As a small business owner, you need a wide range of skills – from deep market knowledge to the knowledge of how to effectively manage business operations – not to mention plain hard work. Merging your business with another business can increase sales and profits by potentially lowering overheads, creating additional revenue streams, and attracting skilled managers. Perhaps you have decided to take the route of merging with another business. But now the complicated accounting questions begin to arise, such as:
How do you go about reporting on your consolidation?
Forecasting for the future?
Creating a consolidated budget?
Analyzing the data across a more complex corporate structure?
But it doesn't have to be so complicated. Have you or your accountant tried adding your consolidation on Syft?
Consolidations on Syft
Syft's consolidation feature allows you to consolidate complex corporate structures and other consolidations with ease; and then visualize, analyze, forecast, and report across your consolidation.
Some of the best features of our consolidations include:
The ability to consolidate across different accounting providers (e.g. Sage, Xero, QuickBooks);
The ability to consolidate using a proportional or acquisition method for improved accuracy;
Multi-currency consolidations which enable you to consolidate internationally;
The ability to edit exchange rates; and
The power to execute intercompany eliminations on both a transaction and account level to ensure that your final financials are correct and up-to-date.
🧐 Did you know Syft supports more than 170 different currencies?!
And once you've consolidated entities, you have additional functionality in your reports, such as:
Multi-entity Profit and Loss and Balance Sheet; and
The ability to consolidate underlying budgets.
Consolidating business activities reduces operational redundancies and gets rid of any extraneous staff and administrative functions, leading to lowered operational and capital costs and an improved bottom line. You don't want reporting for your consolidation to be complicated and time-consuming and, with Syft, it doesn't have to be.
But don't take my word for it. I spoke to Matt Topham (FCCA), the director of Practical CFO, about how he uses Syft's consolidation tool and this what he had to say:
“Syft consolidates companies in a really neat fashion and this is one of its huge strengths. Other solutions are a lot harder. Someone in my position is stuck with having to do that in Excel - or on paper - or using Syft... And when those are your options, why would you not automate it and use Syft?”
You can read my full interview with Matt Topham here.
Want to reap the rewards of consolidations without the usual hassles? Then why not give Syft a try?
Use Syft's Consolidation feature to prepare for mergers or acquisitions and craft your financials with new accounts and journal entries so that every detail is accurate.
If you have any more queries about consolidations, please get in touch with us! You can always book a call with one of the Syft team or send us a message over the live-chat assist.