How to Structure Accounts with a Headquarter (Parent) Account and Regional Offices
Learning Objectives
This Knowledge Base article will show you...
How to set up a headquarter with its regional offices as an ‘account hierarchy’
The terminology of ‘parent’ and ‘child’ accounts
How to change the parent account on a child account if you have linked it to the incorrect account
How to see production for the entire company (parent and children)
Creating an Account Hierarchy
As we know global companies have a global headquarters with many regional offices not only all over the world or region, but even in the same city. It’s important that we set up a clean ‘account hierarchy’ clearly denoting who is the parent account (the headquarters), and who the ‘child’ accounts (other regional divisions, offices) are.
The account hierarchy gives you a complete picture of the company, which helps in setting selling strategies and negotiated rates etc.
Once the account hierarchy is set up, it will keep evolving as you uncover new regional ‘child’ accounts.
Changing the Parent Account
If you see that you have linked the child account to the wrong parent, you can change this easily.
View how much Revenue these Parent and Child Accounts have generated
One of the advantages of setting up an account hierarchy is that it allows you to see productivity for the overall parent account, plus all the divisions. It’s an effective way to use the data for setting selling strategies.
To view the revenue generated, please refer to the lesson https://learn.thynk.cloud/courses/take/accounts-contacts-negotiatedrates/texts/49201346-how-do-i-structure-accounts-that-have-one-headquarter-parent-account-and-many-different-regional-offices in Thynk University! 👩🏻🎓 Make sure that you have signed into the University from Thynk before clicking on the lesson link.Best Practices for Account Hierarchy
If an account has the same name but a different address than the headquarter (parent), you should create a new account and link it using the account hierarchy structure in Thynk.
Linking them to the parent account is crucial for reporting, so you can see how much revenue the company gives you globally, while drilling down into each regional division.
Large corporations can have many different levels of hierarchy, where one account could be a ‘grandchild’ of the overall ‘parent’ account, though we don’t call them a ‘grandparent’!
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