Multi-entity accounting is becoming a necessity for companies of all sizes. Previously affecting only large organizations, small and mid-sized firms are now realizing its critical importance. There is widespread recognition of the need for companies to protect themselves through multiple legal entities and structures.
Effective multi-entity accounting is adding a much greater degree of complexity to the financial close process. That trend, coupled with the shift in the role of the CFO – from historian to owner of the 'company playbook' – means that finance teams must be able to quickly and easily consolidate financial information across a large number of entities.
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