Multi-National Companies Can Now Consolidate Data with Greater Accuracy, Efficiency and Productivity
SAN JOSE, CA — September 5, 2006 — Tensoft, a leading Microsoft Gold Certified developer for Dynamics GP (formerly “Great Plains”) technology customers, announced today a new version of its Multi-National Consolidation (MNC) product. Tensoft MNC easily consolidates financial data across companies for a quick, transaction-based, fully compliant and auditable close process, delivering the best possible scenario for Dynamics GP users’ reporting needs, at every level, and reducing monthly closing processes from days to hours.
MNC 3.0 is a web-based .NET product for companies that use Microsoft Dynamics GP. New features include greater facility in assigning historical rates to any account on an entity-by-entity basis and improved consolidation tracking.
Customer and beta user Gery Richards, General Accounting Manager of Ramtron International Corp., a public company in Colorado Springs, CO, has worked extensively with MNC 3.0. “In the past, we used Excel to consolidate our Canadian subsidiary, a process which was laborious and disliked by our auditors because so many areas were not tied down. Using MNC 3.0, proper consolidation methods are being used throughout our organization,” he said. “During a recent quarterly review, auditors asked for documented consolidation rates. I just printed out an MNC 3.0 consolidation batch status report, which listed the end-of-month (spot) rate as well as the average monthly rate used in the consolidation, which gave them everything they needed, instantly. Additionally, the detail we used to support historical rates for common stock and retained earnings accounts is both readily available and well-documented.”
Tensoft MNC 3.0 handles all of the typical consolidation scenarios, including: 1) mid-point, for P&L transactions; 2) month-end, for balance sheet transactions; or, 3) historical rates on an account specific basis. In addition, it also calculates Currency Translation Adjustments (CTA) that result from using these different methodologies. MNC allows users to go back to any historical period and see all of the detail related to CTA and consolidation entries.
“In today’s global economy, more and more companies are establishing sales, manufacturing and operations bases in other countries — especially in the technology industries,” said Bob Scarborough, CEO of Tensoft. “MNC 3.0 works with Dynamics GP, and lets GP do what it does best — local entity and inter-entity reporting. MNC completes the solution, helping our customers streamline their closing process into a few highly auditable steps. For public companies, the necessity for compliance with statutory requirements like Sarbanes-Oxley and FASB 52 make MNC 3.0 the ideal solution, as it supports tight internal controls and easy-to-follow audit trails.”
MNC 3.0 is available immediately directly from Tensoft, or through other Microsoft Dynamics GP partners. Contact Tensoft for pricing and more information.
About Tensoft
Tensoft, a Microsoft Gold Certified Partner, provides innovative software products and services to its high tech customers in the Silicon Valley area and elsewhere. Founded in 1996, Tensoft delivers results tailored specifically to each customer’s needs. Tensoft partners with established firms in the U.S., Canada, and Europe to re-sell and provide local support for its products.