Intercompany accounting (aka “interco”) is time-consuming, labor-intensive and difficult. The challenges inherent in accounting for multiple entities can even deter businesses from pursuing growth plans that involve mergers or diversification. However, the right accounting software can simplify the process and allow companies to expand and maintain effective, timely accounting and reporting across more than one business entity. Acumatica offers its Advanced Intercompany Solution (AIS), which solves many of the thorniest problems in intercompany accounting. AIS enables automated accounting and financial management for multi-tenant company operations.
HERE ARE FIVE OF THE MOST COMMON AREAS OF CHALLENGE THAT AIS HELPS ADDRESS:
#1 – MULTIPLE COMPANIES’ ACCOUNTING AND OPERATIONS
Managing accounting between multiple entities such as tenants, companies and branches is one of the largest intercompany accounting challenges companies face. If the systems within different entities do not communicate with each other, this can easily lead to errors. This is especially true if the entities operate with different base currencies.
Keep reading at https://www.clouderpsoftware.com/5-intercompany-accounting-challenges/
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