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Consolidation / Foreign Currency / Start-up

Mike Long's Profile

Hi Guys, I need to identify Saas based ledger systems that i can use for a new start-up with operations in US and Chile. Prfereable the Chilean ledger is in spanish and obviosly needs to deal with the local currency. Then i need an App that will consolidate the two so we can do monthly board reporting. My usual set up for a start-up is QBO or Xero, Bill.com and Tallie (expense reporting). I need similar apps that will work in Chile. Any thoughts? Thanks in advance.

Answers

John Herndon
Title: Senior Consultant
Company: NOWCFO
(Senior Consultant, NOWCFO) |

Since you are looking at a MNC with entities using multiple currencies, I would not suggest using QB or Xero. The type of ERP needed is largely depended on the nature of the business you are in, is this a service or tangible product? You mention that the Chilean GL needs to be in local currency, however if you are looking for GAAP compliant environment I suggest walking through the seven step test under US GAAP needed to make that determination.

If your company has a tangible product, I highly recommend SysPro. The installation is the closest to 'out of the box' any tier II system can get to these days. The solution for a service based business in Netsuite, they have industry instances that can be set up fairly quickly and easily.

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