Adequately accounting for intercompany transactions is something many companies wrestle with during their day-to-day operations.
Managing legal entity relationships, their related due-to/due-from balances, and subsequent settlements can pose logistical problems.
Virtual Trader is a powerful solution that helps organizations deal effectively with advanced intercompany issues. It provides a dedicated intercompany subledger that offers an invaluable single source of truth for intercompany activity, regardless of the ERP system.
The solution automates intercompany settlements, including the automatic creation of journal entries that are then interfaced to the corporate GL. With everything in one place, companies can settle only those invoices that are balanced and reconciled — improving efficiency.
The application fully integrates with existing treasury management systems to create a seamless operation for handling cash and non-cash intercompany settlements, journal postings, and currency FX.
Implementing Virtual Trader's ICS enabled us to free up $1bn+ per quarter in working capital by having access to precise IC balances — allowing us to settle timely and more accurately.
US IT Multinational
By implementing Virtual Trader, organizations are no longer limited to a siloed view of their environments. Instead, they gain access to quality data that drives sound business decisions, while no longer having to rely on accessing multiple systems and reports in order to keep track of intercompany balances.
The solution further helps companies avoid issues related to cash settlements and wire transfers, regardless of the locations involved. It massively reduces the manual labor involved with intercompany activity, releasing talented personnel to work on other important areas of business.