Are you managing multiple companies in one accounting system?
Single vs. Multiple Databases
Microsoft Dynamics GP creates an additional database for each additional entity (company) and you have to log in and log out of each one. Having multiple databases creates an additional burden from an IT perspective. To really do multi-entity management well in Microsoft Dynamics GP, you have to use a third-party solution, which adds additional cost and maintenance.
Distributed vs. Shared Multi-Entity Environments
There are different types of multi-entity environments with Intacct. There is what is known as a shared multi-entity environment and then there is a distributed multi-entity environment.
A distributed environment is when you don't have similar charts of accounts or you don't share vendors or customers across your entities. It is far more common to have a shared multi-entity environment.
The big advantage of
Power User vs. Joe User
Granted, there is something you can do in the backend of Microsoft Dynamics GP using some tools from the Professional Services Tool Library to remedy this. However, those tools generally require a power user to manage them, since it is more of an IT-related task.
One thing I love about
Another huge differentiator is multi-entity management coupled with multi-currency management. Intacct has a very-powerful multi-currency management module. (It is an additional cost.) If you have different base reporting currencies, Intacct offers IGC (Intacct Global Consolidation). With that I can literally take my UK-based entity that has the British Pound as its base reporting currency and my China entity, which has the yuan, and convert them to US Dollar. It is very easy to administer and doesn’t require IT assistance. And with the subscription to the Intacct multi-currency management module you automatically get access to the Intacct daily rate management database. So out of the box, on a per-transaction basis it gives you the daily exchange rate and converts the transactions for you. No need to go and look that up each time and manually enter into the system.
Learn more about multi-entity management by contacting a
by The Resource Group