From Phillip Suchan, Intacct Product Marketing Manager:
Last month at our user conference, Intacct Advantage 2014, I sat down with about twenty of Intacct’s customers to talk about the challenges they faced prior to switching to Intacct. One key theme from these conversations was the pain of running a multi-entity business. Customers relayed that their original financial system worked well under a single location but quickly became a liability as the business structure became more complex.
As companies grow transaction volumes and hold more data, retaining financial data for entities in separate data files and using consolidation spreadsheets becomes extremely labor intensive. When you add the complexity introduced from subsidiaries that have different base and reporting currencies you end up with a highly complex, yet fragile, spreadsheet-based manual process. Whilst designing and building such a spreadsheet process and managing it might earn you some kudos for your Excel Jedi skills, as a finance professional you should ask yourself if you’re building a solution that is scalable and controls risk effectively?