Managing multi-entity companies comes with inherent financial challenges. Each location, subsidiary, or operational entity has its own unique systems and processes with disparate data across multiple sources. Having consolidated financial reports is the key to effectively overseeing operations across entities.
Consolidated reports give owners insight into the financial status of each entity. These reports allow companies to see financial activity across each business segment or subsidiary. Performance can then be compared across entities, giving complete insight into a company’s overall financial state.
Consolidated reports give organizations financial information that can be shared with investors, lenders, and other stakeholders – empowering business owners to make strategic, data-driven decisions. However, consolidating reports can be a challenging and time consuming task.
The Challenges of Consolidating Reports
Building consolidated reports can be a cumbersome and tedious process. First, financial information often has to be collected from disparate data sources. Then, people then have to manually export several Excel reports before consolidating them into a single spreadsheet. This time intensive process has to be continually repeated as each new expense and income arises.
Let’s say a franchise owner has noticed lower sales from last quarter. They aren’t sure which location has decreased profitability, so they decide to dive into the organization’s financial statements. The problem is when something seems amiss, they can’t get to the root cause solely by reviewing Excel files and reports. The business owners have to manually open the ledger to identify problems. However, they aren’t able to drill down and review source documents. Instead they have to manually sift through invoices, checks, and receipts. Wouldn’t it be nice if they could simplify consolidated reporting? Automating multi-entity reporting processes can make life easier for business owners. That’s where Docyt comes in.
Docyt Provides Real-Time Multi-Entity Reports
Docyt helps business owners run multi-entity operations from one centralized accounting software platform. Created with franchise and multi-entity business owners in mind – Docyt provides unmatched real-time insights into a company’s overall financial performance across businesses.
Docyt is easy-to-use and allows multi-entity business owners the ability to view the performance of multiple companies with a single click. Users can simply select the report type and choose which businesses they want to review. Furthermore, the list of businesses can be updated and changed at any time.
Docyt’s real-time accounting software updates on a daily basis allowing users to continuously export and share financial data with stakeholders. Docyt’s multi-entity reports provide users with drill-down capabilities – giving complete access to underlying data sources. Business owners can instantly view details of a specific expense or income – all the way to an invoice or journal-entry level.
If you’re looking to simplify your multi-entity reporting processes, Docyt can help.
Docyt is Custom-Built for Multi-Entity Accounting
Docyt’s AI-based software was created to help companies automate their multi-entity accounting processes. By providing business owners with valuable real-time insights into each company – Docyt allows you to see your entire company’s performance with on-demand flexible reporting options.
Want to find out how Docyt can help manage your multi-entity operations from a single centralized accounting software platform? Talk to a member of our team by scheduling a demo today.