Imagine being a CFO of a Fortune 500 company with subsidiaries worldwide. Imagine further that your have to present consolidated financial statements for all your subsidiaries. Issuing financial reporting for different statutory jurisdictions within subsidiaries. Keeping separate books for tax purposes. Reporting under different accounting rules. How do you do that? I found the answer to some of these questions from Jim Thornsburg, a CFO of a major Fortune 500 Company who sat next to me during my long flight from Houston, Texas to Newark, New Jersey.
Jim from his own words, depends on an ERP system, database queries, Excel integration, Power BI, and more to accomplish the company’s reporting requirements. Perhaps, the most stunning thing I learned from Jim was that he has been searching unsuccessfully for an ERP system that will solve his multi-reporting requirements. Then, I mentioned Multi-books, NetSuite Multi-Books!. Multi-Books! what is that? Jim asked. Of course, I know of NetSuite but what’s Multi-Books? Jim continued. To my amazement, Jim had never heard of Multi-Books functionality in any ERP system, and to my sheer ignorance, there are only few ERP systems with Multi-Books functionality so I decided to explain and Jim was seriously attentive.
Multi-Books! NetSuite Multi-Book accounting I begun, is designed for companies that run multinational corporations and operate under different accounting rules. It is for companies that keep multiple accounting records however, under one set of underlying financial transactions. NetSuite Multi books eliminates data entry replication; thus, a single set of real financial transactions could produce different translations based on their respective accounting rules. Do you have to produce a separate financial and tax reporting from shared financial transactions? NetSuite Multi-Books have you covered. NetSuite Multi-Books enables you to maintain your primary books in US Generally Accepted Principle while maintaining secondary books to satisfy tax or other accounting reporting needs. That’s it! Jim interrupted. This is the solution I have been looking for said Jim. Multi-Books! A NetSuite Solution that I never knew, Jim exclaimed as we safely landed at Newark Airport.