For more advanced consolidation, platforms like NetSuite or Sage Intacct are better suited. Choosing the right multi-entity accounting software, like any new tool, isn’t just about features. In this guide, we’ve covered what this type of software is capable of and looked at some key features and use cases so that you have a solid starting point. Your software of choice should be able to handle multiple companies, locations, or business units with separate books and shared oversight. Multi-entity accounting platforms can range from full-scale ERP systems (like NetSuite or Microsoft Dynamics 365) to more lightweight solutions tailored for smaller businesses or startups with multiple ventures.

Streamlined Tax Preparation

Choosing the right multi-company accounting software is a big step toward simplifying your financial management and driving growth. Gravity Software is built to give you the consolidated reporting, automation, and business intelligence you need — all in one platform.Schedule a demo today to see how Gravity can help your team work smarter. Family offices face unique accounting challenges, from managing multi-entity structures and complex ownership hierarchies to consolidating financial data across asset classes and currencies.

Cloud-Based Accounting Software

In some cases, Tipalti automates 80% of the manual payables workload, enabling businesses to close books 25% faster while strengthening financial controls and reducing compliance risk. The platform offers robust security and complete audit trails for every transaction across subsidiaries. If you’re ready to take control of your complex financial landscape, explore a solution designed multi entity accounting for your unique needs.

Inventory Management

Part of the M&A integration process is converting the new business entities, if possible, to multi-entity accounting software. Choosing a multi-entity accounting software in 2024 should depend on the specific requirements and preferences of your business. When making a decision, consider factors such as the complexity of QuickBooks ProAdvisor your organizational structure, scalability, integration capabilities, compliance features, and the user-friendliness of the software. This software provides users with the ability to manage finances across different entities while maintaining a user-friendly interface. QuickBooks Enterprise supports inventory management, payroll processing, and other essential business functions.

• Archway’s depth and flexibility make it well-suited for offices that require high configurability and institutional-grade capabilities.
• Role-based permissions and custom approval workflows help you stay secure and compliant across all entities.
• Especially for multibusiness users, accounting software must excel at generating both basic and advanced financial reports.
• The right solution gives you one place to manage all your finances, track inventory across locations, and stay on top of intercompany transactions.

• With business.com+, members get dedicated support, exclusive deals and expert advice.
• Users can switch between company files with one login but financial data stays siloed.
• This results in organizations trying to make square pegs fit in round holes, relying on a patchwork of solutions, and following online tutorials to make general-purpose software work for the NPO.
• Organizations can better allocate their expenses through budget management for every program.
• Franchise operators and multi-brand companies often need to maintain separate books for each location or entity while still reporting on overall performance.
• The platform offers robust security and complete audit trails for every transaction across subsidiaries.

Managing several businesses can turn out to be tricky, especially regarding finances. Traditional accounting https://www.bookstime.com/ practices result in errors, inefficiency, and increased expenses. On the other hand, automated operating procedures improved decision-making skills, and simplified financial data administration. Unless you’re a power user or an accountant, business accounting software can be difficult to use.