With Sage Intacct accounting software, family offices can cut transaction data entry in half by eliminating the need to enter inter-company (inter-entity) transactions more than once. And you will never have to struggle with manual financial consolidation and a lack of an audit trail again.
With Sage Intacct, you simply enter the transaction into the first entity and it auto balances in the other entity(ies). Or, you can have one entity bill another and Sage Intacct ties them together automatically. Sage Intacct also provides you with comprehensive audit trails by providing you with a full record of the journal entries for the consolidation action.
With other accounting software applications, this requires duplicate entry and double the work. Or you are forced to combine inter-company entries into a single month-end journal entry which provides only basic, summary information for each entity – to analyze account balances in detail requires manual investigation through multiple documents and screens.
As a result, Sage Intacct eliminates the need to reconcile inter-entity inbalances, because there never are any, and detailed history is instantly available for each business entity
For inter-company automation to work, we will set up your consolidation structure and inter-entity elimination accounts so you can achieve multi-entity consolidation with a push of a button. For each entity, we will define the individual defaults for inter-company receivable and payable.