Coprocess Intercompany Netting software contains several features to improve the ease of, and accurancy surrounding, communication across the various business units taking part in Netting. Discussion & Disputes with auto notification by email is one, standard naming conventions another.
The latest version of the software allows the inclusion of a link to an image of an invoice, accomplished in at least 2 ways below. It also allows the attachment of a document to an invoice in the system. The document is virus scanned, uploaded and stored on a Coprocess server, with a reference to this held in a field in the invoice in the Coprocess system.
The latest changes save a considerable amount of data transfer, whilst offering a great improvement on the physical transfer of documents to Coprocess. Let's look at the alternatives.
There are many reasons why selecting a specialist intercompany netting system, like Coprocess, has greater benefits than building multilateral netting into an ERP. Coprocess Netting can be implemented in weeks, can seamlessly interface to different systems as your needs change and is a fraction of the overall cost of an ERP development.
Coprocess Intercompany Netting software can be implemented in weeks, can seamlessly interface to different systems as your needs change and is a fraction of the overall cost of a TMS.
There are many reasons why selecting a specialist system like Coprocess has greater benefits than using the Netting module of a Treasury Management System (TMS).
The standard use of a multilateral netting solution is to net intercompany invoices around a global organization, reduce payment volume, centralize foreign exchange and put a procedure in place that every subsidiary adheres to when settling Intercompany Invoices.
However there are several uses of a Netting Solution that go beyond this and allow for a centralized Treasury Center to gain further benefits from using our Netting solution
The primary role of Intercompany Accounting (ICA) is to make sure legal entities don’t show a profit or loss on the parent company’s balance sheet, what is called ‘elimination’. This is an important process that can impact statutory reporting and cause business impact. So getting the process right is key. Yet, according to a survey by Deloitte, 92% of companies, at the time of the survey, have further room for improvement in their intercompany accounting.
