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Many companies to manage? Here’s when it’s time to switch

February 21st, 2024

If you work with many companies, you know that establishing an efficient workflow can be challenging. Here are the four most common problems that companies experience when they operate as a conglomerate.

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Many companies to account for

For companies where few individuals are responsible for accounting in many companies, administration can become an extremely time-consuming task, leading to significant costs in the long run. Where does all the time go? It goes into performing repetitive tasks such as invoicing, payments, report generation, reconciliations, and searching for and collecting the right information across multiple companies, every day.

What’s the problem? Well, in most basic business systems, you can’t get a solution that matches the way you work. Having a clear financial overview is challenging when you have multiple companies and a wealth of financial information. This is a common problem for businesses like real estate companies, accounting firms, or other companies with this type of corporate structure regarding accounting and reporting.

Four common problems that conglomerates struggle with daily:

1. Insufficiently powerful financial systems

This is probably the most common problem. The core business has grown, and the financial system can no longer handle the needs of efficient financial management and reporting within the companies. The financial information has become too extensive, and there are too many companies and surrounding systems. Amidst all these IT systems, you need a business system that can bring the accounting together. It needs to be robust and competent to handle many integrations and transactions daily.

2. Lack of the right overview

If you’re responsible for accounting, you need to ensure that nothing is forgotten and that things happen on time. Payments need to be made, reports need to be submitted, reconciliations and tax filings need to be accurate, all while managing invoicing. If you have many companies, how do you keep track of which actions are most urgent? How do you find where to make that depreciation entry without logging into each company?

3. Inability to consolidate data from different systems

Often, there is a vast amount of business data in companies with this corporate structure. For example, in the case of real estate companies, there is property information, tenant data, lease agreements, maintenance information, and financial data that need to be managed, stored, and analyzed. Can your current IT system consolidate all this and provide you with a solid foundation for analysis?

The right system support is needed to generate reports and charts that assist you in making informed decisions. Business Intelligence tools like Power BI can collect and compile data from various sources, which is the solution to this problem.

4. AI and automation – the business system isn’t smart enough

To stay competitive, it’s crucial to invest in a business system that continually evolves. Since your IT systems are critical for your operations today and should also support your business’s future development, they need to be prepared for the future. Everyone is talking about AI, and even if you’re not using it now, your system provider should actively work on integrating AI technology into your business solution.

 

A perfect solution for those responsible for many companies:

In tough times, it’s even more important to use the right system support to streamline daily tasks related to accounting, control, and monitoring. With Business Central multi-company solution, you get a powerful financial platform with a clear financial overview to rely on. It’s a solution where you can manage and work with your companies from a single view. You can further enhance it with smart monitoring to make the right strategic decisions that fit your current operations. It’s delivered securely in the cloud.

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