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The modern business world knows no boundaries. However, operating and managing across borders comes with a range of challenges. Businesses have to deal with differences in culture and language, different currencies, and a complicated web of rules and taxes in each country. NetSuite OneWorld was made to make the process easier and to help businesses do well in these complicated environments.
In this blog, we’ll look at what NetSuite OneWorld is, explore its features and benefits, and share how it can open you up to a world of international business opportunities.
What is NetSuite OneWorld?
NetSuite OneWorld is a global business management solution for companies with operations in more than one country or in more than one subsidiary. It's a holistic and real-time NetSuite module that helps businesses manage and navigate:
- Multiple currencies
- Contrasting tax systems
- Local regulations and compliance obligations
Business management is just one part of NetSuite OneWorld. It also helps businesses with their accounting by bringing together their different regional and international operations and giving them a real-time view of how the whole business is running.
Who is NetSuite OneWorld built for?
NetSuite OneWorld is designed for:
- Individual companies that report to a parent corporation or exist inside other hierarchical structures
- Companies that operate in multiple different international regions
- Businesses that have numerous subsidiaries
- Complex business setups that include some or all of the above
What challenges does NetSuite OneWorld solve?
NetSuite OneWorld addresses several challenges that hinder international businesses, such as:
- Eliminates the time and costs associated with running several accounting or ERP solutions by replacing them with one holistic solution
- Improves decision-making, book closing, and data accuracy by consolidating data across all business entities, regardless of location
- Provides C-Suite and other designated stakeholders with up-to-the-minute data via user-friendly administration and permission capabilities
- Allows enterprises to standardize their business processes and workflows across global business entities
- Control global financial and operational data between local and international business entities
NetSuite OneWorld features
NetSuite OneWorld comes with a lot of features that help global businesses run smoothly in different countries and legal systems.
NetSuite OneWorld Financials
NetSuite OneWorld Financials is a comprehensive, cloud-based financial management system. It is built specifically for businesses that operate internationally and is agile enough to let you adjust for different languages and currencies while meeting local tax and regulatory compliance. Moreover, it is a perfect tool for global enterprise consolidation and roll-up.
NetSuite OneWorld provides users with a real-time overview of their global business in one unified platform. Companies can keep an eye on every part of their operations to make sure that their processes are the same everywhere and follow the rules.
Global Accounting and Consolidation
Running multiple subsidiaries across diverse regions requires on-point accounting and organization. Several different entities create complexities for reporting, operations, and financials. NetSuite OneWorld solves these problems by making transactions and reconciliations between companies easier and more secure, compliant, automated, and real-time.
NetSuite OneWorld delivers real-time financial reporting that keeps enterprises up-to-date on what is happening with global entities and subsidiaries. It provides both detailed overviews of the business and data from individual business divisions. Companies can get to this important data through a flexible user interface (UI) that works in multiple languages.
Multi-Currency Management
Handling and managing multiple currencies is one of the most difficult aspects of an international operation. NetSuite OneWorld supports almost 200 currencies and exchanges and several payment options that facilitate your business with global vendors and customers.
Financial consolidation and real-time currency exchange and conversion mean that you can process and take payments with confidence. OneWorld lets you work with international tax structures and currency revaluations while consolidating your financial reports across your subsidiaries and business entities.
Accounting Hub
NetSuite’s Accounting Hub offers unprecedented flexibility for transactions across all your business entities. It supports your business units that use NetSuite and can easily integrate with entities that do not use the platform.
The Accounting Hub offers several different ways to incorporate financial data. You can import information directly from a CSV file and assign it to the general level at either the transaction or account level. This gives you full control over your business's finances.
Tax Management
Running an enterprise across international jurisdictions requires solid processes to deal with local taxes. Meeting reporting and compliance obligations is complex and cannot be ignored. NetSuite OneWorld knows the problems businesses face and has a solution that helps with tax management and compliance in more than 100 countries.
