- Engine: ERP/Accounting Engine
- Business Process Area: Record-to-Report
Whenever the same business event requires different accounting treatments, whether because of the industry-specific rules, country-specific rules or both, different reporting outcomes will occur. In order to report financial results within compliance based on multiple accounting standards concurrently, accounting departments can leverage NetSuite Multi-Book to comply with multiple sets of financial books in parallel and issue financial statements in accordance with whichever accounting standards are required.
- Optimize the financial close process with concurrent posting to all books as your business transaction occur, rather than waiting ‘after the fact’ until the end of the period to replicate data entry and post adjustments.
- Ongoing compliance to make the necessary customizations in your accounting processes.
- Improve communication with stakeholders by showing the impact of new accounting rules, tax laws, and other changes with “before” and“after” reports.
- Real-time visibility to see accurate flash report financials for any book, anytime.• Assign fixed assets to multiple books with different currencies and/or depreciation methods.
- Manage financials across the company with subsidiary-book relationship mapping capabilities