NetSuite for Manufacturing: Easy Multi-Entity Management

Multi-Entity Mess Got You Working Overtime?

There are many subsidiaries or business units to be accounted for in manufacturing organizations, making closing the books an even bigger headache with tangled spreadsheets and manual consolidations. NetSuite for Manufacturing automates the multi-entity and multicurrency management so you can avoid the extra effort on nights and weekends.

Increasingly Complex Close Processes

The typical close process isn't easy to manage in general, and if your data is stored in multiple systems and in inconsistent formats, it can take hours to track down and format all the information from those disparate systems manually. On top of it all, you have to double check all the spreadsheet calculations to ensure they're all working.

As companies grow through acquisition, you may end with any number of accounting systems in place at the same time. These systems are not built to talk to each other, which makes gathering and normalizing data across the organization measurably more challenging. You'll also lose out on critical insights that are surfaced from your consolidated data, which you can't achieve easily in siloed systems that aren't integrated.

The Magic of a Common Chart of Accounts

A common chart of accounts is the first priority to achieve automated, consolidated financial reports. Multinational companies will also be subject to different accounting standards, tax regulations, and exchange rates to enable transactions to be converted into your base currency for reporting. Revenue timing and expense schedules may also need to be adjusted to comply with revenue recognition, depreciation, and amortization rules from the various countries.

It’s essential for business units or subsidiaries operating in different countries to use the same chart of accounts for consistency and automated consolidation. The fastest way to achieve this is to unify the different ERP and accounting systems with a single solution.

What to Look For

Ideally, the solution you are looking for should include functions and features to automate your multi-entity accounting and should a shared general ledger with a common chart of accounts that can create a custom chart of accounts at the region, country, or subsidiary level on demand. Additionally, it should include the following:

• Currency conversion based on real-time exchange rates with automatic transaction posting in the local and parent company’s base currency
• Compliance with different accounting standards and tax rules applicable to a single transaction
• Features that eliminate manual reclassification of individual transactions
• Secured, anytime access at the subsidiary or parent level based on user roles

NetSuite Manufacturing

Automated multi-entity setup and management can save you countless hours and increase accuracy of your multi currency accounting. It can be scary, but you can trust the experts at Blytheco to guide you to success. As a 5-star NetSuite partner, Blytheco is here to help you transform your manufacturing business with NetSuite. To see a demo of NetSuite or speak with their team, call 949.583.9500 today!