Cloud Accounting Intacct

Intacct: Automation for Domestic & Global Multi-Entity Organizations

Business growth, expansion, being the market or industry leader—these are typical objectives that businesses strive to meet. Whether your focus is expanding products and service lines into new domestic and global markets or venturing into new industries, organizations must adapt to growth. And this business environment may involve ownership changes, spin-offs, mergers, and acquisitions. But once all the dust has settled, reality sets in—the challenge of managing the process and its impact within your organization. Intacct provides the ability to support growing businesses, especially when it comes to delivering scalability to address process, control, and reporting.

Change is coming! And this constant evolution comes with its share of challenges, which include:

  • How can you improve accuracy and reduce close times with multiple locations?Intacct
  • With complex structures or rapid growth, can financial management and reporting be streamlined?
  • What processes can be automated and standardized for better compilation of financial statements and operational reports?
  • With so much data from multiple sources, are there better methods to manage duplicate data requirements?
  • How can I deliver the right performance information to every stakeholder?

From a financial accounting standpoint, managing various entities and their corresponding transactions with each other (intercompany transactions) becomes the greatest challenge. If you deal with multiple entities, interests, subsidiaries, locations, and currencies, Intacct has the unique ability to support your growing business every step of the way.

Can Intacct Support Different Multi-Entity Ownerships?

For accountants, data entry—especially in multiple files covering multiple entities—has always been an arduous task. Entering data for different entities involves:

  • Opening up multiple, non-integrated files or screens—one for each entity;
  • Recording transactions;
  • Summarizing the due to/from intercompany account transactions;
  • Creating the journal entries; and finally
  • Preparing a consolidation report at close.

This is not only challenging but somewhat prone to errors. Key concerns are how to handle transactions to avoid duplication in the due-to and due-from; controlling the permission and workflow process; allocating costs for either centralized or decentralized processing for AP and AR workflow; and maintaining accurate and simultaneous items, vendors, and customers.

Intacct provides the various company platform structure options based on your business environment, be it a single entity multiple location or multiple entities with multiple locations.

Single Company Multiple Entities Domestic Multiple Entities Global
Same base accounting currency Same base accounting currency Multiple base accounting currencies
Multiple locations roll into same reports Multiple locations subject to different guidelines/reporting needs US company with international subsidiaries
Same owner(s) Autonomy in separate location processing (bill payments) International company with multiple global offices
Same regulatory environment Same regulatory environment Different local regulatory environments

Domestic Multi-Entity Shared (MES) Container

Domestic Multi-Entity Shared Container

Multi-Entity Shared with Intacct Global Consolidation (IGC)

Multi-Entity Shared IGC Container

Multi-Entity Distributed

Multi-Entity Distributed Container

Intacct provides an interface for users to easily enter, access, consolidate, and generate data reports—all in one container for all multi-entity concerns. This feature saves valuable time in the process, which can then be allocated to other tasks. Here’s how it works.

Configuring Multi-Entity and Inter-Entity

Multi-entity configuration

When you check the auto-balancing for GL box, you no longer have to manually balance between entities. Intacct automates this operation based on the relationship(s) you defined for the entity. Restrictions likewise will define access to both top level entity shareable lists and accounts as well as to specific entities, thus creating user defined relationships.


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About the author

Tanisha Howard-James

Driven by her passionate desire to provide customized management strategies, Tanisha Howard-James founded The Emanon Group in 2006.  Her focus is in offering tailored solutions particularly in the areas of client accounting services, time and workforce management, business advisory, accounting technology, payroll and tax administration.

After graduating from George Washington University, she continued her education by obtaining an MBA in Management and Marketing from Southeastern University. With experience, skills and expertise in QuickBooks, Intacct, employee benefits and strategic analysis, Tanisha is dedicated to providing the much needed financial and management consultative services to small to medium enterprises helping them achieve success in a large scale manner.

Over the years, Tanisha has expanded The Emanon Group to feature business consulting and accounting technology services. Through various opportunities, she has gained intimate knowledge of best practices and offers her extensive knowledge to fellow business owners. Although she provides expertise within most industries, she has a specialized niche in construction, real estate development, government contracting, franchises, and healthcare.

You can connect with Tanisha on Twitter and LinkedIn

7 Comments

  • Hi Tanisha,

    Thank you for taking the time to write this article. The simple examples given shows the power and complexity with which Intacct can handle otherwise tedious tasks, while improving accuracy and eliminating inefficiencies.

    Will you be writing an article on the strengths of Departmental, Project, Customer, Fund, and/or Trust Accounting, etc. which is inherent or native within the Intacct app., as well? The Non-Profit sector is growing for Intacct.

    We expect Legal, small University and Governmental Trust sectors, shortly. There are still a lot of other good apps. in these sectors, as well.

    Does your company work with Adaptive Planning (a CPM solution) integrated with Intacct? If so, can you elaborate here, which areas within these sectors, have you seen the use of Adaptive Planning excel, help, or even duplicate or hinder, with it’s integration to Intacct? We appreciate all opinions.

    Are there any other Add-On’s that your company has found intriguing or helpful that integrate with Intacct?

    We would like to hear others’ opinions, as well. Thank you in advance for responding. Hope to meet at an Intacct or Sleeter event, in the future.

    Sincerely,

    Tamra

    Tamra Groff, Senior Consultant, GASC/GHFG

    • I will be addressing the Non-Profit sector in coming the near future. Please advise as it relates to Departmental, Project, Customer, Fund, and/or Trust Accounting what specific flow would you like clarification or further expansion.

      The marketplace apps I would like to uncover some applications while some I have not implemented with clients at some point we will discuss the ecosystem of Intacct. Given we were informed this is the first experience some will have with Intacct, we elected explore and discuss the native features before moving beyond the platform to how the marketplace apps can enhance native features. With that said, Adaptive Planning, I actually reviewed for a client; however, deferred activation for other reasons. If we revisit, I certainly will discuss my encounters. Salesforce integration is another app many businesses are utilizing that I would like to cover in the future as well.

  • Hi Tanisha,

    Thank you for responding. There is no specific flow, clarification, and/or further expansion as it relates to Departmental, Project, Customer, Fund, and/or Trust Accounting needed. We would just like to see the next articles relate to these native functions, also. This would build a working knowledge for all readers here and establish a comprehensive view of the Intacct apps.

    There are readers, commentators, and subscribers to Sleeter Reports that do select, implement and work with Intacct. Most are happy that Intacct will be attending SleeterCon. The more articles on any of these topics the more sharing will occur here, by comments, and attendance at SleeterCon, as well.

    We look forward to future articles on Intacct, its marketplaces, add-on’s, as well as further app. analysis, pros and cons, etc. Sharing experiences is great.

    Sincerely,

    Tamra

    Tamra Groff, Senior Consultant, GASC/GHFG

    • I will definitely share my experiences related to these dimensions. Thank you for the feedback as it definitely assists in development of the content to match curiosity with Intacct.

      Best regards.

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