Background
Global companies face financial reporting challenges requiring adaptive solutions for accurate compliance and strategic decision-making. One interesting phenomenon of cloud-ERP system adoption is that customers often elect to extend use to geographies where the product is not formally marketed and supported, and where the ERP vendor has no physical presence. Superficially, this type of almost accidental global adoption appears to suit everyone. The value of global system adoption is too tempting to ignore.
Challenge
However, implementing systems for specific geographies may create less visible downsides for peripheral business areas. Oftentimes, one such area is the finance department.
Locally, financial controllers must adapt to functionality originally designed for other business cultures. Compromise for the greater good – in generating invoices or processing payments for example – is understandable, but some areas of finance do not lend themselves well to custom adaptation. Financial reporting is regulated at both local and global levels through GAAP and IFRS.
Many ERP systems can, for example, handle local currencies and provide somewhat adequate local-GAAP-compliant disclosure. However, they often struggle with the additional step of reporting in other currencies or required formats to parent operations. Despite ERP investment, local accountants manually process data for IFRS-compliant reporting to corporate managers.
In a cloud-solution world of open API’s and intelligent integration, this is unnecessary. Customers benefit from specialty software, ensuring accurate reports, and preserving the ERP system investment.
Solution
Mondial CRx, an intuitive global financial system, uses ERP data for high-quality, accurate reports.
Offered as a web-based service, Mondial CRx accepts transaction-level data globally, supporting statutory compliance. Users generate management, consolidated, and statutory financial reports in various formats or currencies, regardless of system limitations.
Summary
Companies favor global ERP systems while offshoring; effectiveness shouldn’t compromise regulatory compliance. Mondial CRx fills local and global financial reporting gaps, ensuring intended ERP benefits enterprise-wide.
