If you need to log in and out to process accounts payable invoices or payments for more than one company, then your accounting software is not multi-entity aware or designed for today’s modern organization – where a consolidated view of finances should be at your fingertips.
Just as the old grain silos in wheat fields were designed to isolate and protect their content, your accounting software database may be designed for processing accounts payable transactions one company at time. Current accounting systems provide you with the flexibility to manage your financial data, where multi-entity and intercompany processing is today’s standard.
Whether you manage companies in silos, or you use a new Cloud accounting solution like Intacct or Oracle NetSuite with multi-entity or subsidiary processing, Ariett Cloud Purchase to Payment software makes it easy for your team to process, approve and pay accounts payable transactions quickly and easily across companies and entities – even for entities with different currencies.
A unified Cloud Purchase to Payment platform like Ariett with seamless bi-directional ERP integration can help your organization manage procurement, accounts payable invoice automation and payments across companies from a single login.
Here is our checklist for a multi-company solution.
Manage Spending Across Companies with One Platform:
At Ariett, we have customers that have 5, 15, 25, 100+ companies functioning in a multi-company database without having to log in and out to process across transactions. Can you count how many times a day you log in and out of a company? The design of legacy accounting software produces this tedious, inefficient process. With Ariett, a simple drop-down list switches you seamlessly between companies. Ariett manages user rights and visibility to company entity transactions - so no more logging in and out!
Simplifying your AP and procurement processes starts with having only one platform for viewing and searching for spend information across your entities. For example, if a finance team member at corporate headquarters would like to view AP invoice accruals for other company locations, the team member can simply check “View Companies” in Ariett to review all invoices in progress. Employees in different locations and on different mobile and laptop devices can log in to the same solution to submit, review, approve and search for transactions.
Manage Inter-Entity and Intercompany Processing with One Platform:
If your organization has one company but many entities or subsidiaries, Ariett supports inter-entity processing from a single transaction to various entities/dimensions/subsidiaries. If you want certain vendors to be visible for specific entities or if you want users to have access to specific entities, Ariett makes this possible.
For organizations with multiple companies, it can be a hassle to allocate expenses from one entity, such as corporate headquarters, to another entity. Too often this means relying on a spreadsheet and manually managing eliminations to get the “due to” and “due from” right in each company. However, a modern cloud purchase to payment solution allows an employee to allocate an amount on a requisition, invoice or expense report from one company to another company.
Leverage a flexible Cloud Platform for Your Growing Company:
It’s important that your finance team has the right tools in place to support expansion or an acquisition. A cloud procurement and accounts payable solution makes it easy for a new company/entity/subsidiary to be set up immediately. For instance, Ariett offers “Copy Company” functionality, which copies company configuration, to expedite new company setup. A cloud solution doesn’t require your IT team to invest resources on installing hardware and software for new company setup. As your team adds companies and transactions, Ariett’s solution on the Microsoft Azure platform will support the scaling up of your organizational structure.
Perfect Fit for Modern Accounting Architecture:
You also require a cloud procurement and accounts payable automation solution that will support your accounting system and give you the flexibility to move from on-premises to cloud accounting software. Through cloud APIs, Ariett integrates with cloud ERP and accounting solutions, such as Intacct, Oracle NetSuite, Dynamics 365, and Binary Stream Multi-Entity Management, and through web-services, Ariett integrates with on-premises solutions, such as Dynamics GP. Ariett follows your business logic for dimensions, general ledger accounts, entities and subsidiaries throughout the purchase to payment cycle. For example, when an employee creates a payment batch in Ariett, the invoices available for selection are based on the entity or entities that the employee may access.
Faster Month-End Closing and Audits:
By keeping track of all invoice and employee expense accruals for multiple entities/companies/subsidiaries before they’ve been paid, Ariett makes it less time-consuming to complete month-end closing. A cloud solution with multi-entity capabilities can reduce the time spent on producing monthly financial statements from days to hours because all information is consolidated in one application. Similarly, if you have an upcoming internal or external audit, a solution like Ariett’s provides auditors with immediate access to all approvals, transactions and documents across entities.
Easily Process Transactions in Multiple Currencies:
If your organization has entities with different functional currencies (also called “base” currencies) or has vendors that use different currencies, then a multi-currency solution becomes essential. By having a solution that automatically calculates currency conversion, your finance team saves time on completing these calculations in a spreadsheet. To ensure that customers receive up to date exchange rates, Ariett provides an API that daily imports European Central Bank rates.
Your organization has made great strides and continued to achieve success, but are your purchasing and accounts payable processes ready for such growth? To learn more about how Ariett customers have leveraged our multi-entity, currency and dimension capabilities to escape data silos, please read the following customer case study: http://www.ariett.com/customer-stories/oryx-midstream-services