Multi-Company Accounting

Term Definition

Multi-company accounting is software that manages the project accounting functions of multiple operations, locations and companies in a single database. This is a robust software solution that facilitates the ability to collect, utilize and report data generated from multiple operations. The software enables timely reporting, billing and reduced expenses.

Multi-company accounting systems allow multiple organizations or locations to share centralized data, which facilitates billing and reporting. If customers are supported by multiple locations, a multi-company accounting system facilitates the integration of the data in order to generate timely bills to customers. Accumulated time can be migrated into a single financial solution and charged to individual programs via an integrated payroll service.

Multi-company accounting systems can also provide an easy way to switch from one database to another. This will allow an employee the ability to access inventory, customer data, documents, locations, etc, on one company and with a few keystrokes access the same data from another company. Companies can keep their database and financials in separate entities while reaping the benefit of ease of access.

Multi-company accounting systems also facilitate software upgrades. Rather than upgrading multiple pieces of software, you have one copy with which to contend.

Area of Application
Project Management
Revenue Recognition