The Best Financial Service Software
Faced with the need for rapid execution, more mid-market businesses are turning to the cloud model for financial consolidation, with impressive results. For instance, a study conducted by Nucleus Research of users of NetSuite OneWorld found a marked acceleration in close times. One reason is that financial managers at headquarters seldom have to wait for weeks to receive data from their subsidiaries.
“Businesses migrating from un-integrated legacy and custom accounting systems to NetSuite OneWorld can expect to accelerate financial close times by 20%,” Nucleus found. “Some customers accelerated time to close by up to 50%. Companies with international subsidiaries or multiple legal entities can expect to increase the efficiency and scope of financial and operational data consolidation.”
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Meet local and global tax requirements
An embedded tax engine will allow you to painlessly handle multiple tax schedules across subsidiaries for everything from GST to VAT, and from consumption tax to general sales tax.
Manage currency conversion
Look for a solution that will automatically update currency conversion as rates fluctuate, and provide flexibility for manual overrides. It’s important that your system also record the rates used at the time of any conversion, providing an important historical record of how sums were generated.
Reduce errors and manual effort
By automating critical accounting processes, you will minimize the errors inevitable when managing multiple spreadsheets and let personnel focus on value-added analysis.
Improve visibility into financial operations
Poor visibility into divisional and subsidiary performance inevitably hampers performance of the organization as a whole. A mature cloud solution provides multiple levels of consolidated reporting and key performance indicators (KPIs) measurable at any time, for any business entity.