Does anyone know of a cloud based
Accounting Software - Cloud-Subs-MultiCurrency
Answers
I am looking at Xero which has multi-currency and can separate Parent from Sub if
Have you tried Xero? It's a cloud based, multi-currency and has a tracking facility which enables you label all transactions with whatever dimensions you choose. I use it for project accounting but you could easily use it to label parent/susidiary transactions.
It's a pretty inexpensive package with a monthly licence of around $30.
We found Xero to be too basic for our needs - we have 3 subs in UK, and one in Australia, and didnt need all the other "stuff" in the other, more expensive cloud solutions. Ended up going with a company called Aqilla, based out of the UK. Each sub has its own ledger, and consolidation is a breeze. One thing we did find challenging was that as a US company with a UK based solution, some of the reports needed to be tweaked a bit more to conform to US GAAP, but the company gladly did all of this for us. Very happy with the solution, and have been using it FT since Jan. 1
Thank you. From what I read, Xero is a lot like QB Online, but with the multi currency. I can technically do Department tracking in QB and I think they do have the same feature. Is there any reason to bump things up to NetSuite?
I work out of the UK mostly and use Xero for companies with a turnover of anything between $500k up to $16m. I guess it depends on what your reporting requirements are but if they are not too onerous I'm a great fan of keeping the accounting function as simple as possible.
A lot of the more expensive accounts systems can be very labour intensive. I have also used SAGE and Navision both of which can be multi-currency but I actually prefer Xero
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