Multi-company accounting is particularly important to the financial services sector. The scope and complexity of their operations demands a level of flexibility that is beyond the scope of many financial management systems. SunSystems, however, is more than up to the challenge. Here are our top three reasons why.
Consolidated Financial Reporting
Financial services companies frequently operate through multiple subsidiaries, branches, or entities.
In SunSystems there is no limit to the number of companies you can create. One of those companies can be a consolidation business unit from which you report.
Multi-company accounting can also be implemented by deploying a single business unit in which 'Company' is simply an Analysis Dimension. In this scenario, all companies share a common chart of accounts. As transactions are entered, they are simply tagged as belonging to one company or another using the appropriate Analysis Dimension.
Compliance and Regulation
Financial services providers are heavily regulated. Each sector - insurance, banking, and investment - has different compliance needs. And each country in which you operate may impose different legal, regulatory and taxation frameworks.
In SunSystems, each company may have a different structure to its chart of accounts to reflect different types of activity and reporting obligations. There is no constraint on the structure of a chart of accounts; it can be whatever you need. This is particularly important when considering the differences in typical chart of accounts of, say, an insurer and an investment manager.
Another factor to consider is that SunSystems does not constrain you in the setup of transaction types. Once again, these can be whatever you need.
Resource Allocation and Performance Evaluation
Different entities within a financial services organisation may have unique business goals, strategies, and performance metrics.
SunSystems is renowned for its flexible system of analysis. Each company can have Analysis Dimensions tailored to the reporting needs of that entity. Company A may choose Product, Location, Cost Centre, Employee. Etc.. Company B may choose Department, Branch, Region, Product, Sales Channel, and so on.
Take the next step
To find out more, download a copy of our SunSystems Cloud Beginners Guide or contact your LAKE Account Manager who will be delighted to help.
by Jon Isherwood
Blog contributor.
