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NetSuite Multi-Book Accounting is a unified accounting solution that offers comprehensive reporting and analysis, along with before and after reports, to help you improve your communication with stakeholders regarding the specifics of the company’s financial state. With its automated accounting rule-driven engine and subsidiary-book relationship mapping capabilities, companies can now customize their accounting process.
Folio3 helps you implement and optimize the NetSuite Multi-Book Accounting module in less than 60 days for accurate and compliant financial reporting.
With NetSuite Multi-Book accounting, companies can create multiple sets of books and maintain them within a single NetSuite account. Leverage this feature to track and report on financial data according to your specific business needs.
Got unique requirements for your business accounting? NetSuite Multi-Book Accounting enables you to customize financial reporting so that you can create custom financial statements, charts, and graphs seamlessly.
Got different sets of books and want to transfer funds? With Oracle NetSuite, companies can now perform intercompany transactions and easily transfer funds between different sets of books.
Leverage Multi-Book Accounting to comply with tax jurisdictions based on your jurisdiction. Businesses can maintain separate accounting records for tax purposes, ensuring compliance with tax laws and regulations.
Run your global business seamlessly with Multi-Book Accounting's robust features. It supports multiple currencies, allowing businesses to manage the finances of international subsidiaries.
Despite managing separate books, the parent company can easily consolidate all financial data for a global view. This is particularly beneficial during quarterly or annual financial reviews, where executives need a comprehensive understanding of the company's financial health across all regions.
Multi-Book Accounting provides regulatory compliance for maintaining books seamlessly. For HIPAA regulations to NHS standards, and other regulatory requirements, companies can meet all the compliance requirements without compromising the integrity of their overall financial reporting.
Leverage Multi-Book Accounting to maintain separate records for different regulatory bodies like the SEC and FDIC. Auditors can request specific financial information, and institutions can provide targeted reports quickly and efficiently using NetSuite Multi-Book Accounting, significantly simplifying the auditing process.
Maintaining identical transactions across multiple books can be difficult, leading to discrepancies and hard-to-explain differences.
Keeping up with changing regulations in multiple jurisdictions increases the risk of compliance errors.
Bringing legacy or separate financial systems into a multi-book setup can lead to data loss or corruption.
A single misconfigured account mapping or data entry can distort multiple reports across books.
Setting up and maintaining multi-book accounting requires specialized expertise and additional effort.
As a trusted NetSuite Alliance Partner, Folio3 helps you set up Multi-Book Accounting NetSuite with the right structure, automation, and controls so your finance team can work smarter.
Discover how Folio3 has helped organizations achieve measurable results using this NetSuite module.
Take our customers’ words that reflect our business values and how we adhere to going above and beyond to bring results.
Folio3 quickly provided excellent BI resources to solve complex business issues integrating data from our CRM and Netsuite for important business reporting continuity in our Tableau Software reporting tool. The team’s dedication and tireless iterations resulted in finding the right solution for our reporting needs.
Justin Carter
CEO
Bank & Vogue
I know it’s been a long road but I wanted to stop & express my gratitude for all the hard work this past year. I really feel like Folio3 has helped us create an extremely powerful ERP that will provide world class reporting through automation.
Jonathon Orze
Chief Financial Officer
InGenius Prep
We at Biomason are truly grateful for Folio’s expertise, patience, & diligence in making our implementation of NetSuite a success. We really appreciate all the information sharing & responsiveness to our requirements.
Arlene Keane
Controller
Biomason
NetSuite Multi-Book lets you keep multiple sets of financial records at the same time. This is useful if your business operates in different countries or follows different accounting rules (like GAAP and IFRS). You can track everything side by side without doing extra work.
If your company has global operations, different legal entities, or reporting needs across countries, Multi-Book Accounting is for you. It’s also helpful if your investors or board require financials in more than one accounting standard. Here is a more helpful read to understand using NetSuite for accounting.
Yes. NetSuite lets you run financial reports for each book individually or together. This helps you see the full picture or drill down into local records as needed.
Yes. Folio3 can set up each book to follow the right local accounting standards, tax rules, and reporting formats. We make sure your books match what your finance team and auditors expect.
No. When it’s set up properly, Multi-Book runs in the background. You can automate most tasks and keep your workflows simple with NetSuite financial modules. Folio3 helps configure it in a way that fits your daily work.
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