Multi-Legislation ERP
Managing Global Tax Structures in Sage X3
Business expansion into foreign markets is a complex, expensive process with many challenges. From ensuring you have the financial resources not only for initial investment, but for sustainable growth to navigating political and cultural differences, enduring exchange rate fluctuations, and earning consumer trust in the face of local competition. The biggest challenges, however, are compliance challenges and that’s where Sage X3 can help.
From tax codes to licensing requirements to labor laws, regulatory rules differ by country. Switching your business models or accounting practices to comply with overseas requirements, also known as multi-legislation, is no small feat.
Sage X3 as a multi-legislation ERP
Designed for a global economy, Sage X3 makes it easy to share common data and processes between different foreign sites or subsidiaries, while respecting their own specific usages and business rules. Sage X3 supports multiple languages, currencies, companies, sites, and legislations. Users can access the system in their own language wherever they are, sharing the same information and functionality. Country-specific parameters, such as legal and market requirements, are centralized to offer a single, coherent solution worldwide. With Sage ERP X3, you can run a sophisticated multi-site, multi-country business as easily as a single domestic implementation. It is the system of choice for midsized companies looking to manage and develop their business in multiple countries without investing in a complex and costly global management systems.
- Integrate multiple ledgers into Sage X3—one for each country where the company will operate.
- Handle an unlimited number of currencies, exchange rates and rate types: daily, monthly, average or budget.
- Link each currency to the desired sales and business partners allowing each transaction to be loaded according to its own currency. Sage X3 then performs the conversion to the currency of the general ledger to simplify global interactions.
- Accept and issue invoices and payments in the currencies charged as default for the issuing or receiving entities—eliminating the need to manually switch from one currency to another.
- Automatically publish exchange rate fluctuations to profit or loss accounts in the appropriate general ledger.
- Pull financial reports in the desired currency
- Maintain a tax framework for each legislative environment to comply with the tax laws of each country and adapt to the way in which each territory passes taxes on goods and services traded.
Unification of business data is not an option but rather a requirement for companies doing business in foreign markets with varying legal frameworks. For information on configuring multi-legislation in Sage X3, please contact us.
