Global enterprises with divisions and subsidiaries spread throughout the world, often find themselves spending a great deal of effort on their global, financial consolidation efforts.
If they are using an internal, on-premise ERP solution, they often find that they cannot afford the cost and effort of rolling out this same solution to their remote offices. NetSuite OneWorld and Adaptive Insights Consolidation provide two approaches to address this concern. Both options provide solutions that automate consolidation and roll-up of financial results across divisions, subsidiaries, and countries.
Simplify Your Consolidation
With NetSuite OneWorld, customers get a system that streamlines their consolidation process by automating the elimination of inter-company transactions, the roll-up of results into parent subsidiaries and currencies, the production of consolidated financial reports and even the regular updating of exchange rates.
The Adaptive Insights Consolidation module goes one step further and facilitates proper accounting and consolidation for firms that own some entities fully but only have partial ownership of others.
These solutions let you define your regional subsidiaries and then transact business normally within those regions. Users may be limited to work in one or more subsidiaries using roles to govern security. At consolidation time, financials can be rolled up into the parent level’s currency with all intercompany transactions properly eliminated to avoid any duplication in consolidated financials. This is all done at the simple press of a button, as is the reporting by subsidiary level. If your parent company is in India reporting financials in the Rupee, with subsidiaries’ reporting in USD, CAD and more, you can simply select a different reporting “view” to see your financials rolled up to the required subsidiary and currency. You can also easily compare all subsidiaries side-by-side.
Supporting over 100 countries, including the local tax regulations and local accounting practices, NetSuite OneWorld and Adaptive Insights Consolidation are currently in use by thousands of world-wide enterprises. In nations as far apart as Canada and China, Germany and Greenland, Uganda and US and everywhere in between, these solutions simplify the global reporting and financial consolidations of firms of all sizes.