In today's business landscape, multi-entity organizations need powerful accounting solutions that go beyond the basics. As companies grow, handling multiple entities can quickly become challenging without a platform that supports seamless intercompany transactions and consolidated reporting. With Version 7.0, Gravity Software has introduced exciting new multi-entity enhancements that are set to redefine how multi-company organizations manage their accounting.
Introducing Advanced Multi-Entity Accounting in Gravity Software Version 7.0
For years, Gravity Software has empowered businesses to efficiently manage accounting across multiple entities, whether for subsidiaries, divisions, or separate legal entities under one umbrella. Version 7.0 builds on that solid foundation with significant improvements that directly address the most common challenges users face, such as navigating between entities, posting transactions, and consolidating payments.
In this release, we are showcasing a few key enhancements, with more exciting features on the horizon. Here’s a closer look at the new enhancements in Gravity Software Version 7.0:
1. Seamless transaction entry across entities
One of the main challenges with previous versions was the need to switch back and forth between entities at the menu level to enter transactions for different companies. This extra step could become time-consuming, especially when managing a high volume of intercompany transactions.
What’s new:
With Version 7.0, users can now select the target entity directly within each transaction entry screen. This streamlined process allows users to post entries across companies without needing to leave the screen, making it faster and more efficient to handle accounting tasks for multiple entities. Now, users can work in one screen, enter a journal entry for Company A, switch to Company B in a single click, and continue entering transactions smoothly.
2. Consolidated payments across entities
Payment processing in multi-entity environments can be cumbersome, particularly when vendors serve multiple entities within an organization. In the past, companies often needed separate payment runs for each entity, which added unnecessary complexity and paperwork.
What’s new:
The consolidated payment feature in Version 7.0 allows users to make a single payment to a vendor, even if bills exist across multiple entities. For example, if a vendor supplies products or services to both Company A and Company B, users can create one consolidated payment and include line items that specify which entity each bill pertains to. This new option not only saves time by reducing the number of payment runs but also provides clarity, as the remittance clearly shows each entity’s contribution.
3. Enhanced visibility and security
Gravity Software’s multi-entity capabilities ensure that users can work efficiently across their organization while maintaining security and control. Users only have access to the entities they are authorized to manage, and every transaction is recorded with full visibility across entities.
What’s new:
Version 7.0 expands search capabilities across entities, making it easier to locate specific transactions or analyze financial data organization-wide. For finance teams overseeing large numbers of entities, this improvement simplifies data access and reporting, ensuring that essential information is always within reach.
Upcoming enhancements
While these features are game-changers for multi-entity accounting, we are just scratching the surface of what’s possible with Gravity Software. Our team is continuously working on additional enhancements that will further streamline processes and improve usability for our users. Stay tuned for more updates as we roll out these exciting new features!
How these enhancements simplify Multi-Entity Accounting
The new features in Version 7.0 are a direct response to user feedback, demonstrating Gravity Software’s commitment to addressing real-world needs. These enhancements make it easier for multi-entity organizations to:
- Save time: Enter transactions, post journal entries, and process payments faster with in-line company selection and consolidated payment options.
- Improve accuracy: Eliminate errors caused by switching between screens or navigating multiple windows.
- Strengthen control: Maintain full control over entity-specific transactions and ensure compliance with detailed remittance information.
By providing a single, comprehensive platform to manage multiple entities, Gravity Software Version 7.0 ensures that organizations can scale effortlessly while keeping accounting processes centralized and organized.
Why Multi-Entity Accounting matters
Multi-entity organizations have unique accounting needs that often include consolidated reporting, intercompany transactions, and efficient payment processing. As these organizations grow, having a robust multi-entity solution like Gravity Software becomes essential. Version 7.0 is designed to help companies handle growth smoothly, streamline workflows, and provide the transparency needed for strategic decision-making.
Whether you’re a family office, a holding company, or a business managing subsidiaries, Gravity Software’s advanced multi-entity features offer the efficiency and control necessary to keep up with the demands of a complex, multi-entity structure.
By providing a single, comprehensive platform to manage multiple entities, Gravity Software Version 7.0 ensures that organizations can scale effortlessly while keeping accounting processes centralized and organized.
Ready to experience the future of multi-entity accounting? Schedule a demo today or explore Version 7.0’s new features in our video below!
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