In today's competitive landscape, achieving efficiency in accounting is crucial for multi-entity businesses. Gravity Software is designed to boost your accounting efficiency, streamlining processes and reducing time-consuming tasks that can overwhelm your finance team.
Discover how Gravity Software automates manual accounting processes to maximize productivity and simplify business management.
Efficiently sharing information across multiple entities
Traditional entry-level accounting software requires a separate database for each legal entity, leading to time-consuming, repetitive data entry for customers and vendors across multiple branches or subsidiaries.
Gravity's multi-entity accounting software allows your accounting department to store financial information for all companies within your organization in a single database. Shared master files for customers or vendors, enabling quick data entry and effortless access control. You simply update information once, and the data will synchronize across all relevant entities.
Streamlining vendor invoice payments for multiple companies
No matter what software you use, paying a vendor invoice on behalf of a single company – even if you have multiple companies within your organization – is generally simple: pay the invoice, then record it with a journal entry. It's when you start involving more than one company that things get complicated.
Let's say your entertainment enterprise receives an invoice for the prizes it recently purchased for several arcades. Rather than asking the vendor to bill each arcade separately, you pay the entire invoice from your main arcade's account. Now the other arcades will need to pay their share of the bill to the main arcade. Here's an idea of the steps you'll need to take in entry-level accounting software:
- Log into one company's database
- List that company's share of the invoice as a Due To entry.
- Log out
- Log into the next database and enter that company's share of the invoice
- Repeat the process for every relevant entity
- Go back and double-check that all of your Due To/Due From entries are balanced
Gravity eliminates most of these steps, along with the potential for human error, from the account payables process. With Gravity’s accounts payable solution, paying a vendor invoice on behalf of multiple companies is just three steps:
- Log into Gravity Software and find the appropriate invoice
- Scroll down to the heading marked "Non-inventory lines”
- Choose how you want to allocate the bill
The expense is automatically listed in each company's database, and the Due To/Due From records are automatically balanced. What could have been dozens of steps in another accounting system, depending on how many entities are in your organization, is one step in Gravity.
For even greater efficiency in accounting, Gravity also lets you batch pay invoices, set up electronic payments and integrate with services like bill.com.
Applying a single cash receipt to multiple companies
As with accounts payable, adding more entities to the mix makes the accounts receivable process far less straightforward, especially with entry-level software. When you receive a customer payment that applies to more than one entity – maybe the customer made a mistake, or you just wanted to make their life easier by streamlining their bill – the process to allocate that payment involves logging into and out of multiple databases and manually balancing Due To/Due From entries.
Just as with vendor invoices, Gravity allows you to handle all of the steps involved in accepting payment on behalf of multiple companies with a few mouse clicks. When viewing a cash receipt, simply choose "Yes" on the dropdown menu that says, "Apply To Multiple Entities," then choose which entities will receive a share of the money. Gravity takes care of the rest. This not only saves time but also eliminates errors, resulting in improved efficiency in accounting.
Revolutionizing bank book reconciliation
Bank book management can be a tedious task no matter how many entities are in your organization. Poring over every single transaction from the month past and comparing that to your bank statement is no one's idea of fun.
With Gravity’s automatic bank book reconciliation, you can:
- Set up automatic downloads of your transactions with multiple banks and credit card companies
- Create rules governing reconciliation. For example, you can allow check transactions featuring the same check number and amount to be automatically removed from the list of items to be reconciled
- Automatically create a journal entry for a transaction added during the reconciliation process – helpful if you forgot about that client lunch until you saw it on the bank's transaction list
- Reconcile hundreds of transactions at once, significantly reducing the amount of time it takes to reconcile each individual entry
Unlock greater efficiency in accounting with Gravity
While Gravity Software is great for infusing efficiency into your organization's day-to-day operations, it's also excellent for those tedious end-of-month tasks. With reporting, Gravity reduces what might once have been dozens of staff hours spent copying and pasting information into spreadsheets to minutes of defining report parameters.
Then there are tasks like multi-location inventory management and multi-currency accounting that wouldn't be possible, let alone efficient, without the right software.
In today's economy, companies are looking for ways to hold onto the employees they have while simultaneously preparing those employees to do more with less. Using Gravity Software to improve efficiency in accounting helps accomplish both of these mandates for your finance team and readies your business for whatever lies ahead.
Empower your finance team members and prepare your business for future growth by scheduling a demo today.
Gravity Software
Better. Smarter. Accounting.
