Here we can see, “Multi Entity Management”
Table of Contents
What is Multi Entity Accounting Software?
For CFO’s and other financial executives with multiple financial entities under one umbrella, multi-entity accounting software enables automated processes to enhance accounting accuracy and efficiency across entities–whether various departments or lines of business within a company, franchising organization or conglomerate.
Particularly for companies expanding overseas, managing finances across currencies with special tax and regulatory compliance environments presents challenges and risks. Multi-entity accounting software mitigates that risk by protecting against data entry errors, theft, fraud and compliance.
Multi-entity accounting software unifies accounting processes and insights from multiple entities and consolidates them in situ. With a strong accounts payable solution, accounting teams can streamline approvals and reduce errors.
Accounts Payable Automation in Multi-Entity Accounting for Dynamics GP
CFOs of growing organizations use this tool to spice up efficiency and expand without expanding their accounting department.
As a business grows, so does the complexity of its financial requirements with increasing transaction volume and disparate entities coming together through mergers and acquisitions. At this stage, the quantity of knowledge created makes using spreadsheets for consolidation almost impossible, but SMBs also can gain a competitive advantage with multi-entity accounting software for ERP.
Modernize with Accounts Payable Multi-Entity Management
Multi-entity management (MEM) enables financial leaders to watch a company’s financial health across entities with the power to drill down into every unit’s financials. Add multi-entity accounts payable technology to the combination, and you’ll expand rapidly without growing your accounting team.
The days of manual approvals are gone, and sticking to the error-prone manual entry for multi-entity accounts payable risks putting a business at an obstacle. Beyond the time delay of the manual entry itself, broken links between spreadsheets lost data, and human error can be very costly.
Plus, emailing spreadsheets back and forth isn’t a real-time exchange that may cause miscommunication and errors, resulting in delays and headaches that call makers can’t afford, especially when the top of a period looms on the calendar.
Who Accounts Payable MEM is for?
With role-based multi-entity accounting, MEM mitigates pain points for a spread of roles, including:
CFOs & Other Senior Financial Leaders:
- Grow your business and keep your accounting team lean
- Real-time, accurate internal and external reporting
- Enhanced efficiency of invoice reconciliation
- Accelerated period closings
- Simplifies invoice approvals and reconciliation
- Accelerated period closings
CTOs and other IT Managers:
- Self-service reporting for fewer requests from accounting departments
- Reduced costs
- Reduced risk
Why Microsoft Dynamics GP Users Need MEM
As this text has previously said, MEM allows multi-entity businesses to quickly consolidate and manage complex financial environments across unique financial entities. However, Microsoft Dynamics GP doesn’t accompany a built-in multi-entity accounting feature. This hurdle are often easily cleared with an integrated MEM solution from an independent software vendor (ISV).
Fidesic – The Dynamics GP MEM Accounts Payable Solution
Fides AP is the best solution to reinforce Multi-Entity Management of Accounts Payable processes with a web-based approval workflow system. Monitor status, create reports and approve invoices from anywhere with an online connection.
The Fidesic AP Workflow gives you and your team visibility into the whole process, and you will be ready to approve and pay invoices quickly with limited manual processes. Fides is meant to help streamline these processes for small businesses, mid-sized businesses, and enterprise-level corporations.
Key Features of Fidesic Accounts Payable MEM for Dynamics GP
- Send Invoices to Fidesic
- Fides gives you options for processing your invoices. You’ll enter directly or send them to Fidesic for processing. Vendors also can submit invoices directly through the Fidesic portal, over email or by using EDI.
- Approve and Import into MEM for GP
- Approve invoices from any device. After invoices are fully approved, they integrate directly with your GP System with full support for the Binary Stream Multi-Entity Management solution.
- Pay Right Out of Your accounting.
- Pick which invoices you’d wish to pay as you’d normally, then send them to Fidesic for processing. There’s a strong approver process for payments. Checks and ACH payments are going to be sent out automatically.