Many organizations operate shared service centers for various finance functions. But when it comes to intercompany, they discover that existing technology falls short — leaving them seeking a suitable solution.
Virtual Trader is that solution — a slick tool that empowers businesses to implement a shared service center model for intercompany that standardizes business processes globally, and achieves valuable economies of scale.
Shared service centers and centers of excellence make it possible for organizations to leave behind splintered structures in which various legal entities and business units carry out identical functions semi-independently. These structures can lead to separate working patterns and procedures, which can in turn lead to a lack of cohesion.
Virtual Trader ensures that organizations can centralize intercompany and intracompany business processes by being the technology that enables these efficient business models to be employed. Our solution provides a single view of the intercompany landscape, making it easier to monitor and control processes — as well as quickly implementing company-wide changes when needed. Coupled with the increased automation that Virtual Trader brings, organizations are able to achieve improved productivity and thus a reduction in labor.
As a single hub for intercompany activity across your organization, Virtual Trader ensures you can complete critical month-end tasks quickly and efficiently. By delivering a unified platform for both business rules and transactional data, Virtual Trader offers a single source of truth, unifying and centralizing your entire operation.
Virtual Trader was the bedrock for us implementing an intercompany centre of excellence for the first time.
US Health Insurance Giant
Virtual Trader is the enabler for a vibrant new business model. It provides a genuine intercompany subledger, which allows a shared service center team to have full access to a dedicated application with explicit delineation from trade accounting teams.
With this centralized hub implemented across an entire enterprise, visibility into due-from/due-to balances is massively improved across your organization. This visibility drives more accurate intercompany settlement, improving working capital and contributing to increased profitability.
By implementing Virtual Trader as a shared service center solution, organizations reduce the human error inherent in data processing through centralization and automation. There is also the attractive proposition of reducing your tax exposure by settling intercompany activity in an accurate and timely fashion.
The extensive functionality in Virtual Trader: