Growth is always an exciting time for a company, and a good problem to have. You’re doing well, making a difference, and helping to generate economic success for your employees, vendors. and community. However, there can be serious challenges to growth, including stress on an outdated financial system, particularly for businesses where growth means adding new locations.
Companies with multiple locations need an all-up view of financials by tracking every detail at each of their locations. Even with a good accounting solution, such as Microsoft Dynamics® GP, these companies need to have a different database for each location. Accountants need to log-in to make changes or pull information and then log out to move on to the next location. As you can imagine if you haven’t experienced this already, an immense amount of time is wasted from simply logging in and then logging out. Even then, a true companywide reporting can be more challenging because of the multiple databases involved.
SUMMARY: A laser hair removal treatment provider operates from 80 different locations in the USA, which meant they were running 80 entity databases in their old Peachtree solution. They spent hours logging in and logging out to post transactions for each location, and were in over their heads. Once we implemented the Binary Stream multi-entity solution with GP, they were able to combine all entities into one database. The first option in the system when making a transaction is what location the transaction belongs to. This includes everything financial - payroll, general ledger, fixed assets, accounts payable, and receivables. They can even take one invoice from a vendor and split across multiple locations in one screen. And if that wasn’t enough, instead of having to do this manually, they can set up automatic intercompany transactions to ensure invoices get portioned appropriately and finances remain accurate and in real-time.
STATS: Since they’ve implemented Binary Stream’s Multi-Entity Management, they have grown from 80 to 180 different locations and added on another service dedicated to skin rejuvenating lotions. Without Multi-Entity Management, it took this company 2-4 hours to set up a new location in GP; now it only takes 15 minutes and they don’t have to worry about backup maintenance.
This company is a great example of how Binary Stream can pave the way for company growth and success in this and other industry situations. With another client who runs plastic surgery facilities, this solution enabled them to grow from 20 locations across the U.S. to the 40 locations they have today because of the streamlined processes Binary Stream is helping them achieve. We have also implemented Binary Stream’s multi-entity solution at a grocery store chain with multiple locations. These benefits are not limited to one specific industry; they are helping all types of companies with multiple locations to streamline their financials.
Because we’ve had experience working on a number of multi-entity implementations, we know Binary Stream works well with other products that can help companies even more:
- Wennsoft, a job costing solution, integrates with Binary so companies can keep close track of how much jobs or projects across multiple locations are costing their companies
- ReQlogic, a website that allows users to submit online requisitions, timesheets, and expenses, integrates with Binary so companies can automatically compare employee time/expenses with revenue. Companies can also streamline communication with their employees through this tool.
Whether you’re already experiencing the pains of logging in and out of your multiple entities in Microsoft Dynamics GP or looking to expand your organization, contact us at The TM Group to