If you are managing the books for multiple organizations, then you understand the struggle of maintaining a harmonious chart of accounts across multiple companies. If you’re just getting started and looking forward to having multiple bookkeeping clients or managing the books for several companies, then you’ll understand the struggle soon enough. Organizations all over the world struggle with the time-intensive requirements of managing charts of accounts across several companies. This process is often inefficient due to utilizing processes and systems of the past.
What Problems Are Being Faced?
Essentially there are two problems when maintaining a chart of accounts across multiple companies. The first is the human element, which generally includes personal preferences when naming accounts. As you can imagine, in an acquisition, while there will likely be some overlap of account names, there will undoubtedly be mismatched ones. For example, uncategorized transactions can be applied to Ask My Accountant, Uncategorized, or even AMA or uncategorized (lower case). Another example of the human element is, of course, human error. Manually synchronizing accounts across multiple companies can be tedious and error prone.
The second problem is technology. With today’s technology, you can copy and paste between two charts of accounts screens or import and export XML or CSV files between two or more QBO companies. This is not only time consuming, but it also increases the likelihood of errors. And one small mistake can cause large-scale chaos in your books. The good news is that with advances in technology, such as automation and artificial intelligence, we are seeing emerging technologies being applied in new ways that help facilitate the synchronization of accounts across multiple companies.
The Charted Solution
To alleviate these problems and help navigate the complexity of intercompany accounting, Accounted has developed a patent-pending tool called Charted. With Accounted’s Charted power tool for QuickBooks Online, you can connect several companies with the click of a button and create a matrix of accounts across those companies. There, you can easily visualize which companies have which accounts, add missing accounts to specific companies, filter and search accounts across companies, and modify existing accounts, to name a few capabilities.
Accounted’s Charted is the perfect solution for maintaining alignment across multiple charts of accounts. You can easily integrate Charted with QuickBooks Online to synchronize accounts across multiple companies and save an enormous amount of time. For more information on how we can be of service to you, contact us today.