You can create a new company and use the Assisted Company Setup task.  This has a Copy feature that can be used to copy some of the setups like Payment Terms and Customers from an existing companies to a new one.  It won't do a full company copy but might save you some time if there are similarities between the source and target company.   

Thanks - that probably sounds like the way to go. My IT manager is saying that it could take 50 hours of setup time to create a new company which seems crazy especially since the new company is a duplicate of an existing company. I've worked with other systems that have very close to copy-and-paste functionality to create new companies. Very surprised Sage Mas500 wouldn't have something similar.

Thanks - that probably sounds like the way to go. My IT manager is saying that it could take 50 hours of setup time to create a new company which seems crazy especially since the new company is a duplicate of an existing company. I've worked with other systems that have very close to copy-and-paste functionality to create new companies. Very surprised Sage Mas500 wouldn't have something similar.