We talk to all kinds of technology businesses, large or small, and it’s surprising how many of them turn out to be quite complex under the covers.
One complexity we come up against more often than we expected is small businesses that operate in many countries, they’re micro-multinationals (MMN’s) and they’re on the increase.
The impact of enablement technologies such as the internet, personal video conferencing, device independent data and systems access and collaboration software has all begun to break-down the barriers to entry in overseas markets.
You no longer have to be there to sell there. You can also then locate your staff where it makes sense to you, both from a lifestyle, time-zone and cost perspective. Add in the need for systems to operate and be supported 24/7 and even small businesses can end up as multi-locational. This locational flexibility used to be the preserve of big corporations with their VPN’s, now even a sub-ten person company can operate on three continents.
But when these businesses look to buying accounting or PSA software, they soon hit a wall because multi-currency, multi-legal entity, multi-time-zone and multi-jurisdiction software has historically only been built for large enterprises and so tends to be very expensive to buy and implement.
And that doesn’t work if you’re a start-up or small growing business, so they have to settle for multiple local solutions and spreadsheet reporting.
Most small accounting packages and PSA solutions start with either a base currency and/or legal entity, both of them in the singular. Using that approach, you can’t build a virtual team and all work on one project because your time is in the local system. Life for these MMN’s is tough.
Harmony however, has a solution to this problem. Not only does Harmony support all the multi’s, its invoice export function can be split by legal entity. You can do your multi-currency business from one Harmony instance (in effect creating a virtual company to match your virtual team) but then send the transactions to each local simple ledger as invoice lines. All your reporting is in one place, but your accounting remains local in each country. The hybrid concept matches both needs neatly without requiring a massive implementation effort.
If you are a micro-multinational and would like to know more about how HarmonyPSA can help you join your business together call us and we will be pleased to explain.
About the Author: Harmony Business Systems Ltd (HBS) is the company behind HarmonyPSA, the most complete cloud PSA software on the market. Developed with functionality to cater for even the most complex needs of MSPs, VARs, ISVs and Professional Services organisations, HarmonyPSA truly is the next generation of PSA systems. HBS is an independent company based in the UK. Follow HarmonyPSA on Twitter or LinkedIn