One of the reasons businesses with multiple companies, like C-corporations with LLC subsidiaries, migrate from QuickBooks Enterprise to Sage Intacct is their ability to support multiple companies with ease of access between companies, inter-company transactions, and consolidated reporting.
While QuickBooks Enterprise (QBE) has been able to handle multiple companies from the beginning, switching between companies has always been tedious. Furthermore, while QBE can support two companies being open simultaneously, many functions require a company to be in a single-user mode, which limits functional capabilities.
A couple of years ago, QuickBooks Enterprise began offering inter-company transactions. Still, the process is very clunky at best and doesn't work as it should for many types of transactions where it would be beneficial.
On the other hand, Sage's powerful multi-company features streamline inter-company work, simplify inter-company transactions, and decrease errors using self-balancing transactions. Setting up a multi-company structure within Sage Intacct is hardly any more complicated than a single-company configuration.
If you have already created a parent company in Sage Intacct and are preparing to enter a subsidiary or related company, you can inherit existing lists, charts of accounts, and processes into one or every subsequent subsidiary. You can configure unique definitions for each subsidiary entity and then configure rules that relate between the entities.
Once configured, you can manage all your companies from a single log-on. You can also configure dashboards that display one or all of your entities. Based on permissions, you can easily switch from viewing one entity to a different entity, which also controls access and functionality for any single, group of, or all your entities.
Source: Sage Intacct media source content
The dashboards you configure in Sage Intacct are customized to your permissions and functions; they can also be set up with the specific information, metrics, performance information, and AI-assisted information you need.
Posting inter-company transactions is simplified using due-to, due-from, and direct settlement accounts within each company. Postings are further simplified using self-balancing and automated multi-entity consolidations.
Source: Sage Intacct media source content
Reporting on all your companies is essentially as easy as on a single company. With Sage Intacct's multi-company functionality, you can consolidate a few or hundreds of companies in nearly the 'blink of an eye.' You will gain visibility into each entity and then consolidate your entities to look at 'the big picture.'
Source: Sage Intacct media source content
Your consolidated financial reporting automates inter-company eliminations to provide accurate statements perfect for management, company boards, shareholders, and lending institutions.
So, if you have been struggling to manage your multi-company environment, having to log-in and log-out of companies to post one transactions one way in one company, and another transaction in a different company a different way. Or you have been spending hours, perhaps days, trying to consolidate your financial statements from a half-a-dozen companies using exports from your accounting into Excel, then you might just want to give Sage Intacct's Multi-company functionality a look.
For more information visit the Sage Intacct website.
Interested in learning more about this and other ERP solutions available? Check out Murph's ERP Alternatives Webinar, "Blue Paper" and Pricing Supplement in our Be Insightful Premium Content section. You can join the program for $499 per year or $49 per month.
Disclosures
Content within this feature, including graphic illustrations, has been adapted from source materials furnished or accessed through Sage Intacct through Sage (USA). Referenced source materials and content appearing within this Insightful Accountant feature were adapted and are furnished solely for educational purposes.
Sage and Sage Intacct represent one or more trademarks or registered trade names of Sage Group PLC (SGE.L) on the LSE. Sage Group, PLC is located in Newcastle upon Tyne within the United Kingdom.
Any other trade names used within this article, including (app/software) vendors discussed herein, may refer to products registered, trademarked, or otherwise held by their respective owners. They are referenced solely for informational and educational purposes.
This feature is "not" sponsored content. The article is provided for informational and educational purposes.
The publication of this article does not represent an endorsement by either the author or Insightful Accountant.
Note: Registered Trademark ® symbols have been eliminated from the articles within this publication for brevity due to the frequency or abundance with which they would otherwise appear or be repeated. We attempt to credit such trademarked products within our respective article footnotes and disclosures.