By Seed And Beyond | Blogs |
State by state regulations quickly turn into headaches for multi-state operations. At Seed & Beyond, we work to stay ahead of regulatory and compliance laws to ensure your businesses stays ahead of the curve. Growing organizations that control more than one legal cannabis business entity are often faced with complexities of how to share data and perform intercompany transactions between partner companies. Minimizing this complexity is critical when you need to consolidate financials across all entities. Intercompany Integration is necessary for multi-entity reporting, providing visibility into the sales performance of each Cannabis entity, or streamline intercompany procurement transactions. Without automating and streamlining intercompany transactions, such activities require painful manual reconciliation and aggregation.
Seed and Beyond’s Intercompany integration solution enables businesses manage Intercompany transactions for multiple companies. The solution automatically replicates corresponding transactions across multiple company databases. Automating the replication of such transactions significantly reduces the effort required to generate Intercompany trading financial statements and streamlines all processes.
The key functionality of intercompany integration solution includes:
– Master data replication and content sharing
– Support for standardized, transparent processes across Cannabis business entities
– Financial and operational visibility across Cannabis business entities
– Control and collaboration across Cannabis business entities
One important aspect of a multi entity Cannabis business is that all the related data should be in sync across the organization. We can analyze the performance of the different subsidiaries and understand the spend with suppliers or inventory across all operations. Master data replication and content sharing eliminates the manual efforts associated with aggregating data across your organization.
Seed and Beyond’s Intercompany Integration solution automatically creates an intercompany transaction as a mirror transaction in the other business unit enabling a standardized and transparent process. For eg., when a Cannabis retail subsidiary buys finished products from a Cannabis Manufacturer, the retail subsidiary creates a PO in the Seed and Beyond system. The solution automatically triggers a SO in the manufacturing system. The ability to create a related transaction automatically in the other application eliminates manual data entry, improves employee productivity, and reduces the potential for errors.
Common process support include intercompany trade, General Ledger (GL) allocation, Accounts payable (AP) service invoice allocation and centralized payments etc.
Operational visibility and risk management are key considerations for any Cannabis business with multiple operational units. With this solution, Cannabis businesses can streamline financial consolidation across multiple levels of organizational hierarchies, and consolidate entities with different chart-of-account structures and currencies. You can also analyze intercompany warehouse reports, branch balances reports, consolidated sales analysis report etc.
Each Cannabis business entity needs control over activities that impact it from the time those activities originate in other business entities. Seed and Beyond’s integrated solution provides various functions such as consolidated credit limit check, intercompany workflow, multi-currency and multi-instance support etc. that enable Cannabis businesses to run all their business entities efficiently. One important feature is that Cannabis subsidiaries using different country localizations with transactions in foreign and local currencies are supported.
Seed and Beyond is a Cannabis Seed and Beyond is a Cannabis ERP software providing end-to-end vertically integrated solution (including Sales, Purchasing, Finance, and CRM) for the Cannabis Industry. Seed and Beyond is the only Cannabis ERP software that supports Intercompany Integration across 28 languages. Powered with multi-instance support, multi-currency support and intercompany reporting capabilities, Cannabis businesses can now simplify data information and increase productivity across all business entities. Get in touch with us to know more.