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What are the best practices for managing multi-currency accounting processes?

Multi-currency expertise has become a desired job skill in the last couple of years as companies have moved operations offshore to take advantage of transfer pricing opportunities,etc.

If you were giving advice to a Senior Accountant, what would you say are the best practices, the GAAP resources, best ERP systems, best strategy for incorporating multi-currency into their skill set or accounting process at  work?

Answers

Len Green
Title: Performance Improvement Consultant and E..
Company: Haygarth Consulting LLC
LinkedIn Profile
(Performance Improvement Consultant and ERP Strategist, Haygarth Consulting LLC) |

When it comes to understanding systems and their multi-currency capabilities, I would categorize them into:
1 Pure ERP/accounting systems that process transactions in both local and transactional currency
2. Reporting and consolidation systems that translate financial statements into reporting currency and enable period end FX and CTA adjustments
3. Treasury management systems that track cash in bank accounts world wide and provide insights into making decisions regarding pooling, hedging etc.

Examples (caveat-they may not meet YOUR needs but they may inform you)
Group 1 - SAP, Oracle, Lawson, NetSuite, Dynamics AX
Group 2 - Host Analytics, Hyperion
Group 3 - Perhaps some Treasury gurus in this group could help identify leading players here - thanks

Go to their websites, research the software, attend webinars.
Hope that helps

Len

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