For a multi-company business, there are issues of data consistency, administration and reporting. If your company has a number of separate entities you will know - and certainly your financial department knows - the headaches, and long nights associated with intercompany consolidation.
While most accounting and financial consolidation packages include some capabilities for intercompany elimination or transaction monitoring, many programs track figures only at an aggregate level, requiring extensive analysis to resolve variances. This leaves the rest to be done manually - which, as you know, costs time, money and exposes your company to the consequences of human error.
MYOB EXO Business’s Intercompany module can help by handling the complexities of intercompany eliminations, including reconciling differences and currency valuation - a major pain point for companies with business units in several different countries.
EXO Intercompany helps employees reconcile transactions to ensure they match, making the necessary accounting eliminations in the consolidated financial statements. This avoids double counting of sales/purchases.
What you get is greater visibility into the entire transfer pricing process - removing the need for workers at individual businesses to key in monthly data.
That’s a major time saver!
MYOB EXO Intercompany provides:
If your business is in a growth phase, you would benefit from incorporating EXO Business now and getting:
Having that sort of information available in an easily accessible way will give you a definite edge over your
competitors and help grow your business.
Common charges relating to more than one entity in the group can be charged to the relevant Creditor
Ledger or General Ledger in each subsidiary. From within a transactional entity you can use the Intercompany
Creditor Invoice processing function which allows you to enter a single creditor’s invoice and expense the
value to more than one company. The same applies for entering Intercompany General Ledger journals,
where the system generates the required entries in each company from a single transaction.
Balances can be loaded at various levels of detail; by Period, by Period and Branch, or all the individual
transactions. This enables you to use the consolidated entity as a detailed reporting entity or simply as a
consolidated summary depending on your business requirements.
Account for related party and OEI or minority interest companies
Put simply - there is no limit to the number of companies that can be consolidated with MYOB EXO
Intercompany and the features of MYOB EXO Business that other packages don’t offer. Make your life, and
those of your financial staff, easier. Make the change to EXO Business.