Operating a company with multiple entities is undoubtedly a challenge, especially when it comes to accounting. Attempting to oversee all transactions requires extensive amounts of searching within each entity alone. Then, analyzing the individual data and determining your company’s financial health is an additional time-consuming task. There are also many risks involved with this method such as security threats, incorrect data entries, and overspending.
Multi-Entity Management (MEM) is an ERP solution that consolidates all of these entities in one database. Now, you can manage intercompany transactions across every business unit in one place. With MEM, your company can expect real-time consolidated reporting, centralized transaction processing, and scalable security.
One of the biggest benefits of MEM is its consolidated period and year-end reporting. The solution automatically creates reports for each entity and the whole company, which saves countless hours and reduces the margin of human error.
Binary Stream, the developers of Multi-Entity Management, outline the key pain points that MEM solves:
CFOs / Senior Financial Managers:
- Accurate and timely internal and external reporting
- Secure and efficient distribution of reports
- Efficient use of finance staff
Controllers / Staff Accountants:
- Timely and accurate completion of period-end closes
- Ease of use of accounting software
- Reduce cost and risk to all systems
- Control upgrade costs
- Improve data security¹
Multi-Entity Management simplifies the accounting process along with the roles associated with it. Plus, you can conveniently incorporate MEM into your current ERP system; it is available as an add-on for Microsoft Dynamics GP and Dynamics 365 Business Central.
Adding the software is easier than you think – Opal’s experts will seamlessly integrate MEM into your system and provide you with training that will help you use it with ease!
¹ “Multi-entity accounting solutions for Dynamics GP,” Binary Stream, April 30 2019.