Inter-Entity Transactions increases the accuracy of your financial data, streamlines business processes and provides tight control over transactions spanning multiple entities.
DataQuest, a solution provider based in the Chicago area, were the 2018 recipient of Orchid’s annual Partner Excellence Award. They pride themselves on working closely with clients to understand challenges, identify opportunities, and tailor creative solutions. (www.dquest.com)
One of DataQuest’s clients was going through a rapid, acquisition-led, growth phase.
Each person with a credit card could generate around 50 transactions monthly. Processing the inter-company allocations for each of these manually was a thankless task.
Their accounts team soon found themselves spending a full day each month processing complex inter-company transactions, then investigating and correcting balancing errors.
With more acquisitions in the pipeline, and projections that they would double in size within two years, something had to give.
DataQuest’s long history of working on Sage 300 sites had allowed them to develop a familiarity with and confidence in Orchid’s range of add-on modules. They recommended and implemented Orchid’s Inter-Entity Transactions module for this client.
Inter-Entity auto-generates due-to and due-from journal entries in real time, ensuring the inter-company loan accounts are always in balance. It can also create complex additional GL or AR/AP transactions based on pre-defined triggers.
For DataQuest’s client this promised to not only save time by eliminating tedious manual tasks, but also to remove the associated risk of human error.
Thanks to Orchid Inter-Entity, a day or more spent on reconciliations each month has been reduced to an hour or less.
Not only are errors reduced, but far more detail can now be captured. The high degree of automation means individual transactions can now be processed in Sage 300, rather than just relying on summary entries.
Inter-Entity also automatically generates 30 or more standard monthly journal entries, from a single trigger entry, based on a pre-populated template. Previously, each of these entries needed to be created manually.
Unsurprisingly, the client was delighted. Arline Welty, Principal Consultant at DataQuest, paraphrased their reaction:
The monthly reconciliation is now straightforward, the quality of the data is consistent, and the process is scalable for future growth.
You can also read the Case Study on the Dataquest site here: Making Inter-company Transactions Easy
Thanks to Orchid Inter-Entity, a day or more spent on reconciliations each month has been reduced to an hour.