No More Multi-Works for Multi-Entity Accounting
Updated: Jul 1, 2021
Many companies struggle to generate timely, accurate financial statements. The pressure of being chased by investors to get them done quickly is irreconcilable with accounting's responsibility to ensure the processes are correct. Managing the tension between the two cross-swords priorities is tough enough to tackle even in the scope of just one company. It's more complex when consolidating results from several business units to produce a single set of reports.
When dealing with data stored in multiple systems and formats, we commonly need many hours to track down missing information and undertake spreadsheet calculations which must be generated and checked manually. For companies with multiple subsidiaries or independent business units, moreover, closing the books is even more challenging, especially if they are running in multiple countries. Even this ignores the probability that the company will evolve and develop other businesses and products which could require additional ERP and accounting systems. To add to this complexity, the subsidiaries could be in widespread area, with various tax systems applied.
With NetSuite, subsidiaries are able to manage accounting in the way that works best for them, with their own chart of accounts, jour