Advantages & Disadvantages of consolidating accounts

[TheIPCentre]

We have One-Pro account and we wanted to consolidate 7 of our staff accounts but we wanted to understand first what are the advantages of doing this change for our company and for our staff? Some of our main goals are

1. for our healthcare clinic to pay for our staff individual subscription

2. to keep the same email addresses or log-in for our staff as these have been known to our clientele already. We prefer not to change and mess things up.

Add tags

[alexjohn]

When numerous financial accounts are consolidated, the accounts are combined into one. The benefits and drawbacks of account consolidation are as follows:

Advantages:

1. Consolidating accounts reduces the total number of accounts you have to keep track of, making financial administration a breeze.
2. 
   A more holistic view of your money, including your income, spending, and investments, may be possible with fewer accounts to track.
3. 
   Especially if you're merging accounts with high fees or balances, consolidating them into one might save you money on fees and costs.

Disadvantages:

1. There may be a reduction in the diversity of assets available to you if you consolidate accounts, as certain accounts may place limits on the sorts of investments you may make.
2. 
   Consolidating your finances might necessitate selling investments, which could result in capital gains taxes.
3. 
   If a hacker obtains access to your consolidated account, they may be able to view all of your financial information at once, greatly increasing the risk of fraud.

[Frank_TB]

Advantages:

Technical support - all users will have the same base settings and the application will be working in a known way.

Reports.  All users will be under the same umbrella and the admin team will be able to take advantage of common reports

User management - onboarding and off boarding accounts will be centralized