The Oakuity Blog

What can the Six Nations Rugby teach us about International Accounting?
Friday February 26, 2016

The Six Nations Championship is an annual international rugby union competition involving six European sides: England, France, Ireland, Italy, Scotland and Wales. It is sponsored by the Royal Bank of Scotland and is one of the key events in the Rugby calendar.

This tournament brings together competing nations into union for this once a year glorious event, much like managing an international business that requires bringing into alignment their many offices around the world into one holding company.

Working with a number of clients requiring systems to manage their international finances has given insight into the processes and requirements to take home not just the trophy but also the Grand Slam (undefeated throughout the tournament).

While the Rugby players and coaches are having to collaborate and devise a careful strategy heading into each match, finance professionals are having their own battles in keeping their companies on course for the win. They face daily challenges such as multi-currency revaluations, inter-entity transactions, group consolidations and many more.

I can appreciate during these challenges many finance professionals hope for the struggles to go away, but in truth these challenges with the right tools in place are what makes the role so varied and rewarding. Much like the truth that the Six Nations is not just about winning, but winning by playing better than the opponent and overcoming the challenges along the way.

I passionately believe that Sage 300 is one of the leading International mid-market ERP solutions available for businesses with international challenges..

With Sage 300 International ERP, there are some key features that makes the solution stand out from the rest. These key features are;

- Multi-currency manager

- Multi-national consolidations

- Compliancy with International regulations and legislation

Multi-currency manager

No matter in what currency you trade, Multi-currency Manager can support it and empower your company for global enterprise. This module is highly flexible and efficient. With multi-currency, you get the tools you need to trade internationally without breaking your IT budget, straining your internal resources or even compromising on functionality.

Multi-national consolidations

Sage 300 provides you with the essential tools to consolidate across your international offices.
You can consolidate multiple currencies all with different base currencies, you can also consolidate on a multi-tier basis.  Such as below:

You can be trading in Euros and another GBP. Also you can consolidate back to the home currency if you are looking for a quick comparison for performance.

Compliancy with International regulations and legislation

Sage 300 is fully compliant with GAAP, FASB and IFRS, it is also customisable with optional module functionality to adhere to the local requirements such as VAT to the UK Government with VATpac.

While the selfish side of me will be hoping that England can take home the RBS trophy, I will also be hoping that finance managers are winning their own trophies whether that be with Sage 300 or an alternative international accounting solution.

If you liked the article please feel free to share and comment, all feedback is appreciated.

Written by Kyle McLaughlin at 11:00