3 Big Benefits to Automated Multi-Entity Consolidation

We discussed recently how financial reporting in the healthcare industry is unique. Therefore, unique circumstances require unique solutions. This is especially true for healthcare companies that require multi-entity reporting to gain a clear view of their business’ growth. 

But consolidating all your financials from multiple entities can be a massive headache. Having separate instances of your accounting system for each entity leads to various complications that waste valuable time, money, and employee bandwidth. We at BrainSell recommend that these tedious yet vital tasks should not be left on your employees’ to-do lists. 

Here are three big reasons why you should let your financial management system automate the multi-entity consolidation process: 

1) Let Your Employees Tackle the Bigger Growth Initiatives

Humans have a key differentiator that ensures that AI (Artificial Intelligence) and other technology will never truly take anyone’s job: humans can innovate, while technology can efficiently optimize and streamline tasks. Dedicating human employees to more “innovative” tasks enables problems to be solved effectively, further streamlining the business’s path to growth! 

Allowing your employees to focus more on the innovative goals and tasks that drive revenue will help your business grow even faster. Automating multi–entity consolidation is a big step towards scale! 

2) Holistic, Accurate Visibility Strengthens Decision-Making

Having clear and accurate visibility into your business is vital to making the necessary decisions to keep moving onward and upward! But leaving the multi-entity consolidation process in the hands of your employees means that you depend highly on your employees to stay consistent — a stressful ask of them. 

A financial management system that automates the consolidation process ensures data is accurate and complete — in near real-time. This, in turn, gives you all the data you need to grow! 

3) Clear Visibility in Minutes, Not Days or Weeks 

Manual entity consolidation not only creates potential gaps due to human error, but it is also a tedious task that takes up too much of your employees’ time. The longer it takes to consolidate, the accuracy of your data diminishes as it ages.  

Financial management systems that can automate this process can do it in a few minutes instead of the hours or days your employees may spend completing the same task. It’s a no-brainer to want information continuously updated, and that isn’t possible manually — unless you hire a dedicated employee for that task. 

Conclusion 

Financial management systems like Sage Intacct position healthcare companies to simplify the consolidation process while gaining all the value of deep financial reporting that can fuel business growth! Reach out to us to learn more about how we help guide healthcare companies on their financial management journeys. Also, check out this eBook if you’d like to learn more about how to keep your financials in good health.