In early 2022, Intuit announced that QuickBooks Online would no longer be available in India.
For international companies, operating in India and other countries, this creates a quandary: Do they need to change accounting systems in all countries? If not, what are the options to consolidate their financial results?
International consolidation with ScaleXP
ScaleXP offers an elegant solution to this issue. It allows companies to consolidate across any accounting systems. A US based company using QuickBooks can be consolidated with an Indian company using Zoho Books and an English company using Xero.
The consolidation is straightforward, even easy. There is no need for a standard general ledger. Accounts are allocated using an intuitive drag and drop system. Inter-company accounts are easy to tag. It is even possible to create multiple P&Ls for the consolidated company and by region.
ScaleXP supports all major international currencies. FX rates are imported automatically. All financial statements are consolidated in accordance with IFRS guidelines.
For multinational companies, this provides the flexibility to move to ZohoBooks or Xero in India while remaining on their current accounting system in other countries.