NetSuite Multi-Book Accounting - Seamlessly Synchronizing Sets of Accounting Results
Business has gone global with a surge of multi-national companies working in different time zones and in virtual teams while transcending geographical boundaries. To cope with the changes, apart from technology and communication, accounting standards need to rise to the occasion and deal with varied currency, different tax norms and a range of financial norms.
NetSuite's Multi-Book Accounting helps maintain multiple sets of accounting records based on a given set of real-time financial transactions. One of the best features of this multi-book accounting is that, though there is interdependency within the system, any accounting book can be individually closed and re-opened without impacting the other accounting books. And if need be, all the accounting books can also be closed in one go. Such flexibility goes a long way in managing a global accounting system.
The NetSuite Multi-Accounting optimizes your financial close process with concurrent posting to all books as your business transaction occur and not wait until the end of the period to handle data replication and adjustments.
NetSuite Multi-Book Accounting enables necessary customizations in your accounting processes. The synergy between the NetSuite Multi-book accounting engine and SuiteCloud technology helps accounting and business users to implement custom solutions easily and deftly make timely adjustments that can help comply with changes in accounting regulations.
Multi-Book features an automated rule-driven engine that can provide real-time visibility to see accurate “flash” financials for any financial reports, GST reports, saved searches and many more. Organizations can run financial operations and manage multiple sets of financial books efficiently and also issue financial statements in accordance with the required respective accounting standards.
Multi-book's accounting engine aids you in efficient financial management as it seamlessly integrates with a powerful set of scripting capabilities, and further customizes and automates both new and existing financial processes as and when accounting rules change.
To understand more about NetSuite Multi-Book Accounting get in touch with our experts.
