Are you managing multiple companies in one accounting system?
(entities). Intacct includes one single entity with the ability to add unlimited, additional entities for a small, per-entity fee.
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.
in a single database out-of-the-box. You don't have to log in and log out of entities, but instead can seamlessly and easily flow between them. A user either has access to the entities or they don’t. You can easily do intercompany processing and reporting from the same database.
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 is that you can put in a chart of accounts at what is called the Top Level. In addition, you can put in a set of vendors, customers and items at the top level and then decide which entities can have access to which vendors, customers, etc. This is much easier to administer than Microsoft Dynamics GP, because in Microsoft Dynamics GP every entity is a separate database. It has its own separate chart of accounts, vendors, customers, etc. that you have to administer, even if they're the same as another entity.
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 is that everything is designed to empower what I call the “Joe User.” A true accountant, not somebody that has an IT background. Everything in Intacct is meant for an average accounting user to be able to administer. That includes creating dashboards, reports, charts, graphs, custom fields, workflows and administering the multi-entity environment.
Multi-Currency Management
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.
While supports multi-currency, it requires that one either update the rates manually or subscribe to a third-party solution that bolts on to Microsoft Dynamics GP.
Learn more about multi-entity management by contacting a .
by The Resource Group
