5 Key Benefits of an Adaptive ERP in the Cloud
Embedded internationalization capabilities in ERP to address the needs of global organizations is a must have.
Scale operations globally while remaining compliant with country legislation and language, as well as financial, operational and any new trends in the compliance space.
Globalization - Expanding your business into other countries through organic growth, mergers, acquisitions, and divestitures requires your ERP to support different languages, taxes and financial reporting regulations. This requires customizations to your ERP which takes time, resources, expertise and money.
Compliance - When conducting business globally, you must comply with different requirements such as local legislation, tax rules, continuous transactions control (aka clearance model) and local versus corporate GAAP and data privacy and security. Tax laws vary widely between countries and compliance requirements can change frequently.
Differences in legal systems - Legal systems can vary widely in different countries which can make it challenging for your company to navigate regulatory requirements. Understanding these differences and ensuring compliance can be a complex task.
Multi-currency and multi-language - When operating in multiple countries, you will need to conduct business in the local currency and language, and if the local currency is different from the corporate functional currency it will need to be converted for monthly closings and reporting.
The QAD Internationalization program monitors compliance changes and, working with the QAD community, develops and makes available country-specific compliance solutions. The QAD Internationalization team consists of compliance experts and software developers that keep up with tax collection and reporting as well as Continuous Transaction Control requirements for customer and trading partner transactions. Some of the resulting benefits include:
Lowers the ongoing costs of monitoring, identifying and meeting statutory tax reporting and accounting rules compliance
Simplifies the process of expanding geographically, enhancing the ability to reach new customers, establish new operational locations, and add suppliers, ultimately leading to improved ROI for such endeavors.
Avoids penalties and adverse audits associated with the non-compliance of country-specific tax collection and related information reporting rules
Participates in a community of B2B tax experts to remain current regarding evolving rules and trends to prevent unwanted surprises
QAD Internationalization uses the following closed-loop process to help manufacturers remain compliant.
Monitor and Plan - The QAD Internationalization team monitors new legal requirements and notifies impacted partners and customers about pending changes and provides an estimated availability of the updated “country extensions.” Country extensions are what QAD calls its solutions for regulatory compliance.
Develop - The QAD Internationalization team develops, tests and updates applicable country extensions to address the compliance changes
Release - Once fully tested, the QAD Internationalization team makes the applicable country extensions available to customers via the QAD Store (login required) and notifies potentially impacted customers.
Support - The QAD Forum and QAD Support provide customers support for country extensions and to deal with downstream issues as they arise.
QAD Internationalization’s comprehensive approach provides the following benefits for companies.
Country extensions are non-intrusive and most are QAD Adaptive ERP version independent
Country extensions are developed to QAD research and development standards to ensure quality and full integration with QAD Adaptive ERP and QAD Enterprise Edition
Support of country extensions is included
QAD Internationalization currently covers 66 countries, adds new country extensions as needs arise, and updates existing country extensions on a timely basis as regulations change
The solution ensures compatibility across multiple countries, supporting a global rollout from a single application instance
QAD eDocument Compliance
For more information on how QAD Internationalization can help your company, please contact your account representative, contact QAD at +1-805-566-6100 or email [email protected].
Embedded internationalization capabilities in ERP to address the needs of global organizations is a must have.
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