Today, many global organizations are facing complicated intercompany financial accounting issues driven by complex organizational structures, multiple accounts, and high volumes of intercompany transactions. Further complications occur when originating entity transactions are incorrectly recorded on receiving entities’ books, duplicated, or posted to suspense – eventually erroring out in consolidation and slowing the close process considerably.
In short, intercompany elimination errors consume valuable resources while also increasing the risk of compliance breaches and potentially damaging financial restatements. How are you working to reduce the intercompany burden on your enterprise?
What are you trying to reconcile between your entities?