Multi company accounting

Has anyone got a recommendation for multi company accounting?

Didn't find your answer?

I have a client who has several companies in different locations - currently just UK and Dubai - but soon will be Australia, India and Netherlands.  He is in process of changing accounting software and ideally would have something that could consolidate the results so he can see the performance of companies in one report.  Does anyone have any suggestions rather than having to manually do this?  Thanks

Replies (11)

Please login or register to join the discussion.

avatar
By paul.benny
30th May 2024 10:21

I've worked in lots of multinationals and the ERP system has never ever been used to for consolidation. Whilst in principle, it is doable, the biggest problem is ensuring that interco transactions and balances eliminate.

There are lots of other issues too. Someone inevitably wants to see numbers at a constant rate - or least strip out currency impacts.

My recommendation would be to get the right software for the business and to consolidate separately.

Thanks (3)
avatar
By D V Fields
30th May 2024 21:08

If they have deep pockets then something like NetSuite or Access Dimensions would be worth looking at.

Thanks (0)
avatar
By carnmores
31st May 2024 12:19

we have a client with offices in London , New York & Dubai and opening in other territories very soon. we use Quickbooks online it does everything we need

Thanks (0)
AS
By AS
31st May 2024 13:53

Try xledger or iplicit

Thanks (0)
avatar
By paulwakefield1
31st May 2024 13:58

A well designed reporting package in Excel (say or Power BI or....) may be an efficient solution with the information pulled in via Power Query either by direct link to the accounting package or via a 3rd party app or even bulk downloads into a folder which Power Query can then sort out.

Thanks (0)
John Toon profile picture
By John Toon
01st Jun 2024 02:30

Ideally what you want is something that will deal with all the local tax filing requirements you'll come across - VAT/GST likely to be the most pressing. To achieve this in an ERP system you need one of the bigger, more expensive, systems like Netsuite which may end up being way over budget. Whilst xledger/iplicit are great they aren't truly international yet.

The alternative is to then run local software such as Xero and then consolidate in Excel or a 3rd party reporting app like Fathom. Too many things to address here without lots more detail.

Thanks (1)
avatar
By Matrix
01st Jun 2024 06:59

.

Thanks (0)
Melchett
By thestudyman
03rd Jun 2024 08:13

Have a look at Sage Intaact or Accountsiq, which are an upgrade on the software targeting micro businesses (Xero, Freeagent etc…)

Thanks (0)
Replying to thestudyman:
avatar
By trelower
06th Jun 2024 08:11

thestudyman wrote:

Have a look at Sage Intaact or Accountsiq, which are an upgrade on the software targeting micro businesses (Xero, Freeagent etc…)


I would second AccountsIQ - consolidates well and lots of assistance with setup of nominals etc. Handles currencies and converts to base currency. Not as cheap as Xero but cheaper than Netsuite.
Thanks (0)
Pile of Stones
By Beach Accountancy
06th Jun 2024 08:31

Mayday is excellent for inter-company reconciliations, including posting F/X differences, etc. I am using it for companies on Xero, not sure which other accounting software it works with.

Thanks (0)
avatar
By Suleman Chaudhry
06th Jun 2024 10:24

Before making any suggestions, it would be useful to know if this is for MI purpose only or for full statutory work?

I can suggest a way forward that would serve the MI requirement well.

I would suggest to use Cloud based software like SAGE in each of the territories.

Export each of the territory accounts (TB) into XL CVS format at the head office at the end of each of the reporting period.

These balances should then be translated into the Group country currency at the closing FX rates.

All individual XL sheets should be further exported into another Group XL sheet where all individual balances will consolidate automatically.

All Inter-Co balances will obviously have been agreed prior to this.
All Inter-Group transactions (sales etc.) would be eliminated at the Group XL level.
All these consolidated balances should then be exported into SAGE (Group) to read full group financial results.

The setting up of the spread sheets will take a little time, but once done, it will be easy each time.

I trust this will help

Thanks (0)