Top Tips for Managing Sage 50 Multi-Company

In Business Management Software, Sage 50 by Tom Leslie

Reading Time: 4 minutes

Everyone likes getting a little more where they can, whether it’s finding a forgotten banknote in your coat pocket or getting the blessing that is an additional pig in a blanket during Xmas dinner!

With Sage 50, the little extra you can get is additional companies, which is actually a lot extra (additional prices may apply).

In this blog, we’re going to go over how to set up a multi-company, and we will give you our top tips for managing Sage 50 Multi-Company!

How to set up a multi-company in Sage 50

It is possible to have more than one company within Sage 50 but it’s not something that everyone can do.

The main reason for this is that to set up multiple companies within Sage 50, you will need a Sage 50 Multi-Company License. The number of separate companies you can set up depends on the license you have purchased. To get a Sage 50 Multi-license please speak to your Sage 50 Provider.

Once you have the license, the next time you open up Sage 50 you will have the option to add a new company.

Buttom for Add Company in Sage 50

When you click on ‘Add Company’ you get the option of how you want to add a new company. There are 4 options (as of v27) Create; Connect; Restore & Download:

Add a Company Screen Sage 50

  • Create: This creates a new blank company.
  • Connect: This will connect you to existing company data stored on the company network.
  • Restore: Restore a company from a backup of Sage 50 data you have.
  • Download (From v27): download a copy of the data from the Remote Data Access.

Run through the rest of the wizard and you will have your additional company to use!

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Are there limitations of Sage 50’s multi-company?

One of the drawbacks of multi-company is that each company you set up will have to have individual User logins and permissions.

This is a pain if you want all users to access all companies with the same permissions across the board. The silver lining to this is if you do want to limit what users can do in the company, (i.e. you have one user who has full access in your 1st company but you only want them to be able to add invoices for your second company) then that is entirely viable.

Top tips for managing Sage 50’s multi-company

  • Did you know from v28.1 you can now have multiple companies open at the same time? Simply open up your first company > minimise the window > double click to open Sage again and choose your 2nd company!
  • Want to switch to another company but it’s a pain closing down and opening again. Save time switching companies, simply go to File > Open > Company Data and select the company you now want to access.
  • Consolidate your companies – do you run your individual branches separately in their own companies but need to produce consolidated accounts? Use the Consolidation option available in Sage 50 Accounts click here to find out more.
  • When switching between companies it may get confusing about what company you have just backed up. It might be a good idea to have Sage take some back-ups for you, see HERE for Scheduling Sage 50 Back-ups.
  • Are you currently going through a Quiet period? Then why not Tidy up your Accounts?
  • In the Post-Covid world, are more of your employees working remotely? Why not look at using Remote Data Access?

Other Sage products with powerful multi-company functionality

Sage Intacct

In Sage Intacct, you have entities. These entities would share a single chart of accounts (in most cases) which allows for easy consolidation and aggregation for reporting. They can be in any base currency and have their own tax solution. Out of the box, Intacct provides the UK, Australia, and South Africa. However, custom solutions can be configured.

Intacct uses the concept of “Top Level.” This is where you can get a full picture of all of your entities in one place, allowing for dimensions (department, class, product, employee, customer, and supplier) to be shared across entities, allowing for easy comparisons.

Sage 200 Professional

Sage 200 does things slightly differently where set administrators use a program called Sage 200 Administration. Within this program, you can add, amend, update, and delete companies. There is no limit or additional costs to how many companies you can create.

Sage 200 Standard Online

With Sage 200 Standard you can create additional company databases, however, an additional license fee would apply. Please contact your Sage business partner for assistance.

Managing global multi-entity organisations can be incredibly challenging. Especially if you’re trying to do it in Excel spreadsheets. In fact, the latest research by Financial Executives Research Foundation and Robert Half shows that 58% of companies still manually reconcile accounts. Reduce human error, gain drillable insight, and move away from spreadsheets with Sage 200 or Sage Intacct. To learn more, you can visit this page here.

Conclusion

Sage 50 does things a little differently than other Sage products, but that doesn’t mean you can’t get what you want out it its multi-company functionality!

If would like to talk to us about your current Sage 50 system, then please give our team a call at 01824 780000. If you’re interested in learning more about how Sage 50 can help your business, you can learn more here, or you can watch an on-demand demo here.

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