International Accounting Systems – 10 items to consider
When expanding globally, your accounting information system needs to be designed to handle tax localizations, multiple languages, and multi-currency. Also use an international business applications partner that understands global business requirements.
Here are 10 items to consider for your international accounting systems:
- Local sales taxes: What is VAT and GST versus US sales taxes?
- How do you pay your vendors electronically in countries such as Hungry and Australia? What kind of information do they need and how is that different from country to country.
- How are the payment terms and methods by vendors and clients different between countries?
- Why is it sometimes vendor versus creditor versus supplier or routing number versus sorting code?
- Where is it day/month/year versus month/day/year and why is that important?
- How do International bank files differ? For example: BAI2, CSV, MT940
- Why are exchange rates really important to global organizations?
- What are the tax implications of where your headquarters are located? What are the savings?
- Why are localizations important?
- Your global VAR can probably speak 10 different languages and support is provided around the clock
If you would like to work with a global solutions provider, Nolan Business Solutions has offices across the globe.
We are a unique Microsoft Dynamics GP and NetSuite solution provider with the ability to deliver standard and customized enhancements, as well as straightforward out-of-the-box or cloud installations for both products. Our well-known add-on solutions are designed to enhance the standard functionality of NetSuite and Microsoft Dynamics GP. Our ability to deliver on-premise, as well as Software as a Service (SaaS) bespoke functionality and world-renowned add-ons makes us stand out from the crowd.
To find out more about what we can offer you, please visit www.nolanbusinesssolutions.com.
Written by Kim Haythornthwaite - Nolan Business Solutions Inc.