In the global market, businesses must be data driven, innovative and able to scale rapidly in response to changing market dynamics and customer demands.
When operating internationally, your business needs a solution that allows you to execute at a global scale by providing country-specific capabilities, enabling you to meet local compliance and reporting obligations wherever you do business in the world.
Not only that, having a real-time view of your business performance and the ability to drill down into key metrics within your global operations eliminates the need for custom reports, which may take hours, if not days, to generate.
NetSuite OneWorld addresses the complex multi-national and multi-company needs of organizations. It enables businesses to adjust for currency, taxation and legal compliance differences at the local level, with regional and global business consolidation and roll-up. Business leaders get unprecedented, real-time visibility of their business worldwide, ensuring consistent, compliant management across the organization, locally and globally.
What Is NetSuite OneWorld?
NetSuite OneWorld helps businesses drive financial and operational efficiencies by delivering real-time visibility and consolidation, providing the flexibility to customize corporate and subsidiary needs.
Manage Multiple Subsidiaries, Business Units and Legal Entities
Corporate and divisions are given a clear view into every level of business performance, from summary to detail, through comprehensive financial and operational role-based dashboards and real-time reports.
Run a Complete ERP System in the Cloud
Cloud delivery enables global businesses to run both corporate and subsidiary operations without costly, on-premise IT infrastructure and resources. This cuts costs and enables businesses to efficiently extend standardized ERP to every corner of the business.
NetSuite OneWorld’s web-based access enables your employees to access NetSuite from anywhere on the globe. Users get access to the data and functionality they need straight from their mobile devices with NetSuite’s mobile app.
Consolidate Operations and Gain Real-Time Financial Visibility
Financial processes are accelerated with multi-currency consolidation and real-time roll-up across purchasing, accounts payable, inventory, order fulfillment, invoicing, accounts receivable and payroll from local in-country operations to regional offices and global headquarters.
NetSuite OneWorld Features
The backbone of NetSuite OneWorld is the financials.
NetSuite OneWorld Financials provides a complete cloud financial management application for global businesses. Businesses can adjust for currency, language, taxation and legal compliance differences at the local level, alongside regional and global business consolidation and roll-up. With real-time visibility into all aspects of your business worldwide, you can ensure consistent and compliant management both locally and globally.
NetSuite OneWorld features for global businesses:
Global Accounting and Consolidation
The platform provides a seamless experience for operations and financials by bringing down subsidiary restrictions. Businesses can execute in a configurable, accurate and compliant process across intercompany transactions, reconciliations and more.
NetSuite OneWorld is built around robust financial reporting capabilities that enable an organization to understand what is happening across the global business in real-time. In addition, OneWorld provides a multi-language user interface that helps bridge communication barriers and provides a flexible hierarchy that allows businesses to run their entire entity structure with ease. It’s designed to provide an instant global view of the business with subsidiary specific drill-down allowing you to quickly understand what is going on anywhere in the world.
NetSuite’s accounting hub functionality can handle specific transactions within a business entity or in cases where a company has other subsidiaries that are not using NetSuite. Information can be imported directly via a CSV file assigning information either at the transaction level or general ledger account level so that it can be consolidated as part of the business entity’s overall financial statements.
Comprehensive Multi-Currency Management
NetSuite multi-currency management supports over 190 currencies and exchange rates, enabling you to do business with both customers and vendors globally with a wide variety of payment options. It provides real-time currency conversion and financial consolidation for all your global operations. With NetSuite OneWorld, you’re able to manage a complete range of international tax structures and restate currencies and consolidate financial reporting across business units.
Audit and Compliance Reporting
NetSuite OneWorld is built to support both global standard and country-specific requirements. The always-on audit trail, built in analytics, access logs and workflow, and the ability to drill down to the underlying transaction detail ensures that you’ll always get supporting documentation. Access to NetSuite is based on users, roles and permissions. NetSuite’s SuiteCloud platform offers unrivaled levels of personalization, customization and development, all within a framework that ensures security, scalability, globalization and built-in capability of being kept up to date with the latest versions of the software.
Configurable Tax Engine
Recognizing the critical need for businesses to meet local indirect tax obligations wherever they do business, NetSuite OneWorld supports over 100 countries for taxes and reporting. NetSuite SuiteTax provides a scalable and flexible tax determination, calculation and reporting engine with a goal to support any tax rule, anywhere in the world.
The platform natively enables you to calculate taxes in real-time on sales and purchase transactions and cross border sales, including Intrastat reporting obligations between EU countries and file reports electronically. This makes the installation of stand-alone tax engine unnecessary for many businesses.
NetSuite OneWorld helps businesses streamline multi-subsidiary operations and provides real-time visibility at the local, regional and headquarter levels. In addition to providing a global ERP solution, NetSuite OneWorld offers global customer relationship management (CRM), eCommerce and professional services automation (PSA) solutions, enabling multi-national businesses to align operations across finance, marketing, commerce, sales and service.
Contact us online or give us a call at 410.685.5512 to see how NetSuite OneWorld can help your business increase efficiency across processes when operating on a global scale.