BCS MULTI-BOOK ACCOUNTING
Different accounting treatments might be required by the same organization, which could be due to country specific rules, industry specific rules or even both, thus leading to reporting of different outcomes. For financial reports to be reported within compliance, based upon concurrent multi-accounting standards, BCS Multi-Book can now be leveraged by the accounting department, so as to comply in parallel with multiple financial book set, to issue financial statements, keeping in mind the required accounting standards.
Key Features
SuiteCloud Platform support to customize business process.
Foreign currency management for each book.
Inbuilt mapping ranging from single transaction to multi-books.
Book specific general ledger, chart of accounts, financial reporting and accounting rules.
Product Highlights
Auto Accounting Rule Driven Engine
Data entry replication is eliminated by BCS Multi-Book, thereby diminishing the requirement for error prone manual adjustments to be done in the reporting and accounting process by controlling unique book set per accounting standard. The accounting department by using powerful rule driven engine can generate business transactions and post automatically activities to the books effectively and efficiently, keeping in mind the correct and required accounting standards.
BCS Multi-Book engine having inbuilt mapping abilities between secondary and primary accounts chart will be able to record all book specific activities, based upon individual business transaction for revenue recognition, general ledger, depreciation, expense amortization, P&L allocations, etc.
Comprehensive Analysis & Reporting
With BCS Multi-Book, performing analysis and financial reporting for every book becomes all the more easier and effortless. It has an interesting and unique intuitive user interface toolset and dashboard which does not require expert technical resources or developers. The end users can enjoy self-serve access, thereby allowing them to easily and quickly drill down into the required real-time answers. There are available out-of-the-box standard financial reports for external and internal reporting including customizable saved searches. This is to allow manage and analyze key performance indicators (KPIs).
Foreign Currency Management
BCS Multi-Book is used by accounting departments by using unique book specific highly functional currencies to record transactions. BCS Multi-Book based upon system stored exchange rates can calculate automatically general ledger thereby impacting all books, which also includes unrealized and realized foreign currency, including loss/gain amounts for each transaction, so as to be compliant with Foreign Currency Translation (ASC 830 superseded), SFAS 52 & other types of country specific foreign currency control regulations.
SuiteCloud Customization Support
The accounting department is provided with the ability to customize SuiteCloud, to generate workflow, records and custom forms, thereby mapping to your business process. BCS Multi-Book accounting engine has been integrated seamlessly using powerful scripting capability set to allow users t automate and customize both existing and new financial processes with changes being introduced in accounting rules.
Key Benefits
Powerful abilities of BCS Multi-Book help organizations to achieve the given below benefits:
Optimize financial close procedure with that of concurrent posting to the books, with the occurrence of business transactions instead of waiting ‘after fact’ until period completion to post adjustments and replicate data entry.
Necessary customizations made in the accounting procedure with ongoing compliance. Synergy that exists between SuiteCloud technology and BCS Multi-Book accounting engine enables business users and accounting to implement easily and effortlessly personalized solutions to come up with timey adjustments, so as to comply with the changes introduced in accounting regulations.
Real-time visibility to offer correct flash report financials at any point of time and for any book.
Efficient financial management across different departments with subsidiary book relationship and mapping abilities to carry out financial analysis and reporting quite accurately.
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