When you’re a full-fledged multi-entity business, you’re dealing with a whole new world of obstacles and hurdles, and on a much bigger scale. Multiple subsidiaries, with shared expenses, customers and vendors can easily turn already tedious and cumbersome tasks, into a regular, manual process slower than molasses.
What used to work . . .
Retaining financial data is a task for any growing business. But retaining financial data for multiple entities, with different subsidiaries, can be progressively more difficult if you’re trying to accomplish all of that with consolidation spreadsheets and outdated manual processes.
You could simply give it the old college try and get by on QuickBooks by charging your analysts with the labor-intensive tasks of manual data consolidation, entering vendors’ multiple times and more. Oh yeah, and make sure everything is accurate and on time. What about shared expenses, opening each database to enter their portion of the expense?
Either way, the result is a complex, labor intensive process that costs your business more time and money.
The lesson: what might suffice for a single-entity business, will slowly and eventually fracture and succumb under the sheer stress of multiple entities. So where can you find a system that streamlines your operations and aids consolidation without conceding huge cost increases?
A robust cloud app
A cloud-based solution like Gravity Software® (Gravity) Multi-entity feature allows for financial consolidation in less time without absorbing large implementation costs of a more conventional on-site, ERP solution. Some of the benefits include:
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Faster Results, Fewer Mistakes, with Less Manual Effort: By automating critical accounting processes like consolidations, you can minimize and even eliminate those inevitable mistakes that pop up when managing multiple spreadsheets. What to do with all that saved time? Staff and key personnel can finally focus on value-added analysis.
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Simplifying shared expenses. Enter an expense once for any number of companies and automatically keep your Due To and Due From accounts in balance.
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Improved Visibility: Eliminate poor visibility into divisional and subsidiary performance. Gravity provides real time access and multiple levels of accurate, consolidated reporting with key performance indicators available at any time.
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Reduced Cost: Time is not the only precious commodity saved with a robust solution like Gravity. You’ll also save money and enjoy greater efficiency and lower overall ownership cost by not spending extra on redundant software licensing or extra time managing multiple databases. All of your customer (or client) data is secure in the cloud.
Gravity Software is the number one accounting software written on the Microsoft Power Platform (aka Dynamics 365). Small to medium sized businesses have the distinct advantage of having their Financials and CRM fully integrated. There’s no need to manage two separate databases. And with Gravity’s 3.0 release with Multi-Entity, you have one database to manage all your companies. And the first five entities are included. Learn more and schedule your online demo today. Just say GO!
Gravity Software
Better. Smarter. Accounting.
