Inter-company Accounting For SMEs: Solving The Ultimate Accounting Challenge
Businesses with multiple offices, divisions or legal entities know how complex and time-consuming administering inter-company accounting can be.
Lengthy manual processes, data entry, transfer price compliance, reconciliations. These are only some of the challenges that companies operating multiple entities might have.
The intercompany accounting challenge for SMEs
Multi-company accounting is complex, expensive and time consuming. Growing SMEs know it!
Many companies also struggle to realise that the risks of improper intercompany accounting extend beyond accounting.
We recently helped an Australian based SME streamline their accounting process to achieve a more efficient working environment.
The client had a setup including 6 companies and 5 different financial systems. Reporting and analysis was hard and the CEO had very little visibility into the financial performance of the organisation.
This was holding the business back from scaling and expanding any further.
When assessing the client’s environment, our consultants identified the following challenges:
- Disconnected financial and accounting systems across entities
- Lack of real-time visibility into the company’s financial performance
- Time consuming, manual data entry process
- Lack of process integration and data flow between branches located in NSW and Victoria
The goal was to consolidate the systems and data into one user-friendly platform and enable the organisation to grow further.
Our answer: Multi-company accounting simplified
MYOB Advanced helped our client consolidate financial reports and transactions across related companies from one centralised location. The platform also provided our client with seamless 3rd party integration into other business systems already in use.
Learn more about MYOB Advanced intercompany accounting capabilities in this video
More benefits include:
- Manage intercompany accounting and transactions
- Quick setup multiple entities, cost centres and branches
- Produce consolidated reports automatically and efficiently.
Intercompany accounting can be complex and time consuming for any business.
With MYOB advanced there is now an easy way to produce reports and manage multi-company accounting more efficiently.
The Cloud-based ERP system also has key functionalities to help you simplify your Financial Management such as General Ledger, Recurring Revenue Management, Fixed Assets and many more.
Want to learn more about how Cloud-based ERP can help your business grow further? Download the free White Paper Clearing the ERP Clouds.