Global expansion, for many organizations, is synonymous with getting to the next level and that is a very relevant one as well, but their potential for global expansion gets restrained due to one vital obstruction, the limits of their software, particularly financial software.
Excessive businesses find out that costly and prolonged deployment or boundaries of their financial software, mainly a lack of multi-currency GL accounting counters their intent of global expansion.
Frequent fluctuations in the exchange rates can cause further gains or losses in the general ledger although simply calculating exchange rates might seem easy. Furthermore, using spreadsheets for managing multi-currency GL accounting requires tedious means leading to errors and leave financial data soiled across the organization. Considering the global economy in operation, business with global ambitions i.e nearly all companies requires a software that can manage that requirement.
Cloud solutions provide a clear advantage with the fluid and continually worked upon tax laws and regulations. The Cloud software with routine updates can quickly adjust to the new laws and so the businesses running them. The VAT change in Europe is the best case. The businesses with global intentions can expand readily into new boundaries with such systems, their financial benefits, and the IT counterpart.
As they expand, global businesses feel the need for more than just the multi-currency GL accounting, like support for various languages, easy assistance in compliance with complex taxation and rules all the while combining the financials of subsidiaries and other entities of the business as well. But the multi-currency accounting functionality alone is not important to global businesses. They need quick deployment of those systems as they scale new boundaries. That is what makes the cloud-based architecture an important component.
NetSuite is one such cloud-based platform which effectively combines all the ingredients of a multinational, multi-lingual, multi-functional software into one. it is currently the world’s No.1 cloud ERP solution. By using NetSuite organizations can scale new boundaries, goals, and missions.
NetSuite base currency
As major a challenge exchange rates are, NetSuite exchange rates are as simple a solution. NetSuite foreign currency is wonderfully optimized as well. NetSuite provides a NetSuite base currency which can be used for any transaction or account thus providing the businesses with a wholesome cloud-based platform which never holds back its users. NetSuite implementation too is known for its simplicity and high customization with timely deployments at a very reasonable pricing which doesn’t burn the banks but provides you with a complete assortment of functionality and simplicity.
NetSuite recently announced the latest improvements to its cloud-based global financial software system support. NetSuite in more than 100 countries with support for 20 languages, configurable tax compliance, 190 currencies and multi-subsidiary management.
For more insights on implementing multi-currency accounting in NetSuite you can get in touch with us through firstname.lastname@example.org . You can also write your feedback on this blog at email@example.com