FAQ

Yes, Prismatic supports data importation from other platforms. We provide tools and support to facilitate the migration of your financial data from existing systems into Prismatic, ensuring a smooth transition and minimal disruption to your operations.

Absolutely, Prismatic is designed to scale seamlessly with your business. Whether you're expanding the number of entities under management or growing internationally, our platform adapts to increased complexities and evolving business needs without compromising performance.

Yes. Prismatic integrates seamlessly with QuickBooks, in addition to many other financial tools. This integration allows for the smooth transfer of financial data from QuickBooks into Prismatic, facilitating an upgrade path for businesses that need more robust features like multi-entity management and financial consolidation without losing their historical data.

Learn more about Prismatic’s integration partners.

Yes. Prismatic offers revenue automation by providing tools to manage revenue recognition, billing cycles, and contract management efficiently. Our system ensures that revenue is recognized in compliance with accounting standards such as ASC 606/IFRS 15, enhancing accuracy and predictability of financial outcomes.

Yes. Prismatic is a standalone general ledger accounting platform designed to run business financials.

For those looking to stay with QuickBooks, Prismatic integrates securely with QBO via secure API integration.

Prismatic streamlines the auditing process by providing real-time access to financial records and comprehensive reporting tools. Our platform ensures transparency and accuracy, making it easier to compile and verify financial data, thus reducing the time and effort required during audits.

Our platform is built to ensure compliance with various financial regulations, including GAAP, IFRS, and others relevant to your industry. Prismatic automatically updates to align with new regulations, providing features that help manage compliance effectively, such as audit trails and customizable reporting.

Prismatic simplifies the consolidation process by automatically combining financial statements from multiple entities into a single consolidated report. This includes adjustments for inter-company transactions, foreign currency translations, and elimination entries, providing a comprehensive and compliant overview of your entire business.

Prismatic handles inter-company activity by automating transactions between entities within the same organization, such as fund transfers, expenses, and revenue sharing. Our platform simplifies these processes by providing tools to reconcile inter-company accounts automatically, ensuring accuracy and compliance.

Our average customer goes live within 2-8 weeks. The timeline depends on the state of your data, technology needs, and resource capacity. Prismatic's team of CPAs, engineers, and customer success personnel will work directly with you to ensure a quick and accurate implementation.

Unlimited.

Prismatic is designed to scale with your business needs, supporting an unlimited number of subsidiaries. This makes it ideal for growing businesses and enterprises with complex structures, as it can accommodate expansion without performance degradation.

We regularly update our platform to introduce new features and enhancements, typically on a quarterly basis. These updates are designed to improve functionality, enhance user experience, and incorporate the latest advancements in financial technology.

Yes.

A general ledger forms the basis of a company's accounting system. It documents all company transactions, such as assets, liabilities, equity, revenues, and expenses. Every entry includes a debit and a credit, which must always balance to maintain accurate financial records.

The general ledger plays an integral role in producing financial statements. It helps businesses track their financial performance over time, allowing them to identify trends, manage budgets, and make informed financial decisions. The general ledger also assists in ensuring compliance with financial regulations and standards, as it provides a complete and accurate record of all financial transactions carried out by the company.

Learn more about Prismatic’s Intelligent General Ledger here.

Yes, Prismatic is designed to cater to a variety of industries, including real estate, private equity, family offices, renewables, and venture capital. Our platform can handle industry-specific financial requirements, such as project-based accounting for real estate and cost accounting for manufacturing, making it an ideal solution for businesses with complex financial needs.

Prismatic is a cloud-based platform, requiring only an internet connection and a modern web browser to access. This ensures that our solution is accessible from any device, anywhere, without the need for extensive IT infrastructure.

In financial accounting, a dimension refers to a specific characteristic used to categorize transactions for further analysis. These can include departments, projects, or locations. Dimensions aid in generating more detailed financial reports and facilitate the analysis of performance across various business segments.

By employing dimensions, businesses can break down their financial data into more manageable segments, providing a deeper understanding of their financial performance. For instance, using a 'department' dimension can help to analyze which department is generating the most revenue or incurring the most costs. Similarly, a 'location' dimension can provide insights into the financial performance of different geographical areas of the business.

Read more about Prismatic’s approach to dimensionality.

An entity refers to a legal business unit that reports separately in financial statements. Entities can be companies, divisions, or subsidiaries, each with distinct operations but under one corporate group. Managing multiple entities involves consolidating their financials for a unified overview.

Prismatic is expertly designed to reduce complexity in financial management. This is achieved by its user-friendly interface and simplified processes that make it easy for businesses, regardless of their size or industry, to manage their finances effectively.

Prismatic empowers businesses to take control of their financial management. It equips them with the tools and insights necessary to make informed decisions and drive growth. With Prismatic, businesses can confidently navigate their financial journey, knowing they have a reliable and efficient platform supporting them.

Prismatic prioritizes the security of your financial data with advanced encryption, regular security audits, and compliance with industry standards such as ISO/IEC 27001. Our platform uses multi-factor authentication and continuous monitoring to detect and prevent unauthorized access, ensuring that your financial information remains confidential and secure.

Prismatic offers a range of training resources to ensure users can fully leverage the platform. This includes on-demand videos, webinars, personalized training sessions, and detailed documentation. We also offer on-site training for teams, tailored to the specific needs of your business.

Prismatic offers comprehensive support through a dedicated customer service team, available via phone, email, and live chat. We also provide extensive online resources, including tutorials, FAQs, and community forums, to help users maximize the benefits of our platform.

Prismatic differs from traditional ERP systems as it is specifically designed to provide financial clarity and control for multi-entity businesses. Most ERPs were built decades ago and were not designed to suit all industries. Prismatic is built on the latest technology and can integrate with any and all of your business tools. Prismatic can automate most or all of your routine busywork and accounting tasks.

While ERPs often include broad enterprise management features, Prismatic focuses on advanced financial functionalities like automated inter-company transactions, consolidation, and compliance, making it more specialized and efficient for financial management.

Request a personalized demo to learn how you can take full advantage of the platform: https://www.prismatic.so/demo

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