Operating two or more entities requires thorough, clear accounting for each. With the right multi-company accounting tool, you can seamlessly and strategically align the finances of your businesses in a single system. Let’s look at essential multi-company accounting features.
Can You Manage Multi-Company Finances in One Accounting System?
Yes, multiple company finances can be stored and managed in just a single accounting system, but the efficiency of doing so rests on the tool itself. When looking for potential solutions, be sure to directly inquire if multi-company are available. Bear in mind, some systems may claim to have multi-company options but they’re rigid and don’t actually let you house the ledgers in a single database. This can cause data inconsistencies and/or make you spend more time managing the numbers. For example, QuickBooks users need to have separate databases and separate logins for each company.
There are alternate options to safely and conveniently manage multiple company finances. Look for flexible accounting systems that offer options for managing the financial dimensions and requirements of each entity. And of course, make sure the system in question will let you consolidate your financial data into a single platform for easy management.
Accounting Seed’s Multi-Company Accounting Features
Accounting Seed, allows you to set up new accounts or companies with complete customization for internal transactions, bank accounts, and more in one database. This ensures that both company finances follow individual requirements while being housed together! Users can assign existing lists, process definitions, or charts of accounts to companies. You can also customize each new company with unique process definitions for better workflow. Besides enhanced system flexibility, here are our other essential multi-company features.
Our multi-ledger feature enables smooth accounting for several entities inside a single database. Streamline how you manage all of your business processes and consolidate all the respective information for accurate financial reporting. The following data can be shared between companies:
- Chart of Accounts
- Sales Quotes and Opportunities
- Accounting Periods
Being able to allocate and pinpoint the precise data and financial trends you need to analyze per company is essential for building successful strategies. Accounting Seed helps you do this with custom, accurate financial reporting functionalities. With customizable financial reporting and language features, users can tailor accounts to fit any set of regulations. And, you can easily switch between companies and local account views for real-time data insights. Custom financial reports include the following features:
- Comparative of budget to actual
- Budget to budget
- Actual to actual
- Year-to-date reporting
- Month-to-date reporting
- Custom calculations on any row
- Custom calculations on any column
- Report on relative accounting periods
You also have access to other financial reports, management reports, and financial dashboards.
Safeguarding the data and customer information of your multiple companies is important to us. Besides allowing basic password setup options, Accounting Seed provides an array of Salesforce-based security and internal control features right out of the box. You have full control over who views and handles all of your account transactions and data. Assign user permissions, role hierarchies, validation rules, and more to dictate access, safety protocols, and establish workflow requirements. Accounting Seed’s trusted Salesforce-based architecture is robust with encryption and security-focused IT design to keep your data safe from outside threats too.