In today’s business environment, many small to medium-sized businesses (SMBs) operate under multiple entities, whether due to reasons like limiting liability, tax purposes, or managing real estate. If you're managing several companies, you're likely familiar with the struggles of handling each one separately. Particularly if you’re using entry-level accounting software like QuickBooks™ or Xero™, this means juggling separate databases for each company, leading to inefficiencies and errors.
Managing multiple databases not only creates complexity but also hampers productivity. This can be a major pain point, especially when it comes to inter-company transactions, financial consolidations, and reporting. Let’s dive into why these problems arise and how you can streamline your processes for a better business outcome.
If you're facing these challenges, our detailed guide on multi-entity accounting software can help you understand the best practices and tools.
Many cloud-based accounting software solutions isolate each company into a separate database. While this may seem logical, it presents challenges when you need to share data between companies or consolidate financial information. Without an integrated system, you end up wasting time logging in and out of different databases, manually entering data, and performing tedious consolidations.
Consider this: If your company has 10, 15, or 20 entities, this process can quickly become a logistical nightmare. You would need to manually input inter-company transactions into each separate database. That’s a lot of data to track across disconnected systems.
Another example: Let’s say a single customer does business with multiple entities within your organization. How do you calculate how much they owe across all entities? With multiple systems in place, you would need to pull data from each one and manually consolidate it, often resorting to Excel and other time-consuming manual processes.
Wouldn’t it be easier if all your data could be housed in a single database, offering a centralized view for all your companies?
QuickBooks and other entry-level software solutions often lack the scalability needed for businesses with multiple entities. This leads to inefficiencies and errors that can cost your business valuable time and resources. Explore why Gravity Software is a better alternative to QuickBooks for multi-entity accounting.
Enter Gravity Software®—the perfect solution for businesses struggling with managing multiple companies in different databases. Gravity, built on the Microsoft Power Platform, provides a cloud-based solution that enables businesses to consolidate all their companies into one central database. It bridges the gap between entry-level accounting software like QuickBooks and costly enterprise-level solutions like NetSuite making it the ideal choice for mid-market businesses.
Gravity’s multi-company accounting features include:
With Gravity, you no longer have to worry about manual data entry, disconnected systems, or complex consolidations. Instead, you can work smarter and more efficiently, ensuring data is transparent and accessible throughout your organization.
Ready to simplify your multi-entity accounting? Discover how accounting automation can benefit your business with Gravity Software.
"Before Gravity, managing multiple entities meant spending countless hours on manual data entry and consolidation. With Gravity, I can complete multi-entity journal entries in minutes, instead of spending an entire day on them. The automation features, like bank reconciliation and revenue recognition, have saved us significant time, allowing me to focus on more strategic tasks. Gravity’s ability to simplify complex processes has made a huge impact on our efficiency and accuracy, and it’s helping us plan for the future with confidence."
– Bruno Pugliessa, Family Office Controller
Bruno Pugliessa, managing a family office with 22 entities, faced the same challenges many businesses encounter with multiple entities. Before implementing Gravity Software, he relied on QuickBooks, which couldn’t handle the complexity of managing numerous entities and their inter-family transactions. This required hours of duplicate data entry and manual calculations for deferred revenue and asset depreciation.
After implementing Gravity Software, Bruno was able to simplify his work significantly. For example, he can now input journal entries for 18 entities in one go, saving an entire day of work. Gravity’s automated bank reconciliation and revenue recognition also saved time and improved accuracy.
“I can do just one journal entry for 18 entities at once,” Pugliessa said. “Before Gravity, that would have taken a whole day.”
Read more about Bruno's experience with Gravity Software.
Gravity's comprehensive solution makes it easy to manage multiple companies and streamline accounting operations. Whether you’re dealing with shared master files, generating consolidated financial reports, or handling inter-company billing, Gravity automates the process, saving you time and reducing errors.
Gravity’s platform allows you to:
Interested in simplifying your multi-entity accounting and automation processes? Schedule a demo today to see how Gravity Software can transform the way you manage your business.
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