How to Tackle Complex Multi-Entity Processes with Pinpoint Accuracy and Lightning Speed
Posted June 15, 2017
Many financial services firms have complicated, multi-entity models that can’t be managed efficiently with outdated systems. Acquisitions, mergers, and organic expansions further challenge processes, as does expanding into new countries. Financial Services firms can streamline multi-entity management quite easily, as discussed in our recent webcast, “Complex Multi-Entity Management: How 3 Firms Have Paved the Way for Change and Expansion”. Learn why AKA’s Multi-Entity Financial Advantage, built on Dynamics 365 for Operations, is the best tool for this challenging problem.
The Wrong Tools Can Lead to Big Issues
It’s not unusual for larger corporations, including financial services firms, to manage dozens to hundreds of entities under a corporate umbrella. While many modern enterprise resource planning (ERP) solutions can deliver strong accounting support, few are able to flexibly and efficiently manage multiple entities.
With each acquisition or merger, you may find new entities using their own accounting systems, which aren’t likely to connect with the corporate solution. Consolidating records for each entity, then performing a corporate consolidation, is a time-consuming, manual-intensive process. And the end result is typically that neither the individual entity nor the firm as a whole is getting accurate, real-time information. The wrong accounting systems lead to bigger problems, such as:
- Disparate systems isolate data and create frustrations for employees who then rely on inefficient, error-prone spreadsheets
- The more data outside the corporate system, the farther away leaders get from reliable, current data
- Even with policies or procedures in place, processes aren’t fully standardized and the lack of consistency leads to mistakes
- The auditing process becomes cumbersome with every disparate system and spreadsheet involved. Audits take more time and are expensive when using third-party auditors.
- Outdated, inaccurate data will lead to poor decision-making which can impact profits
Why Choose Multi-Entity Financial Advantage
Firms with multiple entities can rely on AKA’s Multi-Entity Financial Advantage for strong financial management control and insight. This cloud-based solution offers comprehensive ERP features and functions with seamless integration to other Microsoft systems. You can easily add or change functionality with other apps and tools so that Dynamics 365 remains fully aligned with business operations. Dashboards and other customizable workspaces deliver a familiar and comfortable user experience for your entire team.
In this webcast, we highlight three AKA client success stories—a leading alternative asset firm with hundreds of legal entities; a private equity firm with over 500 entities; and a global asset manager with over 250 legal entities and a consolidation that was 10 levels deep. Each of these firms was able to support complicated processes and organization-wide success.
These firms were able to:
- Maintain a consistent and accurate chart of accounts and vendor codes for each entity and the corporation
- Establish workflows to guide users through common data-entry processes to save time, improve consistency and standardize processes globally
- Model organizational hierarchy to expedite consolidations so instead of days, they are completed in minutes
- Streamline approvals with mobility and workflows to ensure the right people have access to the right data no matter where they work
- Standardize data to keep data and systems centralized and organized, expediting auditing and reporting
Learn More…Watch the Webcast
Watch our Complex Multi-Entity Management Webcast to see how Multi-Entity Financial Advantage simplifies multi-entity processes and delivers greater control and insight over each entity and your entire organization. Learn how you can save valuable time, achieve greater visibility into financial operations, and use reliable, real-time data to nurture continued growth and success. Contact our team of experts for additional information and guidance on solutions for financial services.