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AcctTwo Blog

Fast Growth & Multi-Locations Need New Solutions to Pastors' Challenges

As the multi-site church trend continues to grow, leaders are faced with the challenge of sustainability. Excitement for expanding the reach of the church to impact lives rallies support not only through generous giving but also through an increase in volunteering. But launching a satellite church is the easy part. This fast growth, church plants, and multiple locations and entities require new solutions to pastors' challenges.

Topics: Faith-Based Multi-Entity and Consolidations

Fractional Accounting, Spreadsheets, the Cloud, Audit Implications: Independent E&P Operators Face a Gusher of Back Office Headaches

An interview with DrillDown's President, Bill Harris, on the need for better oil & gas accounting tools - Part One of a Three Part Series 

DrillDown's Chief Revenue Officer, Rauli Garcia, sat down with Bill Harris, President of DrillDown, to get some background on why he saw the need for a better accounting system for midsize independent oil & gas operating companies. This is Part 1 in a series of posts.

Topics: Multi-Entity and Consolidations E&P Operating Companies

The Complexity of Multi-Entity Management Will Only Get More Complex

No matter where you fall on the political spectrum, it's fair to call the current state of the US economy uncertain. Some signals indicate we are heading towards an all-out trade war that could redirect the flow of capital and lead to sweeping changes in the regulatory landscape. Other signals indicate that things will continue to be business as usual.

In spite of the unknowns, it's clear that some changes are certain in the near-term. Accounting and finance departments can expect these new or forthcoming regulations to necessitate a major revision in policies and operations:

Topics: Taxes Multi-Entity and Consolidations Multi-Currency Regulations

Overcoming Financial Growing Pains in Professional Services Organizations

In our services-centric economy, many project-based companies that provide technical and business services are fine-tuning their marketing strategies and business models to pursue growth. And the most recent benchmark report from SPI Research shows those efforts are paying off. The average net profits for the professional services organizations surveyed grew more than 10 percent for the fifth consecutive year. Of course, as those firms grow and expand, they place an added—and changing—burden on the finance organizations that support them.

Topics: Professional Services Industry Automation and Workflow Multi-Entity and Consolidations

Survey: Closing the Books Barometer - Q1 2017

The goal of this survey was to investigate the use of multi-entity structures across multiple verticals.

This survey was inspired by a series of interviews with thought leaders from the asset management, family office, private equity, and accounting spaces. Those interviewed highlighted the acceleration of the diversification into alternative or illiquid assets such as real estate, infrastructure, private equity, hedge funds, or private debt, potentially across multiple geographies. This is driving the widespread recognition of the need to protect your organization through not only more legal entities but also more complex legal structures. Previously, this was the preserve of large or sophisticated firms and nonprofits. What was clearly a major trend was the shift to this strategy even by modestly sized organizations. Lawyers, tax accounts and auditors agree that the effective utilization of this strategy is fundamental to the protection of assets, acquisition of assets, and the sale of assets.

Topics: financial close General Ledger and Month-End Close Multi-Entity and Consolidations

Next Generation Financial Consolidations

Consolidations have been a routine part of many corporate accounting departments for as long as most can remember.
 
What has changed over time is the complexity and compressed timelines of consolidations

Corporate accounting has long been viewed as the custodian and curator of financial data. However, whether it’s bringing the data together or distributing the financial results broadly, the financial consolidation process has long been an onerous drudgery of information assembly, validation, and reporting. The consolidation process for many corporate accounting groups is sometimes measured in months, often measured in weeks, and rarely measured in days.

Topics: eBook White Paper Multi-Entity and Consolidations

Multi-Entity Accounting: Make Sure Your System Can Scale with Your Business

From the Perspective of an AcctTwo Implementation Consultant

As a Professional Services Manager at AcctTwo, I've been involved in dozens of implementations of Intacct's on-demand ERP products. When asked what I see as the key requirement or function of an ERP system for our customers, it's tough to pick just one. Along with the ability to provide powerful and relevant reporting, process automation, and configurability, I also see scalability as a key requirement. And one of the main ways in which we provide our customers with the ability to scale is through Intacct's multi-entity architecture.

Topics: accounting software ERP Multi-Entity and Consolidations

Holiday How-To Series: Tips to grow your business to a complex global structure - Part 1

From Phillip Suchan, Intacct Product Marketing Manager:

Last month at our user conference, Intacct Advantage 2014, I sat down with about twenty of Intacct’s customers to talk about the challenges they faced prior to switching to Intacct. One key theme from these conversations was the pain of running a multi-entity business. Customers relayed that their original financial system worked well under a single location but quickly became a liability as the business structure became more complex.
Topics: Blog View from the Cloud Intacct Multi-Entity and Consolidations Awareness

Leveraging Cloud Financials to Support Growing Healthcare Organizations

Growth of healthcare organizations – from either consolidation or increased output and revenues – continues to trend upward in the industry, thanks to drivers such as federal mandates, market competition, tighter margins and the increasing need to do more with less.

Topics: Blog Healthcare Industry White Paper Multi-Entity and Consolidations Awareness

What is the Huge, Head-Smacking Mistake Most Global 1000 Companies are Making?

One might think that the larger a company is, the more complex its finances, AND the more sophisticated its technology. The largest multi-national companies must be byzantine in the number of entities, processes, and locations - not to mention the complexity of their accounting, right? Well, a recent study conducted by Redwood Software found that shockingly 82% of Global 1000 companies have manual financial close processes.

Topics: Blog financial close Global 1000 month-end close General Ledger and Month-End Close Informational process automation Multi-Entity and Consolidations Awareness