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Fast-growing companies quickly find themselves confronted by a bewildering complexity of foreign currencies and languages, accounting standards, taxation structures, and reporting and compliance requirements that far outstrip the capabilities of the spreadsheets and standalone accounting applications.
Brute force no longer works. Installing new servers, multiple ERP software systems, local on-premise backup at dozens of offices around the globe with associated IT teams to configure, implement and maintain those systems has its limits.
Trying to make do with multiple copies of accounting software and spreadsheets and teams of analysts to manually roll up data from multiple divisions, calculate currency conversions, do local taxes and a whole lot more, accurately and on time is no longer possible.
This is the kind of situation that the Multi-Entity support in VersAccounts ERP is meant to support. With VersAccounts all of a company’s legal entities can be managed in a single integrated system. Making everything easier to implement and manage
Using a single system like VersAccounts ERP ensures consistency in workflow, accounting practices, and chart of accounts while providing flexibility with respect to calendars, accounting treatments, and ownership structures to best fit the specific need of each entity.
In addition, financial consolidations can be automated with a single click. VersAccounts ulti-Entity reporting capabilities provide a consolidated, real-time view of data at both the global and local levels, without having to contact individual entity owners to create reports and perform currency translations. Global and local rollups of financial data can be easily viewed and customers can drill down to each entity and individual transaction with just a few clicks.
"Multiple-Entity Support with Consolidation " is part of the VersAccounts Cloud ERP line of products, developed by VersAccounts.
VersAccounts Cloud ERP is a horizontal product. It offers functionality designed for usage across a wide variety of industries and business types.