When business is more global than ever, appetite has become insatiable for more innovative and sophisticated technology. Strategic business decisions rely on quick access to accurate data at any time and from anywhere. Having this allows businesses to stay agile and remain competitive in a fierce global arena. Although this applies to all businesses, those operating globally face additional challenges that domestic businesses do not.
A global business will operate in multiple territories, each with its own financial and compliance requirements. Various currencies, country and region-specific tax variations and language barriers are just a few of the extra challenges a global business has to navigate. Companies rely on robust business solutions like NetSuite OneWorld to ensure their operations over multiple countries run smoothly to do this successfully.
What is NetSuite OneWorld?
NetSuite OneWorld is a cloud-based business solution that allows global companies to manage complex international financials, tax and reporting. As a cloud-based solution, it gives companies access to critical data from anywhere, providing a real-time view of the business at the local, regional, and global levels.
NetSuite OneWorld offers more than just cloud accounting and cloud-ERP functions. Businesses can take advantage of NetSuite OneWorld Customer Relationship Management (CRM), which can provide a 360-degree view of their customers, purchase habits, history, and lifetime value. It allows businesses to nurture their customers, market to them effectively and increase customer retention and engagement.
For businesses that provide services and sell their time, another opportunity comes in NetSuite OneWorld Professional Services Automation (PSA). PSA software lets service providers manage their resources and time more efficiently. It has strong project management capabilities and reduces admin tasks which frees up more billable hours.
NetSuite OneWorld also can power a multi-channel eCommerce website. With these additions to OneWorld, multinational companies can perfectly align their financial operations alongside their commerce, marketing, sales and services. This article will focus on the financial and reporting aspect of the software and its cloud capabilities.
NetSuite’s cloud-based business solutions have become the most used in the world. Their software, offered as a subscription software service, has helped countless businesses streamline their key processes. They allow organisations to manage all aspects of their operations in one piece of software, which increases visibility, accuracy and ultimately profitability. The benefits of NetSuite OneWorld to global businesses are unrivalled in the Software-as-a-Service (SaaS) industry.
What are the benefits of NetSuite OneWorld?
There are three broad areas of benefit for global businesses using NetSuite OneWorld.
- It’s cloud-based, which on its own offers a wealth of benefits.
- Its financial tools are specifically engineered to handle the complexities of operating in multiple countries.
- Its advanced reporting allows for better visibility across global operations.
Below we’ll delve deeper into exactly how NetSuite OneWorld benefits these kinds of businesses.
NetSuite OneWorld is a cloud-based business solution.
The obvious benefit to a cloud-based solution like NetSuite OneWorld is its accessibility. A business might have offices separated by entire oceans and timezones, so having access to their software from anywhere and at any time is invaluable.
Another critical benefit to cloud-based solutions is that there is no need for on-premise hardware or software, reducing costs significantly if your business operates in different countries requiring multiple local servers and software licenses.
NetSuite is maintained on remote servers by NetSuite themselves, meaning all updates and maintenance comes as part of the package. Your software will always be the most up to date, and secure version there is, further reducing costs by eliminating the need for an extensive internal IT infrastructure and support team.
Being a cloud-based solution also makes NetSuite OneWorld extremely scalable. The software is offered in a modular approach, so businesses can choose the features they need when they need them. It’s also highly customisable thanks to NetSuite’s SuiteCloud platform. Here, NetSuite Partners can further customise and personalise your NetSuite solution through development and custom modules.
NetSuite OneWorld offers advanced global financial accounting.
Operating within multiple territories can become a wormhole when it comes to financials and accounting. With different currencies, tax rules, and compliances to consider, it’s easy for the business’s financial arm to unravel quickly. This is where NetSuite OneWorld swoops in and saves the day.
NetSuite OneWorld supports over 190 currencies and offers real-time feeds for exchange rates allowing businesses to transact in real-time with vendors and customers globally and with ease. OneWorld also supports tax calculation in over 100 countries. Finance teams can apply local tax calculations to transactions in real-time based on country or region. Large global businesses generate significant revenues, so keeping tax accurate is essential to avoid hefty fines and penalties.
Financial and tax regulations and legislation can change regularly, but you don’t need to worry with NetSuite OneWorld. NetSuite keeps its software updated and compliant at all times, meaning your business is also always up to date and compliant. OneWorld also provides businesses with an entire audit trail. From comprehensive access logs to detailed workflows and transactional information, you can ensure that all aspects of the company are transparent.
With its multi-currency consolidation and multi-country tax calculation abilities, OneWorld allows businesses to consolidate all aspects of their operations. It will enable them to roll up all essential financial functions, including accounts receivable, accounts payable, billing, invoicing, inventory management, order management and payroll.
Netsuite OneWorld allows advanced consolidation and reporting.
Consolidating data across multiple countries can be an enormous challenge. Different countries may be using different systems which struggle to communicate with each other. Language barriers can also cause reporting to become increasingly complex and cause conflict within the business due to misunderstanding or misinterpretation. By the time a report is generated, it can already be out of date and irrelevant due to how long it took to collate.
By centralising all business data in one place, NetSuite OneWorld provides an accurate and real-time accessible level of reporting. Businesses can run instant reports at the press of a button and create sophisticated real-time dashboards which give a complete overview of the company. You can run reports at a local, regional or global level.
This highly sophisticated and accurate level of real-time reporting gives business leaders visibility of operations at all levels, in detail and in summary. From this, strategic business decisions can be made quickly and based on truth.
OneWorld’s user interface and reporting features also support 19 languages allowing users to carry out their business functions with ease and improve communication between and collaboration between different countries and regions. Language barriers and cultural differences can be detrimental to a business, but with NetSuite OneWord, companies can become global families.
Top 10 Benefits of NetSuite OneWorld?
- Cloud-based allowing access from anywhere, at any time and on any device.
- Significantly cheaper than traditional on-premise software and hardware.
- Highly scalable and customisable to grow with your business.
- One hundred ninety currencies supported with real-time exchange rate feeds.
- Real-time tax calculations for over 100 regions and countries.
- Complete financial and accounts consolidation across multiple currencies and tax rules.
- Accurate real-time reporting in summary and detail at a local, regional and global level.
- Nineteen languages supported, allowing for multi-lingual communication and user experience.
- Robust always-on audit trail for full transparency and accountability.
- Increases efficiency & profitability by streamlining key processes and reducing manual work.
The benefits of NetSuite OneWorld to businesses operating in multiple countries are apparent. We’ve talked about the challenges of various currencies, tax calculation, language barriers, financial consolidation, and reporting, but the list is endless. All business operations become complex when they involve cross-border management of processes, people and data.
The biggest take away should be that NetSuite OneWorld offers global businesses a way to gain visibility and control across all of their operations, at all times, and from anywhere. It gives companies a user-friendly platform from which they can take control of their business.
It offers users a way of carrying out their tasks by working smarter, not harder. It provides business leaders with accurate real-time information so that they can make accurate and timely decisions. It gives global businesses the tools to achieve increased profitability and growth.
Eventura helps businesses big and small with their NetSuite projects. Whether you’re considering operations in other countries or you’ve just outgrown your current software and systems, we can help. As NetSuite partners, we can help you build a NetSuite solution that’s right for you, deploy it and provide ongoing support. If you’d like to speak with one of our NetSuite experts, you can request a free callback here.