Frequently Asked Questions
The Mondial Value Proposition
Mondial works using a 3-step process
- It starts by importing the already-validated management accounting data from your ERP systems as the foundation.
- Then it allows the optional adjustment of this data through the use of reversible accounting journals in order to comply with local and global reporting and disclosure standards.
- Finally, it allows users to create output reports in the precise formats needed by management, parent companies or regulatory authorities.
Not at all. In fact, Mondial protects the investment you have made in your accounting or ERP system by using the already validated data as the basis for final adjustments and reporting. The core data held in the accounting system - important to your local users - is not affected by any adjustments made in Mondial .
Mondial allows you to perform a range of accounting adjustments, including regular period-end journals, statutory reallocations, currency revaluations, and elimination entries needed for multi-company consolidations.
None of the adjustments you make impact the management information in your underlying accounting systems.
Many systems do not have the flexibility required in terms of currency management, statutory allocations elimination entry postings and other features to make period-end adjustments easy.
Sometimes the adjustments you need to make to meet the reporting requirements of other parties – such as those with different reporting period ends – can affect your core data and make it difficult to keep your own internal reporting accurate. Mondial allows you to avoid this by acting like a secondary- or dual-ledger.
Mondial helps standardize the compliance and reporting process across all your systems.
This ensures consistency of approach, offering a full audit trail of all adjustments across all systems, together with complete reporting flexibility across multiple companies, periods, currencies, accounts,
and transaction types.
Yes. Mondial comes with a flexible report writer that allows you to create reports with multiple output formats to support the needs of your key stakeholders.
A series of template Profit and Loss and Balance Sheet formats support both single-company and consolidated reporting. And if none of those work for you, you can easily create and save your own formats.
Reports include native drill-down to the lowest level of source data giving you unmatched visibility into the make-up of balances and transactions.
Yes. Accounting regulations in different countries usually adopt some form of standard, either a local version of GAAP (Generally Accepted Accounting Principles) or the more global IFRS (International Financial Reporting Standards).
Mondial provides functionality that allows each company to adopt its preferred or required accounting standards and apply the appropriate rules to each General Ledger account at reporting time.
Yes. Because Mondial is built like an accounting product it supports the creation and maintenance of an unlimited number of alternate charts of account.
You can map your existing chart to one created in Mondial and then run your accounts using this alternate chart of accounts, providing financial data in the format required by local authorities.
Yes. P&L and Balance Sheet reports are important of course but are often only a part of your compliance reporting requirements.
Mondial ’s ability to report at the line level of every transaction provides a foundation for creating any type of financial report, ranging from Trial Balances in any currency, to audit reports displaying the history of any transaction, to detailed reconciliation reports that track anything from tax liabilities to revenue recognition decisions.
The flexibility in the Mondial report writer allows you to provide all of your reports in the exact printed or electronic format required by the recipient.
Mondial supports the import of every GL, AP and AR transaction from your underlying system.
Yes, you can bring in data from as many systems as you need, even if you use different accounting systems for different companies in your business.
This allows you to have your accounting data consolidated into a single repository before you manage your financial adjustments and create your reports.
Yes, you can bring in both actual transaction data as well as budget information.
The budget information can be brought in directly from your accounting system or from another source such as a spreadsheet if you typically maintain it separately.
The Technology underlying Mondial
Mondial is a hosted solution that runs in a multi-tenanted environment. On a case-by-case basis Mondial can allow users to select the country in which their operating database resides if this is legal requirement.
Currently the server used is Amazon Web Services (AWS) and the operating database in Linux.
The software itself has been developed using Ruby on Rails and is accessible through any browser.
Mondial is available as a subscription service. The exact monthly cost depends on the number of companies and ERP systems in use, the number of users accessing the system, the number of reporting currencies required, and the number of language versions you need.
Typically, customers sign up for a three-year commitment, with the subscription paid annually in advance of each year.
Yes. Mondial Software provides optional set up, implementation and training help at commercial rates. This allows you to access services on an “as-needed” basis depending on the level of expertise you have in your organization. Note however that the cost of product support is included in your subscription.
Sometimes. Like most companies Mondial Software has plans for the release of future features, usually conveyed in the form of a roadmap.
Everything released through the roadmap is available to customers who subscribe to the appropriate area of functionality covered by the new features.
Occasionally however, customers identify highly desirable functionality that Mondial Software has no near-term plans to release.
For these situations Mondial Software maintains a dedicated development team who work with customers to accelerate the functionality as part of a commercial agreement.
Typically, accelerated functionality is then included in the generally available product. This avoids the newly developed solution being side-lined as a “custom code” and removes the need for specific long-term support costs to be levied on the customer.
All customers receive benefit from this commercially accelerated functionality.
Yes, and it is a mature, established market. Gartner released its most recent report in October 2019 and refers to the leading players in the market as those offering “Cloud Financial Close Solutions”. There is even a Magic Quadrant for the leading suppliers.
From the get-go Mondial has included the key six features that Gartner identifies that are the hallmarks of a full and broad solution.
This includes Reconciliation Management, Intercompany Processing, Financial Consolidations, Financial Reporting, Close Management, and Disclosure Management.
Unlike some of the market leaders, Mondial has been built from the ground -up and from the outset as a pure web application. Our competitors maintain a mixture of cloud and on-premise applications which are increasingly difficult to maintain and optimize.
Mondial has committed to a channel sales and services model. Compliance is a very local subject with rules and regulations unique to every geographic market on earth. Even where regulations are similar there are always cultural interpretation differences. Only local partners have the combination of local compliance knowledge, customer ERP systems, and customer business processes more than a local
It makes perfect sense for Mondial to provide a flexible transaction management system and a quality report editing tool, supported by a program that provides a local partner with all the tools they need to support each customer’s full compliance obligations.
Mondial is a full-service solution – import, transaction adjustment, and reporting - but has been architected in such a way that it can still work with the tools a customer has already acquired. For example, Mondial has a full transaction processing engine, and a full data warehouse suite supported by a quality report writer. However, if a customer already has a data warehouse tool then the accurate compliance data in Mondial can easily be used with that tool instead of its own, helping the customer get more out of their existing investment and avoiding duplication.
Finally, and unlike larger companies Mondial Software is nimble and quick to move. This allows the company to offer custom development services to meet urgent customer needs but then to easily incorporate the benefits of these features into the core solution.
Mondial offers a full product suite that is easy to implement, web-based for maximum accessibility, supported by a development model responsive to the latest trends and regulatory requirements, and with a distribution model that provides tools for partners with existing customers in local markets.
Top-3 Values for Customers Today
The ability to import data with no re-keying, use of template transaction journals, and flexible report writer, combine to offer real-time savings and value.
Mondial protects the significant investment you have made in your existing accounting or ERP system – which works well for running your entire business - by using the already validated data as the basis for final adjustments and reporting.
Whenever there is difficulty in complying with regulatory reporting requirements this creates risk. The flexible report writing capabilities in Mondial, combined with a unique ability to get the data right through additional accounting adjustments, provide peace-of-mind that the customer can meet reporting obligations now and in the future.
To find out more…
Visit our web site at www.mondialsoftware.com or send us an email at email@example.com.