Almost every accounting system today can handle more than one company, but usually that is all they can do. Each company is in a separate database, totally isolated. While this can work, it usually leads to a lot of inefficiencies. Unfortunately, you probably don’t know how inefficient it really is since you’ve been working that way every day. Gravity Software™ (Gravity) has developed an amazing multi-company model that can dramatically increase your productivity. Here are five multi-company features you didn’t know Gravity has:
- Multi-Company Operational Reports – Many organizations will work with the same customer or vendor in different companies. We have several Gravity clients that are organized internally as multiple legal companies but market themselves as one brand to the outside world. One customer will do business with multiple internal companies. To understand how much that customer owes the organization you must print each individual AR Aging report to Excel and manually consolidate them. This can take hours. With Gravity, in less than 2 minutes, you can select the AR Aging Report, select the companies to include in the report and view it. Not only are you able to consolidate financial reports, but operational reports as well. Select the report, select the companies and print. Click and print, how easy is that?
- Inter-Company Billing – In many organizations, a parent company will bill subsidiaries for shared expenses. To accomplish this, each invoice from the parent must be re-entered into each subsidiary. At least double the work. In Gravity, you can set up inter-company billing templates to determine the voucher distribution for the receiving company. Now all you have to do is create the invoice in the parent, then a voucher is automatically created and posted in the subsidiary’s payables. One step, done.
- Inter-Company Transactions – What if your vendor invoices you for supplies for five restaurants on one invoice? In most systems, that will end up being five separate transactions. A transaction in the company paying the bill and four separate transactions for the other companies to pay back the first. What if you made a mistake in one company? Then your inter-company accounts will be out of balance. Crazy inefficiencies. In Gravity, you can create one voucher, distribute it to five companies and you’re done. The intercompany accounts are perfectly in balance. One transaction instead of five, every company balanced.
- Shared Master Files – You have ten Properties, each in a separate company. You have one vendor that bills all of them for lawn maintenance. In other applications, you need to set that vendor up ten times. What if they change their address, or you need to put them on hold? That will be ten transactions each time. In Gravity, you can set a vendor (or customer, account number, etc.) once and share it with the appropriate companies. You can even make it private to only one company. Only one record to maintain, not ten. Change the address once and every company is up to date.
- Multi-Company Cash Receipts – Let’s go back to the customer in item 1 above. Now they pay multiple invoices, from multiple companies on one check. You need to deposit the check in one bank account, then record the fact that each company is owed money from that check for the invoices that were paid. Accounts Receivable in each company must be updated. Think about all the work that you will do just for one check. Now multiple it by 10, 20 or 100 checks a week, or a day. Again, what if you make a mistake along the way and things don’t balance? Now month-end is a lot more work finding the problem. That is a lot of wasted time. With Gravity, all you need to do is enter the Payment once, select all the invoices paid from all the companies and you’re done. One transaction, every company is up to date and no mistakes. Accounts Receivable is perfect, intercompany accounts are in balance and month end is so easy.
As you can see, Gravity has developed one of the most comprehensive multi-company architectures existing today. Think of how much time you’re spending every day entering the same information multiple times, trying to keep everything in balance. And how about month end when the companies are out of balance? How much time do you spend trying to find a number?
Gravity can give you back hours and even days every month. Time that you can spend adding value to your company instead of entering the same information over and over. You can find relief in an automated system that is streamlined and secure. Gravity is built on the Microsoft Dynamics 365 (aka Microsoft CRM) platform. Gravity allows for financial consolidation in less time without absorbing large implementation costs of a more conventional on-site, ERP solution. Oh, did I mention, that the first five entities are included? Nice! Gravity Software, the technology just works!