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Multi-entity accounting: what's the best finance software?

12th Sep 2023
Brought to you by
iplicit logo
iplicit’s mission is to make the complex simple and accessible. Its powerful cloud accounting...
Save content
Have you found this content useful? Use the button above to save it to your profile.

Multi-entity accounting software is hard to come by at a reasonable budget so what is the best option?

iplicit’s powerful cloud accounting software provides a single platform with up-to-the-minute data from all the entities in your group. That means business decisions can be driven by real time information, without waiting for figures to be extracted and consolidated in spreadsheets.

Some of iplicit's larger customers have more than 300 entities in their group – and iplicit saves them days and days of staff time each month.

Automate multi-entity consolidation for real time group visibility

iplicit provides a “single source of truth”, allowing you to see all the entities in a group in one view.

Choose how the data is presented, switching between the group and any individual part of it – and from the big picture to close-up detail.

Slice and dice your financial data as needed, using an unlimited number of dimensions, and carry out analysis and budgeting at a group or subsidiary level. Minority interests and part ownerships are easily accommodated too.

iplicit's dynamic accounting structures allow you to present the information differently to suit the requirements of different stakeholders and jurisdictions.

Mestag Therapeutics, Director of Finance, Eilidh Goodwin describes how iplicit has helped them accelerate their growth;

The team has not only increased efficiency and saved hours in the working week, but there’s also no longer a need for additional, expensive in-house support or external consultancy costs. We’re delighted we made the switch to iplicit.

 

iplicit’s real-time reporting enables the organisation to get management information presented exactly as it requires, at the touch of a button.”

Read the Mestag Therapeutics case study

Intercompany transactions made easy

The most time-consuming tasks of multi-entity accounting are automated, with one click, with iplicit.

Intercompany transactions are easily managed, ensuring the debit on one ledger automatically becomes a credit on the other, with purchase orders and invoices stored alongside the records.

Income and costs for the group can be automatically allocated correctly across multiple entities.  And with consolidation and intercompany eliminations automated, the accounts can be reconciled in moments.

Month end accounting tasks can also be automated, as can workflow authorisations – and thanks to its open API (application programming interace), iplicit is easily integrated with systems used for other business tasks.

Multiple currencies and tax jurisdictions

If there are parts of your group dealing in different currencies or are subject to different tax regimes, that’s not a problem for iplicit with its multicurrency accounting software. Simply set the local currency and tax authority and iplicit does the rest – plugging into a live exchange rate feed to deliver accurate, consolidated accounts in the preferred currency of the group.

Handling different financial years in multiple entities

If you have subsidiaries using different financial years, iplicit's consolidated mapping feature resolves these complications, easily turning the figures into final accounts for the group. The processes are instantaneous and the data produced is clear and current.

Learn more about iplicit

Find out how our award-winning multi-company accounting software gives you full visibility.

To get a feel for iplicit, watch a quick video of our software.

 

Accounting Excellence Finalist iplicit 2022 Accounting Excellence Top Product iplicit 2020 Accounting Excellence winner iplicit 2020