We wanted to use one system and process across countries – that’s key. So, we switched to TimeLog to get a holistic view that also included the finance side. With TimeLog, we have one source of truth for everyone.Read the case: How Symetri benefits from using TimeLog across countries
Why choose TimeLog Multiple Legal Entities
If you run businesses with offices in multiple countries or are part of a large group, you may have staff employed by company A, but who work on projects owned and invoiced by company B.
Running a business like this entails a whole lot of administration to maintain the associated data, often resulting in one of the following two scenarios:
- Your employees register their time more than once in multiple systems. The drawback here is that resource management and project consolidation across different countries or businesses (i.e. separate legal entities) demands a lot of manual work in Excel.
- Your employees register their time in a single system. Still, your bookkeeping department has to re-enter invoices, invoice lines and revenues manually between the different legal entities’ finance systems and/or cost centres every time you issue an invoice.
TimeLog PSA is best-of-breed software that supports the core processes at consultancy companies: time registration, project management, resource management, salary management, invoicing and reporting.
Our add-on Multiple Legal Entities (MLE) module provides you with optimal conditions for managing your legal entities, with peerless transparency, flexibility and user-friendliness for your employees on a shared TimeLog site.
Transparency
Gain insight into how your legal entities are performing so that you can optimise your business, making the right decisions at the right time
Think globally, act locally
Each legal entity can use its own payroll and finance system
Centralised data
All your legal entities are linked to a shared TimeLog site, which means that all your data are collated in a single location
Watertight seals
You can control which employees are to have access to which data
A selection of our customers
Establish transparency concerning your legal entities’ performance
As a CEO or CFO, would you like more:
- transparency regarding the performance of your legal entities, right down to individual time registrations, so that you can report accurately to the Board?
- insight into how to optimise the entire business, including all your legal entities?
With TimeLog Multiple Legal Entities, there is no need for your Country Managers to prepare individual reports in Excel.
The management can extract reports in TimeLog, where the performance of all your legal entities is collated. The data are presented in real-time, allowing the management to react to business performance, making the right decisions at the right time.
In addition, we have obtained ISAE 3000- and ISAE 3402 statements as your guarantee that we take your data security seriously.
Think globally, act locally
The TimeLog Multiple Legal Entities module provides you with a flexible setup. Each of your legal entities can use the payroll and finance system that ensures compliance with the country's laws, regulations, and requirements in question.
The different payroll and finance systems are linked to a single, shared TimeLog site. From here, you can define which legal entity each project and employee is connected to and then the invoices to the respective payroll and finance system for further processing.
This flexibility means there is no need for you to invest in a costly and daunting ERP system. At the same time, you neatly eliminate all the fuss and bother with Excel, because you no longer need to spend time combining a host of different spreadsheets.
TimeLog can be integrated into more than 15 payroll and finance systems. Click here to see them all.
No need to log into multiple systems
All your legal entities are linked to a shared TimeLog site, which means that all your data are collated in a single location.
In this way, you always have a complete overview of your data – across all your legal entities.
It also means that your project managers:
- no longer have to set up the same project several times
- can easily see which resources they can draw on for their projects; moreover, the employees in question only need to register their time once on your shared TimeLog site
- can easily see which and how many resources are being exchanged and shared across your legal entities.
With TimeLog, multiple people can now use a single project across borders. That means our consultants don’t have to switch between projects created for different legal entities, which means less project management. We have one owner, and everything is visible to the other departments if you’d want to borrow resources between departments.Read the case: How Symetri benefits from using TimeLog across countries
Would you like to learn more about managing your legal entities using TimeLog Multiple Legal Entities?
Then you are most welcome to book a no-obligation meeting with us. The meeting is free of charge and lasts 15 minutes.
- The purpose is to establish whether TimeLog Multiple Legal Entities could be a solid option for your business.
- We discuss your needs concerning managing your legal entities and determine whether TimeLog matches your requirements.
- We also explain how some of our customers who operate businesses similar to yours use TimeLog Multiple Legal Entities to manage their legal entities.
How to ensure that there are watertight seals in your organisation
Some businesses need to maintain a clear separation of their legal entities. This clear separation is often related to corporate culture.
TimeLog supports this need via our security model, which gives you complete control of precisely which employees can access which data.
For example, your coordinator may need access to data on projects for:
- all employees
- employees in the coordinator’s legal entity
- or only own projects
Can your international business expand smoothly?
The TimeLog Multiple Legal Entities module opens the door to rapid international scaling.
As your business expands, you can set up new legal entities in TimeLog on an ongoing basis. The process is quick and straightforward and does not require assistance from a consultant.
Once the setup is complete, your existing legal entities immediately have access to the new entity’s projects, resources, reports, etc. – and vice versa.
This setup ensures a flexible implementation of your new legal entities.
TimeLog for companies with Multiple Legal Entities
Features currently in development:
- Employees' hourly costs will be supported in their local currency. Expected to be released in Q3.
- Calculate amounts from one currency to another within a specific date range - automatically or manually. Expected to be released in Q3.
Features released in the project so far:
- Data access control: Legal entity
- Data access control: Department and sub-department
- Data access control: Filtering in reports
- Schedule an employee's internal cost price
Typical questions about TimeLog Multiple Legal Entities
What is the definition of a legal entity?
According to the Danish Business Authority, a legal entity is defined as any company, association, etc. listed in the Central Business Register (CVR).
Which versions of TimeLog include Multiple Legal Entities?
The Multiple Legal Entities module is included in TimeLog Professional and TimeLog Enterprise.
How much does TimeLog Multiple Legal Entities cost?
In TimeLog Professional, a Multiple Legal Entities licence adds EUR 10 to a standard user licence price, which costs EUR 40.
The Multiple Legal Entities module is included in TimeLog Enterprise at no extra cost.
How long does it take to set up a legal entity with TimeLog Multiple Legal Entities?
To begin with, we have to talk about your needs regarding e.g. your setup and the security model.
Afterwards, you can easily set up a legal entity in less than 30 minutes – without assistance from a consultant.
Get the perfect solution for your entire company
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