Integrated, Country-Specific Functionality for the UK and US Accelerates Process Deployment When Businesses Expand Into Other Countries
Infor, a leading provider of business application software serving more than 70,000 customers, today announced the availability of its Infor Implementation Accelerators for Infor M3 Country Versions for the UK and US. Each Implementation Accelerator Country Version is designed to enable the rapid deployment of the Infor M3 application in a specific geography. New customers starting their implementations or existing customers expanding to the UK or US can now more easily establish a new company structure or business unit while complying with statutory regulations and reporting requirements for daily business transactions and operations. This is crucial in order to maximize efficiencies and economies of scale, and decrease the total cost of ownership when businesses embark upon global expansion plans.
The Infor Implementation Accelerator for Infor M3 Country Versions includes:
- UK Version: UK Country-specific Functionality – implementation guidelines to help ensure compliance with regulatory and statutory requirements. For example, to support the rule for an adjusted VAT calculation, where a customer is offered settlement discount terms.
- US Version: US Country-specific Functionality – implementation guidelines to help ensure compliance with regulatory and statutory requirements, such as supporting US Sales and Use Tax.
- UK Financial Business Messages (FBMs) – instructions covering specific reporting functionality and output formats required by HMRC.
- US Financial Business Messages (FBMs) – instructions covering specific US reporting functionality and electronic output formats such as the electronic 1099 reporting required by the IRS.
- IFRS or UK-GAAP Reporting – process instructions to run the relevant M3 functions to help support compliance such as the valuation of inventory at the lower of cost or net realizable value as per IAS2.
- IASB or US-GAAP Reporting – process instructions to run the relevant M3 functions to help support compliance such as the currency translation rule set out in FASB-52 when consolidating the accounts of subsidiaries.
“Typically, an M3 customer will operate across international borders,” said John Chandler, senior product manager, M3, Infor. “As a result, there is a need for the technology to support the rapid deployment of standardized financial processes when businesses expand into new countries.”
“To support this speed and deliver the lowest cost of ownership when moving into a new geography, the M3 Country Versions combine language translations and efficient financial processes that span legal, infrastructure and common business practice requirements in approximately 40 countries. Beginning with the UK and US Country Versions, Implementation Accelerator packages are available to support the delivery of standardized, global functionality that supports rapid business growth and brings even more agility to the M3 customer base.”