September 19, 2023 * John Adams at 9:03 am

Manage Multiple Companies with Ease

Multi Company

Managing multiple companies across non-interopable systems can be a daunting task, especially when each company has its own unique requirements and processes. SapphireOne’s multi-company functionality is designed to address this challenge by providing a comprehensive solution that allows you to efficiently manage unlimited companies from a single platform at no additional cost to our clients. The key features and functionality of SapphireOne that enable seamless multi-company management include.

  • Centralised data management – SapphireOne’s multi-company Functionality allows you to centralise your data, eliminating the need for non-interoperable software and laborious manual processes. With a unified data file, you can easily access and analyse financial information, inventory levels, client data, and more across all your companies. This centralised approach enhances data accuracy, reduces duplication, and improves overall efficiency.
  • Customisable company setup – Setting up and configuring multiple companies in SapphireOne is a breeze. You can define unique settings for each company, such as currency, chart of accounts, tax codes, and reporting structures, for each company. This flexibility ensures that each company operates according to its specific requirements while maintaining consistency in overall financial management.
  • Inter-company transactions – SapphireOne’s multi-company functionality enables seamless transactions between companies. Whether it’s inter-company sales, purchases, or transfers, you can easily record and track these transactions within SapphireOne. This feature simplifies the reconciliation process and provides a holistic view of your business operations.
  • Consolidated reporting – Generating consolidated financial reports is effortless with SapphireOne. You can consolidate data from multiple companies and generate comprehensive reports that provide insights into the overall financial health of your organisation. These reports can be customised to meet specific reporting requirements, corporate branding and design standards and can be easily exported for further analysis or sharing with stakeholders.
  • User access control – SapphireOne offers robust user access control, allowing you to define user permissions at the company and user level. This ensures that sensitive information is accessible only to authorised personnel. You can assign different roles and permissions to users based on their responsibilities within each company, enhancing data security and confidentiality.
  • Operational Procedures – To help you make the most of SapphireOne’s multi-company functionality, we have provided detailed step-by-step instructions in our Knowledge Base. Here are some essential steps to get started

Setting up Multiple Companies

To set up multiple companies in SapphireOne, follow these steps.

  1. Access the multi-company feature – Utilities > Controls > Company.
  2. Create a new company – Click on the “Company Inquiry” option. Then, click on the “New” button to create a new company.
  3. Enter company details – Fill in the necessary information for the new company, such as the company name, ABN/ACN, address and contact details. Ensure that you provide accurate and up-to-date information.
  4. Set up company-specific settings – Configure the settings specific to the new company, including financial year, tax settings, currency, and any other relevant preferences. Make sure to review and adjust these settings according to the requirements of the company.
  5. Create GL control accounts – Set up the General Ledger (GL) control accounts for the new company. These accounts will be used for balancing and controlling all financial transactions, defined within your new multi-company General Ledger (GL) chart of accounts. Create the GL chart of accounts, GL codes, GL names, and all other related details for each GL account.
  6. Configure bank accounts – Set up bank accounts for the new company. Enter the bank account details, including account numbers, names, and any other necessary information. You can create multiple bank accounts for each company if needed.
  7. Define departments – If your companies require separate departments, create department codes and names specific to each company. This will help in organising and tracking transactions and activities within each department.
  8. Assign GL accounts and bank accounts to companies – Link the GL accounts and bank accounts to the respective companies. This ensures that transactions are recorded correctly and associated with the appropriate company.
  9. Set up security access – Configure user access and permissions for each company. Determine which users have access to specific companies and define their roles and responsibilities accordingly.
  10. Repeat the process for additional companies – If you have more than one company to set up, repeat steps 2 to 9 for each additional company.

By following these steps, you can successfully set up multiple companies in SapphireOne. Remember to review and verify the information entered to ensure accuracy and consistency across all companies.

Managing Inter-Company Transactions

Inter-company transactions refer to financial transactions that occur between different companies within an organisation. These transactions involve the transfer of goods, services, or funds between various departments, divisions, or subsidiaries of the same company. Inter-company transactions play a crucial role in maintaining accurate financial records and ensuring proper allocation of resources within the organisation. Follow the steps below to effectively manage inter-companty transactions.