NetSuite SuiteTax is a powerful and complete tax engine that helps you figure out, calculate, and file your taxes. It’s agile and scalable and built to manage obligations, no matter how arcane or complex the tax laws are in the jurisdictions where your business units operate.
The NetSuite OneWord platform lets you take care of all your tax needs on the platform itself, with real-time calculations for all sales and transactions. Also, it takes care of cross-border tax reporting requirements through automation, reducing the need for expensive tax reporting engines that work on their own.
Audit and compliance reporting
Operating across borders means that enterprises must deal with various regulatory rules and regulations. Compliance is important for business because if you don't follow the rules, you could get fined a lot or lose your license.
NetSuite OneWorld was designed to support both local and global reporting requirements. Easy access to supporting documentation is an essential aspect of compliance. The platform allows you to stay informed at all times with built-in analytics, an up-to-the-minute audit trail, and access logs at your fingertips.
Lastly, NetSuite offers a high level of data security that meets international standards like the GDPR from the EU. Data access administration can be granted for users, roles, and permissions. With a lot of customization options, you can make sure that every user has a platform that works for their workflow.
NetSuite OneWorld benefits
NetSuite OneWorld has become a very popular tool for international business because it is easy to use and has great features. Here are some of its significant benefits:
More visibility
While many solutions let businesses see consolidation data at the general ledger level, NetSuite OneWorld lets them see deep, granular insights across all business units. With support for different regions, subsidiaries, and legal entries under one parent organization, business leaders can take advantage of a real-time, unified view of accounting, sales, marketing, and eCommerce.
Close books quicker and more accurately
Closing your books quickly and accurately is a challenge at the best of times. However, when you add the complexity of managing multiple accounts across different regions, entities, and legal structures, it can seem like an impossible task.
NetSuite OneWorld solves these issues by consolidating financial data across all business units. Additionally, you can reduce the time to close even across different companies by supporting multiple languages and currencies and featuring the ability to drill down on individual transactions.
Ensure operational consistency
NetSuite OneWorld helps you standardize your business processes across all business entities, ensuring consistent workflows. Instead of having each subsidiary work on its own, OneWorld lets you set up uniform core business processes that make your whole organization better.
Better reporting
You can combine reports from different sources with NetSuite OneWorld, so you know what's going on at the local, regional, and global levels. Real-time data gives you a 360-degree view of your business and consumers while ensuring your financial reports are accurate and on time.
Excellent support
By consolidating your operations on an all-in-one platform, you can ensure consistent and high levels of support and service. Cross-company support lets you stay on top of problems and solve them quickly because you can see more of them. You can also improve customer relations, trust, and confidence by automating support and quickly rerouting issues that need more attention.
Summary
NetSuite OneWorld solves the complexity of operating multi-subsidiary and multinational organizations. It gives businesses the freedom to work smoothly and easily with different currencies, tax laws, and local rules. This all-in-one platform also makes it easy to see what's going on across regional and global entities, with great roll-up and consolidation features.
No matter how far away or disconnected each business unit seems to be, business leaders can be sure that they can see what's going on in all of them. This is made possible by first-rate reporting capabilities that make it easier to run the business in a consistent and legal way.
NetSuite OneWorld offers a global ERP solution, CRM, eCommerce, and Professional Services automation (PSA). When put together, these solutions give multinational businesses a way to align their operations across commerce, marketing, finances, and sales. This means that even though your business operates in different units, your business is still cohesive and unified.
How Seller Universe Can Help
Seller Universe is a NetSuite partner. We can help your business plan and implement your NetSuite OneWorld solution thanks to our comprehensive expertise and knowledge of business processes and the NetSuite platform.
By giving advice on best practices, we help businesses put their existing software stacks and workflows to use in the NetSuite environment. Additionally, we provide a range of NetSuite services for optimization, customization, administration, and more. We work with clients across various sectors, like eCommerce, software, life sciences, warehousing, and distribution.
Contact us today so you can take the first steps toward optimizing your international business with NetSuite OneWorld.
