Multi-Entity Solutions to Single Ledger Problems- Time Consumption
Posted on: August 12, 2014 | By: Jim Bertler | Intacct
Whether you’re an entrepreneur with five different specialties or you run an entire global operation, you can’t run your businesses efficiently with a disconnected single ledger system. When multi-entity companies use single ledger systems they run into a wide variety of problems. We will spend some time exploring some of the issues outdated single ledger systems cause, and how multi-entity accounting software, such as Intacct can help to resolve these problems.
While there is nothing more valuable than time, single ledger systems do not seem to have a big problem wasting it. Time consumption is one huge issue we all seem to face when dealing with insufficient accounting systems,
When companies have multiple entities and choose to use a single ledger system they are forced to spend much more time working on individual databases. They must find, open, and work on one database at a time and repeat this process continuously in order to view every entity. When multiple databases are involved this tedious process begins to take up a great deal of time, especially when two different databases need to be compared at once. Plus, when a company has all of its information on separate databases much more time must be spent finding and compiling these entities in order to run consolidated reports.
With Intacct’s multi-entity accounting software you can stop endlessly wasting time within a single ledger system. Multi-entity accounting software allows for you to compile an unlimited amount of businesses/subsidiaries into one single database. When multiple entities are compiled into one organized space you can spend less time searching and running reports and more time contributing to your company’s beneficial growth and expansion. Not to mention, with all of your entities located in one space running consolidated reports is easier than ever before. Multi-entity accounting software also allows you to automate inter-entity transactions across all of your business entities all in real-time. These automated transactions allow you to save time and to relax knowing that all of your transactions are completely taken care of.
So why don't you stop spending so much unnecessary time doing accounting work within a single ledger system when you have much greater solutions just around the corner?
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