VMS - Company Register

The precision and organization of data play pivotal roles in ensuring efficiency. VMS introduces an innovative approach to managing counterparties through the Company Register. This register is divided into two main components: the Group and the Company, each designed to provide a structure for managing business entities and their corresponding data.

Understanding the Group and Company Structure

Group

No company can be established without first creating a Group. This prerequisite underscores the system's emphasis on organized data management, ensuring that every company is categorized under a broader entity, thereby facilitating easier navigation and management. For instance, under the Group "BP," one might find companies such as "BP Oil" and "BP Chemical" illustrating how diverse operations are grouped under a single umbrella for clarity and cohesion.

Creating a Group within VMS is a straightforward process:

1. Select New Group from the menu.

2. Input the desired name for the Group.

3. Choose the relevant Company Type from the available options.

4. Save the new Group to the system.

This approach not only simplifies the management of various companies but also enhances the system's efficiency by categorizing related entities together.

Company

Following the creation of a Group, the next step involves establishing a Company within that Group. This process is equally user-friendly and is vital for adding detail to the organizational structure:

1. From the Main Menu, click on Company Register.

   

2. Click New Company.

   

3. Enter the name of the Company.

   

4. Select the appropriate Company Type.

5. Choose the previously created Group to associate this Company with it.

6.   Input the addresses and other necessary details, which can later be selected from a dropdown menu at the invoicing level for convenience.

This process ensures that each company is accurately documented and assigned to the correct Group, facilitating operations and data retrieval.

VAT Consideration

It's worth noting that VMS allows for the inclusion of VAT information as a free text field during company creation. This flexibility ensures that VAT details are readily available and can be reflected at the invoicing level as required by the client, demonstrating the system's adaptability to diverse business needs.