It sounds like the least glamorous topic in corporate finance — but intercompany billing may be silently draining your organization dry.

If you run a holding company, franchise network, private equity group, or real estate firm, chances are one entity is acting as an unwilling bank for the others. One company pays the vendor. Another benefits from the expense. And somewhere in between, your accounting team is drowning in manual journal entries, mismatched invoices, and reconciliation spreadsheets just to keep the balance sheet from drifting out of sync.

In this episode of The Deep Dive, Ryan Caldwell and Morgan Hale expose the hidden architectural flaw behind most intercompany systems: they try to fix transactions after the fact instead of designing them correctly from the start.

They unpack the supplier–customer inversion that  ...