Once a company grows into multiple entities, there are special challenges to face that were not present as a single company. There are ways you can keep these challenges under control, and one way is to use the features available within your accounting software. Here are some of the ways accounting software can help you manage multiple businesses.
Consolidated reporting.
When you own or manage multiple companies, you may want to look at the financial information of one company on its own, or have the option of combining the financials of several companies to look at together. Having the option to consolidate the financials of some or all companies can be extremely helpful for this reason. When you are able to get a financial picture of each business, you can make smart adjustments as necessary.
Multiple warehouse management.
While one company could possibly have more than one warehouse, it’s even more likely that multiple companies will. In this case, use a multiple warehouse management option within your accounting software’s inventory management system. Keeping track of your inventory by location is more efficient, since you can see with just a few clicks where your items are, and how many. This in turn helps you provide your customers with the products they need more quickly, too!
MICR Check Printing
Managing the accounting for more than one company means printing separate payroll and accounts payable checks for those companies. The problem of having to switch out the check paper each and every time can be solved by using the MICR check printing option. MICR check printing allows you to set up different check designs, and then print them with a special ink, onto blank check paper. It even allows you to print a signature on the check.
These are just a few of the accounting software features that can help you manage multiple companies! Learn more about your accounting software today to be sure you are using it to its fullest capacity, and you might be able to try to something new to streamline your processes.