EveryBooks / Industries / Consumer & e-commerce / International entity accounting
Consumer & e-commerce
International entity accounting
Foreign bank feeds into your own accounting system, multi-currency books kept properly, and intercompany prepared so the group close stops waiting on an overseas entity.
Who this is for. CFO or controller of a company with one or more foreign subsidiaries.
The problem today
The foreign entity runs on its own books, its own bank and often its own local accountant on a local calendar. Consolidation waits for whatever arrives, and what arrives needs translating in more than one sense.
Currency compounds it. Translation is applied at the rates somebody chose, intercompany balances do not agree once two currencies are involved, and the difference is plugged rather than explained.
What we deliver
Foreign bank feeds into your system
Overseas bank activity flowing into your accounting system rather than arriving as a statement someone types up.
Multi-currency books kept properly
Transactions recorded in local currency, translated under a documented policy with the rate source defined once, so the translation is explainable.
Intercompany prepared and matched
Both sides pulled and matched each period, with genuine differences separated from currency and timing noise.
Consolidation support
Eliminations, translation adjustments and the group close steps prepared on schedule rather than at the end of whatever the subsidiary sends.
Working with your local accountants
Local statutory work stays with the local firm. We make sure what they produce and what the group needs are the same data, reconciled.
What agents do, and what your team approves
What the agents do
Agents import the foreign activity, apply the translation policy, match intercompany, prepare the eliminations and flag the differences.
What they never do
Translation policy, rate sources and every elimination are agreed with your team, and the consolidation is approved by a named person before it is reported.
Systems we work with
- QuickBooks
- NetSuite
- Excel
From past work
What we have built
We built a QuickBooks Online integration for a French subsidiary, bringing the local bank activity into the group's accounting system so consolidation stopped waiting on a statement arriving by email.
Questions we get
Which countries do you work in?
We have done this most often in Europe. The approach depends on whether the local banks and systems expose their data, which varies more by institution than by country, so we check before we promise.
How are currency differences handled?
Under a written policy, with the rate source defined and the same treatment every period. The aim is that a translation difference can be explained to an auditor rather than described as a balancing figure.
Do you work with our local accountants?
Yes, and we do not try to replace them. Local statutory and tax filing is their work. We make sure the group gets the same numbers on the group's timetable.
Can the subsidiary stay on its own system?
Sometimes that is the right answer, particularly where local requirements make a local system necessary. In that case we build the bridge rather than forcing a migration. Where consolidating onto one system is genuinely better, we will say so and quote it separately.
Related
- Channel revenue reconciliationEvery sales channel reconciled to your books.
- Month-end close automationThe close runs on a schedule instead of on overtime.
- Post-acquisition integrationWe bring every acquired company onto one set of books.
- All Consumer & e-commerce workMarketplaces, stores and your own website never agree with the ledger on the first pass.
- How we workRead the books, design for agents, ship them, train your operators, then run and improve.