why cloud now: multiple legal entities in ONE system

key takeaways

• multi-tenancy allows unlimited companies in one system, enabling side-by-side financial analysis and roll-ups
• new features include multi-company P&Ls with dynamic company selection, multi-company balance sheets, and regional reporting
• divisions functionality allows tracking of sub-units (e.g. relocation, new construction) within companies for granular performance analysis
• intercompany accounting automates cost allocations and reimbursements between related entities

topics

multi-tenancy overview

• allows unlimited companies in one database, keeping financials separate
• benefits: efficiency from single system, side-by-side company analysis, roll-up reporting
• enables intercompany accounting to handle shared expenses between entities

multi-company reporting

• new multi-select functionality for P&Ls allows dynamic selection of companies to compare
• multi-company balance sheets provide quick snapshot of cash, A/R, A/P across entities
• useful for analyzing performance of different business units (real estate, title, mortgage, etc.)

regions and divisions

• regions: group offices across companies for reporting, aligning with manager responsibilities
• divisions: Track performance of sub-units within companies (e.g. relocation, new construction)
• division reporting allows isolating revenue/expenses for specific business lines
• can flag transactions by division after-the-fact to ensure accurate reporting

benchmarking and analysis

• side-by-side company comparisons enable identifying best practices and setting benchmarks
• helps normalize data across entities to provide guidance on budgets and targets
• powerful for franchise operations to analyze performance across locations

advanced intercompany accounting

• some users create separate "accounts payable company" to centralize bill payments
• allows consolidating payroll processing while allocating costs to operating entities
• enables accurate overhead allocation to get true profitability by office/agent

next steps

• follow-up training session tomorrow to demonstrate division setup and intercompany accounting
• upcoming webinars on company store functionality, agent billing, and document storage
• new feature in development for automated late fee assessment on agent accounts

watch this short video to learn more: