Streamline Your Accounting Processes Using Inecom’s Intercompany Suite For SAP Business One

Intercompany accounting can be a challenge for growing companies. Having multiple ERP systems within the group, incompatible IT landscapes, compliance with accounting standards and policies are just some of the challenges. In addition, the process to identify and eliminate intercompany transactions is time consuming which can cause delays in your financial period closing.

Hence, automation may be the answer to address these challenges. In this blog, we will group the discussion in two categories.

Intercompany transactions:

  • Automating the entire supply chain workflow – automating does not stop at the auto-creation of journal entries, AR/AP invoices. The creation of Sales Orders, Purchase Orders, Delivery Notes and Goods Receipts can also be automated based on your business workflow.
  • Duplicating master records across all entities – when you create a new account code, currency, exchange rate, inventory or customer/supplier master record, these master file records can be automatically duplicated in all or some of the entities. This will significantly reduce the data entry inconsistencies if they are entered manually into each company.
  • What if the companies are not using the same ERP system – this is not an ideal situation, but some automation can still be achieved using SAP’s integration functions. You may wish to identify the most labour intensive transactions/tasks and automate that specific process between the two systems.

Financial consolidation:

  • Automating financial consolidation – instead of using multiple Excel spreadsheets, the consolidation software can consolidate and eliminate intercompany transactions across multiple companies within the ERP system. These can be upstream, downstream or lateral transactions.
  • Handling different functional currencies, accounting periods or chart of accounts – due to the requirement of each country or business model, your companies may have different functional/base currencies, accounting periods or account codes. The consolidation software should allow you to map the differences between the various companies.
  • What if some of the companies are not using the same ERP system – if some of your companies are in other ERP systems, you can prepare the trial balance of these companies and upload into SAP Business One for consolidation.

Ready to transform your financial landscape? Contact us at 6255 9255 or email to find out more about Inecom’s Intercompany Integration and Consolidation Suite for SAP Business One.

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