Managing multiple Xero QBD accounts - Joiin
December 10th, 2020

Managing multiple Xero QBD accounts

If your company has multiple divisions or subsidiaries, then you will be aware of the need to prepare consolidated financial statements for the entire group in order to give a picture of the financial health of the parent company.

Financial consolidation reporting using multiple Xero or QuickBooks Online accounts

If your company has multiple divisions or subsidiaries, then you will be aware of the need to prepare consolidated financial statements for the entire group in order to give a picture of the financial health of the parent company.

You will also know what a headache consolidation reporting is, even for the most experienced of accountants. It requires the processing of huge quantities of data, often in different currencies, and as such can easily lead to

The need for financial consolidation reporting

In today’s economy, where entrepreneurship has seen more companies being set up than ever before, financial consolidation is becoming something that an increasing number of business owners are having to become familiar with.

Start-up culture has played a big part in this changing business landscape, especially in the tech industry where businesses often invest in several new companies, or venture or seed capital firms.

Financial consolidation also affects franchises or organisations that are collaborating to take advantage of economies of scale – such as NHS trusts and veterinary practices – investors with property portfolios, family offices or global business that operate in multiple countries.

The growth of Xero and QuickBooks Online for financial reporting

In today’s economy, where entrepreneurship has seen more companies being set up than ever before, financial consolidation is becoming something that an increasing number of business owners are having to become familiar with.

Start-up culture has played a big part in this changing business landscape, especially in the tech industry where businesses often invest in several new companies, or venture or seed capital firms.