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Until recently only the Goliaths of business had the financial prowess to survive as world merchants. Today, with trade barriers crumbling and new welcome mats on the doorsteps of many nations, midsized and even small businesses are quickly extending their markets beyond US. borders. But many are discovering that competing effectively requires more than international marketing know-how. It needs new, more sophisticated accounting tools.

For example, instead of dealing in a single currency, companies trading abroad may have to deal with a mix of dollars, pounds, rubles, yen, pesos, marks or francs. They often have to address myriad finance and tax rules. Also, collection and dissemination of timely and relevant management information is ...

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