FESA CONSOL

FlexSystem

Localization Issues of Global Standardization

Issues

As each economic region has differing sets of regulatory and business requirements, unifying the accounting practices of a company throughout the world will motivate regional finance offices to maintain two separate accounting systems meaning that accounting costs increase for every business transaction.

  

Expectations

Regional finance staff have the expectation that their headquarters will understand their individual needs for localization and are willing to work together to reach an implementation model that supports both fast consolidation as well as maintaining compliance for local requirements.

  

Solutions

The ability to support the implementation of multiple homogenous sub-company groups is a basic function of FESA Financial. In addition, the headquarters’ finance staff can configure the ledger consolidation module of FESA Financial to run the standardization process automatically for different charts of account and currencies across different companies that may be located in different economic regions.

  

Benefits

Regional finance teams no longer suffer from the duplication of work and are able to easily meet local and global regulatory requirements plus any underlying financial information for consolidated financial statements will becomes more reliable when regional finance staff can concentrate on local requirements.