This article focuses on consolidating finances from multi-entity companies.
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Nobody likes growing pains, but every company wants to grow. Growing pains are symptoms that an organization needs to make a transition. It is the nature of business. There is a way to alleviate these pains through automated consolidation of your company’s budget. Budget consolidation, just like financial consolidations, is growing in significance because of reasons such as globalization and the popularity of acquisitions and mergers. Nowadays, it is not uncommon for a mid-sized organization to own many legal entities in different locations. Although a business’ budget consolidation requirements may not be that complicated, creating a set of consolidated accounts can be time consuming and prone to many errors if done in Microsoft Excel spreadsheets. There are many financial consolidation tools and solutions that can also automate the consolidation of your budgets and they can replace or improve existing processes and systems. This article is the second installment of our series on budgeting: Budget Consolidation in Multi-Entity Organizations.
The best independent software vendors are working with other key third party Business Intelligence manufacturers to provide integrations that streamline BI processes and build true best-of-breed solutions for your team.
Do you have a machine, an appliance, or application at home or in the office that you only use for the reason(s) you were used to with an older model? For example, if you upgrade to a new car or a new blu-ray machine, there are usually features and functions that you did not have in your previous model that you don’t even know how to use or implement to enhance your experience. If I were to guess, this is pretty common, whether it be your espresso machine or your Business Intelligence (BI) software. However, the only person who misses out is you as the user. In the case of a financial reporting tool or a full BI suite, you have the opportunity to not only maximize your results, but expand your data management and analysis into areas your team has never gone before – to infinity and beyond, right?
Binary Stream’s Multi-Entity Management (MEM) solution provides the ability to process transactions from different corporate entities within a single company database. By utilizing a centralized database intercompany transactions can be automated and master files can be shared across entities (ie General Ledger Accounts, Customers, Vendors, etc).
This consolidated Dynamics GP database has all the information Executives, Managers and Analysts need to review their business; the only question is how do you access this information for analysis?
Solver has recently announced support for Multi-Entity Management with BI360! With REAL-TIME access to the consolidated Dynamics GP database, you are able to further extend the power of MEM by producing consolidated or entity specific information at the General Ledger and the Sub-ledger levels (eg. Segmented reporting, Top 20 customers, Top 10 vendors, Projects by Entity, etc). Real-time access also increases efficiency, by not waiting for IT to update a middleware system in order for reports or analysis to begin. Since BI360 also ‘pulls’ information directly from Dynamics GP into Microsoft Excel, you are able to produce dynamic boardroom quality reports, charts and graphs that contain a ‘single version of the truth’.
BI360 and MEM make a powerful combination for any multi-entity company.
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