critical benefits of a system that expands your multi-entity management functionality.
Centralized management can lead to significant cost savings through resource sharing and streamlined processes. By reducing redundancy and improving coordination between entities, users will eliminate repeated spending and increased costs from convoluted workflows.
With a robust multi-entity management solution, users should be able to simplify financial workflows across their entire organization by performing intercompany transactions across all Business Central modules. In Binary Stream’s MEM, for example, users can complete transactions within a single instance, and include multiple legal entities in a single transaction with proper allocation and resources. In addition, automating intercompany balance tracking is a breeze and ensures streamlined organization-wide financial tracking and period closing.
The right solution will help to provide greater insights with real-time flexible reports across all user entities. For example, in Binary Stream’s MEM, almost any Business Central report in any module can be run for individual entities or across any number of entities. With these reports, users can make data-driven decisions about how to better manage their units and improve efficiency.
Users can avoid duplication in processes or the need to synchronize data by automatically sharing records across entities or subsets of entities. These records include Customer Vendors, Bank Accounts, Items, and much more. By maintaining a single set of records, users can eliminate disparities across entities and ensure data integrity.
In general, users want a software solution that can grow as they grow. For example, in Binary Stream’s MEM, customers can add new entities in a matter of clicks. Eliminate any downtime by accelerating the initiation of transactional and reporting activities for new operations or acquisitions.
In addition to the benefits we’ve explored above, Binary Stream’s MEM also facilitates and enables:
To take things even further, MEM can be combined with the Intercompany Suite (ICS) module to provide advanced reporting capability, unified data, enhanced intercompany transactions, and localizations. Combining MEM and ICS with the BC functionality allows users to:
Binary Stream Software is proud to collaborate with Progressus, a dynamic project management solution, to introduce the new Progressus Project Multicompany solution. This innovative partnership aims to empower businesses with effortless multi-company management capabilities, revolutionizing the way transactions and financial oversight are handled across entities.
This project introduces a range of benefit-driven features designed to simplify complex accounting tasks, enhance financial oversight, and improve organizational efficiency.
“Simplified financial management is crucial for businesses operating across multiple entities,” says Lak Chahal, CEO at Binary Stream Software. “Together, we’re providing businesses with a comprehensive solution that streamlines multi-company management, allowing for efficient processing of transactions like timesheets and expense reports across entities from one entry point.”
Key features of the solution include:
Businesses can seamlessly manage multiple entities within Dynamics 365 Business Central, ensuring a unified management experience. With Progressus Project Multicompany, companies can streamline transactions across entities through a single entry point for timesheets, expense reports, and more, saving valuable time and reducing operational complexity.
“Together, we’re providing businesses with a unified and efficient management experience, simplifying transactions, and enhancing operational efficiency,” says Lak Chahal.
This integration also optimizes front-end and back-end operations, enabling businesses to streamline customer-facing and administrative tasks for improved operational efficiency. For more information about Progressus Project Multicompany and how it can revolutionize multi-company management for your business, please visit this website.
As companies navigate the decision of whether to centralize or decentralize their accounts payable processes, it’s crucial to weigh the pros and cons of each approach. In our comprehensive booklet, we delve into the intricacies of accounts payable processing and explore the benefits and considerations associated with both centralization and decentralization. Here are 5 key takeaways that companies will gain from this valuable resource:
These are just a glimpse of the valuable insights and knowledge packed within our booklet. Companies seeking to optimize their accounts payable processes and make informed strategic decisions will find a wealth of information that helps them evaluate the benefits and trade-offs of centralization and decentralization.
By empowering organizations with critical information and guidance, we aim to support them in achieving streamlined operations, enhanced control, and sustainable growth. To access the complete resource and unlock the full potential of accounts payable, download our booklet today. Gain a competitive edge by making informed decisions that drive efficiency, financial control, and overall success.
Are you struggling with invoicing processes that lack visibility and control across multiple locations? Do you want to streamline your accounts payable (AP) processes and automate invoicing to reduce errors and increase efficiency? If so, you need to check out the American Software case study.
The Atlanta-based company faced several challenges due to its holding company structure and lack of automation, which were compounded by the COVID-19 pandemic. However, by implementing a custom combination of KwikTag and Multi-Entity Management (MEM), American Software saved $50,000 in the first year, automated and streamlined its AP processes, and established itself as a source of truth for its accounting department.
The MEM solution allowed them to manage multiple entities across states and countries, reduce errors and time required for reconciliations, track bills and invoices more efficiently, and streamline intercompany payments. The solution was fully integrated within just 30 days, and the team could work safely from home during the pandemic, boosting morale and productivity.
You can download the case study to learn more about how American Software improved its invoicing processes, reduced errors, and increased efficiency. You will discover how the company improved internal control and credibility, simplified audits, consolidated emails related to approvals, and saved valuable time and resources.
Don’t miss the opportunity to learn how American Software overcame challenges and improved its invoicing processes with KwikTag and MEM. Download the case study today and see how you can achieve similar results for your organization!
Recent years have seen a rise in the number of transactions taking place between related companies. Intercompany accounting has become a fact of everyday business, yet, despite this, many remain unaware of the best practices for managing intercompany transactions or have a plan in place to mitigate the risks presented by some of the bigger challenges or issues that can arise when handling high volumes of transactions between related organizations.
This booklet covers the following core topics:
Download our booklet so you can implement best practices for solving the five core challenges of intercompany transactions your team is likely to face.
Introducing our intercompany accounting solutions
Streamline your intercompany transactions and simplify accounting across multiple entities with the power of our industry-leading solutions. Enable compliance, automate reconciliations and eliminations, and maintain a centralized source of truth between entities. If you’d like to partner with a team that will be with you every step of the way, then we’re here to help. When we work with your company, you don’t just get a solution, we put our best people at the heart of your roadmap to success.