How to Automate Accounts Payable with Multi Entity Management
What is Multi Entity Accounting Software?
For CFO's and other financial executives with multiple financial entities under a single umbrella multi-entity accounting software enables automated processes to improve accuracy and efficiency of accounting across entities--whether various departments or lines of business within a holding company, franchising organization or conglomerate.
Particularly for companies expanding overseas, managing finances across currencies with unique tax and regulatory compliance environments presents challenges and risk. Multi-entity accounting software mitigates that risk by protecting against data entry errors, theft, fraud and compliance.
Multi-entity accounting software unifies accounting processes and insights from multiple entities and consolidates them in place. With a robust accounts payable solution, accounting teams can streamline approvals and reduce errors.
Accounts Payable Automation in Multi-Entity Accounting for Dynamics GP
CFOs of growing organizations use this tool to boost efficiency and expand without expanding their accounting department.
As a business grows, so does the complexity of its financial requirements with increasing transaction volume and disparate entities coming together through mergers and acquisitions. At this stage, the amount of data created makes using spreadsheets for consolidation almost impossible, but SMBs can also gain a competitive advantage with multi-entity accounting software for ERP.
Fidesic AP for Binary Stream's Multi-Entity Management
Modernize with Accounts Payable Multi-Entity Management
Multi-entity management (MEM) enables financial leaders to monitor a company's financial health across entities with the ability to drill down into the financials of each unit. Add multi-entity accounts payable technology to the mix and you can expand rapidly without growing your accounting team.
The days of manual approvals are gone, and sticking to error-prone manual entry for multi-entity accounts payable risks putting a business at a disadvantage. Beyond the time delay of manual entry itself, broken links between spreadsheets, lost data and human error can prove to be very costly.
Plus, emailing spreadsheets back and forth is not a real-time exchange which can lead to miscommunication and errors, all leading to delays and headaches that decision makers can't afford, especially when the end of a period looms on the calendar.
Who Accounts Payable MEM is for?
With role-based multi-entity accounting, MEM mitigates pain points for a variety of roles including:
Grow your business and keep your accounting team lean
Real-time, accurate internal and external reporting
Enhanced efficiency of invoice reconciliation
Accelerated period closings
Simplifies invoice approvals and reconciliation
Accelerated period closings
CTOs and other IT Managers:
Self-service reporting for fewer requests from accounting departments
As this article has previously said, MEM allows multi-entity businesses to quickly consolidate and manage complex financial environments across unique financial entities. However, Microsoft Dynamics GP does not come with a built-in multi-entity accounting feature. This hurdle can be easily cleared with an integrated MEM solution from an independent software vendor (ISV).
Fidesic AP is the best solution to enhance Multi-Entity Management of Accounts Payable processes with a web-based approval workflow system. Monitor status, create reports, and approve invoices from anywhere with an internet connection.
The Fidesic AP Workflow gives you and your team visibility into the entire process and you'll be able to approve and pay invoices quickly with limited manual processes. Fidesic is designed to help streamline these processes for small businesses, mid-sized businesses, and enterprise level corporations.
Key Features of Fidesic Accounts Payable MEM for Dynamics GP
- Send Invoices to Fidesic
- Fidesic gives you options for processing your invoices. You can enter directly or send them to Fidesic for processing. Vendors can also submit invoices directly through the Fidesic portal, over email or by using EDI.
- Approve and Import into MEM for GP
- Approve invoices from any device. After invoices are fully approved they integrate directly with your GP System with full support for the Binary Stream Multi-Entity Management solution.
- Pay Right Out of Your Accounting System
- Pick which invoices you would like to pay as you would normally, then send them to Fidesic for processing. There is a powerful approver process for payments. Checks and ACH payments will be sent out automatically.