  1. Set up Inter-company relationships –
    • Access the SapphireOne software and navigate to the General Ledger module.
    • Go to the Inter-company relationships section and create relationships between the companies involved in the transactions.
    • Specify the relationship type, such as parent-child or sibling, and define the appropriate account codes for each company.
  2. Create inter-company transactions –
    • In the General Ledger module, select the option to create a new transaction.
    • Choose the inter-company transaction type, such as sales, purchases, or funds transfer.
    • Enter the relevant details, including the companies involved, transaction date, and amounts.
    • Allocate the appropriate account codes for each company and ensure the transaction is balanced.
  3. Review and approve inter-company transactions –
    • Once the inter-company transaction is created, review the details for accuracy.
    • Verify that the account codes, amounts, and companies involved are correct.
    • If necessary, make any adjustments or corrections before proceeding.
    • Obtain the necessary approvals from authorised personnel within your organisation.
  4. Post inter-company transactions –
    • After the inter-company transaction is reviewed and approved, proceed to post the transaction.
    • Posting the transaction will update the general ledger and reflect the inter-company transfer in the respective accounts.
    • Ensure that the transaction is posted to the correct accounting period.
  5. Reconcile inter-company transactions –
    • Regularly reconcile inter-company transactions to ensure accuracy and consistency.
    • Compare the inter-company transactions recorded in the general ledger with the corresponding transactions in the companies individual transactions.
    • Investigate and resolve any discrepancies or errors that may arise during the reconciliation process.

By following these instructions, you will be able to effectively manage inter-company transactions within SapphireOne.

Generating Consolidated Reports

Consolidating financial data from multiple companies involves combining the financial information from each company to create a comprehensive view of your organisation’s overall financial performance. SapphireOne makes it easy to generate consolidated reports for analysis and decision-making. This allows you to analyse the financial data from all companies together, providing insights into the overall financial health of your organisation. To generate consolidated reports across multiple companies in SapphireOne Management Mode, please follow these steps.

  1. Open SapphireOne Management Mode and navigate to the “Show Reports” function.
  2. Select the desired report style from the available options. For example, you can choose “Sales by Client” or “Sales by Item.”
  3. After selecting the report style, choose the date range or period to be covered by the report. You can do this by selecting the appropriate options from the drop-down menus.
  4. In the “Department” section, you have the option to select “All departments” or choose a specific department within your company. This selection determines which companies will be included in the consolidated report.
  5. Next, you can specify the sorting order of the items in the report by selecting the desired option from the “Sort” drop-down menu. You can also use the small [>] button next to the sort menu to invert the sort order if needed.
  6. The “Display Column By” option allows you to select what data should be included in each column of the report. For example, you can choose to display total values or values by representative.
  7. If you want to include quantities or dollar values in the report, check the “Use Qty” or “Use $” buttons, respectively. These buttons will be displayed in reports where applicable.
  8. The radio buttons allow you to choose whether the report should be generated based on orders or sales, and whether it should be sorted by date in or delivery date. Select the appropriate radio button for your requirements.
  9. If you need to perform a detailed query for a specific item, such as a particular client, you can select the “Query” button. This will open a pop-up window where you can enter the query details.
  10. If you want to generate a period-driven report instead of a date-driven report, click on the “Use Period” button. This will change the report options to period-driven options, such as “This Financial Year.” To switch back to a date-driven report, select the “Use Date” button.
  11. Once you have made all the necessary selections and adjustments, click on the “Recalculate” button. This will ensure that SapphireOne recalculates the report with the updated settings and displays the new details immediately.
  12. If you wish to export the report as a CSV file, click on the “Export” button. This will allow you to view the report in any spreadsheet program.
  13. If you need to generate the report immediately, select the “Print” button. This will send the report to the printer for physical copies. Alternately you can generate a PDF for distribution or storage in the SapphireOne document manager.

NB: whenever you make any changes or alterations to the reports, always click on the “Recalculate” button to update the report with the new details.

 By following these procedures, you can effectively set up and manage multiple companies in SapphireOne, ensuring accurate financial reporting and enabling informed decision-making. 

Helpful Tips

  • Regularly reconcile inter-company transactions to maintain accurate financial records.
  • Utilise the customisable reporting features to gain insights into each companies performance.
  • Regularly review and update company-specific settings to accommodate changes in business requirements.
  • Utilise SapphireOne’s powerful search and filtering capabilities to quickly locate information across companies.
  • Leverage the integration capabilities of SapphireOne to streamline processes between companies and external systems.

SapphireOne’s Multi-Company Functionality empowers you to efficiently manage multiple companes, simplifying complex processes and providing a unified view of your business operations. By centralising data, customising company settings, facilitating inter-company transactions, and generating consolidated reports, SapphireOne enables you to optimise your multi-company management. 
Start managing multiple companies with ease today – explore SapphireOne’s Multi-Company Functionality!

To learn more we recommend you view the following Knowledge Base article.
Company – Accelerate Your Business Growth with SapphireOne

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