Hanesbrands adopts AccountMate Software
Utilizing AccountMate Software's business financial solution, Hanesbrands, Inc. is 100% compliant with local international government regulations.
Based in Winston-Salem, North Carolina, Hanesbrands, Inc. is a global consumer goods company with more than 100 years of high-quality, brand-name products. Originally inspired by a men's hosiery entrepreneur in 1901, the Hanesbrands company has built an impressive repertoire of leading household brands and innovative products. Hanesbrands can be found in eight out of ten American households and is most famous for its t-shirts, underwear and socks. This Hanesbrands empire is now a Fortune 500 Company and publicly traded on the New York Stock Exchange.
Hanesbrands has a rich history of corporate transformation, including business acquisitions, product diversifications, consolidated market strategies and corporate restructuring. In the 1990's, the company was acquired by the Sara Lee Corporation. While under the Sara Lee umbrella, Hanesbrands adopted AccountMate Software, the financial management system Sara Lee had previously selected.
After spinning off from Sara Lee Corporation in 2006, Hanesbrands' continual growth plus complexity in their accounting processing in foreign textile operations provided several business challenges that significantly impacted their internal operations.
With Hanesbrands expanding offshore manufacturing and sewing facilities into Central American countries such as Puerto Rico, Costa Rica, Dominican Republic and Honduras, local government regulations mandated unique accounting compliance. Some countries have 10 - 15 plants that require compliance. Another problem involved language challenges.
According to Doug Meredith, Elite AccountMate Business Partner and President of PC Accounting, "Each location needed the software to have a Spanish language interface for its users. With unique Spanish dialect variances ranging country to country in Central America, the Spanish interface needed customization by country."
To solve these complex global business challenges, Hanesbrands leveraged their original investment by customizing their AccountMate system.
The first step in the company's technology make-over involved customizing accounting processing that complied with local government regulations. To handle this challenge, PC Accounting modified AccountMate logic within each country to ensure local government compliance. For example, purchase orders required multiple signature lines based upon the dollar amount purchased. Some countries required pre-numbered invoices with repeating numbers on subsequent pages. While each country required separate record maintenance, business reporting and other local compliances, Hanesbrands corporate headquarters requires consolidated reports. As a result, the necessary accounting paperwork required for local, regional and national compliance was automatically generated. This change has enabled Hanesbrands to effectively manage operations in local countries with minimum effort.