If you are running multiple companies under one organization, you can use multi-industry company accounting solution software to help you keep track of all the accounting needs of each company that exists within your organization. Read on to learn about using this software to enhance your company.
Shared Masters Files of Customers and Vendors
When you are running multiple businesses within one organization, there is a good chance that you are working with some of the same customers and vendors. When you need to update information about a customer or vendor, you don't want to have to go into each business account and update that information. You likely want to update that information once and have that information be updated across all of your accounts.
A multi-industrial company accounting solution can allow you to share master files of customers and vendors so that you don't have to waste your time updating information in each database; you can just change the master file and know that the change will apply across all files.
Allocate Bills Across Multiple Companies
Next, when you run multiple companies and get a bill from a vendor, that bill may include charges that apply to different companies within your overarching organization. With a bill allocation, you can take the bill and allocate different amounts to each company. That way, you can choose the company that the portion of the bill should apply to, and update when the bill is due, and all other information. With the right software, you will be able to within one screen allocates a bill from a vendor across all the companies it applies to without having to log and out of each different company to make the allocation.
Divide Up Payments
With multiple businesses, you will have customers that are going to work with multiple business entities. In the case that a customer makes a payment that is intended to apply to multiple different companies, you can take that payment, and you can apply that payment to each invoice that it should apply to. Once again, this can happen on the same screen. You will be able to manage customer invoices and payments and how they interact with your different businesses, all from one screen.
With a true multi-company accounting solution, you are going to be able to update customer and vendor contact information, allocate bills across multiple companies, and divide up payments to all the right accounts. You will be able to update information across multiple databases within one screen, saving you time and helping to streamline your operation and cut down on errors.