What Is Financial Consolidation And How Can It Help My Portfolio of Businesses?
Are you still working with Quickbooks and Excel spreadsheets, emailing back and forth, with countless employees working late to finish month-end financial reports only to find all the numbers changed the following morning? What about those problems you’ve had when finding errors weeks later?
Are all the companies in your business portfolio cobbled and thrown together, making it difficult to know the health of your companies? By the time you’re ready to pivot the company, are your reports already dated?
There’s a better way to consolidate your company reports and in real-time. This way helps you find money, create visibility, and gain control of your business financials.
With Sage Intacct, your firm can consolidate hundreds of entities in minutes, not days, and boost productivity by more than 50%.
In this article, we’ll define consolidations, explain why it is essential, areas it’s used in business today, and provide direction for getting started now with consolidations in your company.
What Do We Mean By Business Consolidation?
Financial consolidation means combining assets, liabilities, and other related financial items of more than one entity, so all subsidiaries report under a parent company’s umbrella. The more companies you have, the more vital this ability becomes for the success of your financial growth.
Our national partner and preferred ERP, Sage Intacct, has accounting software for multiple entities that automates financial consolidation accounting activities, including currency conversions, inter-entity transactions, local tax reporting, and more.
This eliminates manual effort so you can close the books faster, gain accuracy, and propel company growth. Trusted CFO Solutions is well-experienced in helping businesses in the transition to Sage Intacct.
Why Are Consolidations Essential?
Consolidation helps your business. You eliminate manual data entry and spreadsheets, quickly create customized reports, manage multiple entities in one system, and have a role-based dashboard with live-data access even when away from your desk. It saves you time and money, allowing you the time to do what you do best.
Consolidating creates streamlined visibility of all your financials in one easy to access cloud-based location. The Trusted CFO Solutions team knows how to implement Sage Intacct, so you gain the control you’ve always wanted.
As an example, we found ONE MILLION DOLLARS for a family office client in 2016 after reconciling the numbers. As you can imagine, our client was pleased.
Other clients have become more efficient in reporting, saving them time and money. Another of our clients was thrilled that instead of taking TWO weeks to enter, cut, and send 3,000 checks, their team now resolves that in ONE day.
Financial Consolidation Sets Your Business Up for Success
Operate Private Equity Funds, Family Offices, Restaurant Groups, & Franchises
If your current accounting software doesn’t give you full real-time visibility and consolidation of data tracked from every entity and group, analyze your data accurately, provide your Investors and Stakeholders with minority and majority views, and track the legal structure across all entities as well as offer flexible reports, you are severely limited in the operation of your business.
Transition Your Software as A Service Financials To A Rock-Solid Foundation
If you spend numerous hours gathering and manually inputting data for your vital reports, you lack the capacity for deferred management of revenue, and your reports are disconnected from the operations of your business, you have revenue leakage.
With Sage Intacct, you can stay on top of finance challenges through automation. You get rock-solid financials and operational metrics—the kind of results and analyses you’ll need to see your entire business as you go through venture financing and an IPO.
Outgrown Quickbooks? We Can Help With A Proven Alternative.
While Quickbooks serves many small businesses well, there comes a time in your fast-growing business where a transition is essential. As you grow, you want to successfully increase revenue and not be held back by multiple reporting processes.
Once you make the transition you’ll gain immediate visibility across your entire organization with real-time data dashboards and painless multi-entity consolidation.
Is It Time To Transition?
If your company is making decisions from lacking or non-existent data, you’ve outgrown Quickbooks, you are ready to automate your manual tasks, you want full financial visibility and better reporting, you need to access your data from multiple locations, or you don’t have a financial solution for complex financial issues, it’s time to invest in a scalable back-office accounting solution.
The Trusted CFO Team Is Ready to Help With A Proven Solution
You can start now with Sage Intacct, the preferred financial management solution by the AICPA, and the only profitable solution for your business.
Trusted CFO Solutions knows how to structure Sage Intacct to get it to work for you so you find money, create visibility, and gain control to accelerate your organization’s growth.
Reach out, and Let’s discuss how Sage Intacct Consolidation can benefit your business. You can choose not to implement if you decide we aren’t the right fit for your business.