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Growing a company can get complicated, fast. A merger or acquisition builds the volume and/or the breadth of your business, but it also adds to the complexity of financial management and reporting. To monitor the results of the business and build value with customers, you need an integrated ERP system built to handle multi-company operations.
Simplify financial reporting
One of the benefits from merging companies is the efficiencies gained through central and shared services, like accounting and customer services. The challenge comes with allocating the costs to each company correctly.
Separate financial management or ERP systems force the accounting team to spend hours manually calculating revenue and cost allocations and then making journal entries in each system. Every month. Time that could be spent analyzing results to identify new revenue or cost saving opportunities.
With an ERP system that supports multi-company allocations, you can automate the process based on the business rules that you define. You will streamline month end closing to make accurate financial reports available quickly.
Share information to serve customers better
A key strategy in growing the business through merger or acquisition is often expanding the range of products and services that you can offer to the combined customer set. Shared data, giving employees access to inventory, customer data and documents across the organization will accelerate cross selling.
With combined information, your sales team can identify opportunities to sell new products and services to existing customers. The customer service team can centralize operations to improve and expand services. The accounting team can analyze revenue and costs to find growth opportunities and cost saving measures.
Mergers and acquisitions offer both opportunities and challenges. Accelerate the benefits for your employees and customers with multi-company financial management and shared data. The right ERP solution may be more affordable than you imagine.
Published on 21st November 2012 by Jeanne DeWitt.