The ERP Dilemma: Navigating Multi-Entity and Multi-Currency Challenges

In the landscape of modern finance, the implementation of Enterprise Resource Planning (ERP) systems like NetSuite is intended to streamline processes and promote efficiency. However, for many organizations, the reality can be quite different. I’m reaching out to share my experiences and gather insights from others who might find themselves in a similar position.

Working within a technology company based in Europe, I’ve seen firsthand how our finance team—comprising 17 full-time employees—struggles with integrating our operations into the ERP system. Despite our best efforts to leverage NetSuite, a significant portion of our core financial processes remains reliant on external tools such as Excel and SharePoint. In fact, it seems that approximately 70% of our work, particularly in areas like reconciliations and documentation support, is conducted outside the ERP.

This brings me to a crucial question: is it common for teams to maintain this dual-structure approach? How are other organizations handling multi-entity and multi-currency management within their ERPs?

I’m eager to hear your thoughts and strategies on effectively navigating this challenge. Do you find that your team utilizes the ERP effectively, or are you also facing similar hurdles? Let’s share our experiences and discover how we can enhance our processes together.