14 Jun, 2021

Features of NetSuite OneWorld 2021.1

Every business should be data-based, innovative, and able to communicate with the customers and the market dynamics. With the implementation of NetSuite OneWorld, businesses can execute globally, providing country-specific capabilities to fulfill local compliance requirements and reporting responsibilities wherever they do business in the world.

NetSuite OneWorld

NetSuite OneWorld is a cloud-based Enterprise Resource Planning (ERP) system that delivers a unified worldwide platform of business management for enterprises having various subsidiaries and global operations. It helps to automate all financial aspects such as quotas, forecasts, sales, earnings, commissions, and rollbacks. Additionally, NetSuite OneWorld minimizes the data entry errors and manages customers efficiently to deliver single, clean customer records across its subsidiaries and eliminates duplicate customer records.

Top benefits of NetSuite OneWorld

• Real-time access to the global business.

• Assist in compliances of external and internal processes.

• Provides assistance for all worldwide processes and subsidiaries.

• Management of multiple business units.

NetSuite OneWorld provides real-time, integrated business management solutions for all companies that handle worldwide operations. In addition to that, it increases the efficiency of the company and provides real-time access to all of its local, regional, and headquarter levels. It also delivers a worldwide end-to-end solution in resolving critical and time-consuming financial compliance requirements.

Why NetSuite OneWorld?

Netsuite helps you lead one-world businesses with financial and functional capability, as well as, provides real-time visibility and compatibility during customizations in corporate and subsidiary needs.

The Reasons for Opting for Netsuite Oneworld Are:

• Manage Multiple Subsidiaries, Business Units, and Legal Entities

Netsuite OneWorld produces a clear view of the business performance of corporates and subsidiaries, including all details of the business activities. The reports are made with the help of real-time reports and financial and operational role-based dashboards.

• Consolidate Operations and Gain Real-Time Financial Visibility

From the local to headquarter levels of the company, NetSuite OneWorld stimulates all the economic activities with multi-currency unification and real-time roll-up across accounts receivable, payroll, inventory, billing, accounts payable, invoicing, and order fulfillment.

• Run a Complete ERP System in the Cloud

Facilitates companies to accurately enhance their standardized ERP to worldwide business and other activities at a low cost.

• Access from Everywhere

NetSuite Oneworld's web-based access grants access to employees from all over the world. NetSuite OneWorld also permits access for customers to data and activities from any device.

Features of NetSuite OneWorld

Financial is the backbone of NetSuite OneWorld. Netsuite OneWorld Financial delivers a cloud financial management application for worldwide businesses. With NetSuite OneWorld Financial, businesses can adjust for local, worldwide business integration and roll-up, as well as currency, language, tax, and legal compatibility differences at the local level. It provides real-time access to all the business activities and ensures stability and management of compliances.

The features of NetSuite OneWorld are:

• Global Accounting and Consolidation

The NetSuite OneWorld provides an uninterrupted experience for operations and finances by reducing restrictions. Oneworld businesses can manage the real intercompany business in an adaptable, secure, fully automated, accurate, compliant, real-time process across the intercompany transaction and reconciliations. 

The OneWorld is equipped with a multi-language interface to reduce the communication barriers and also provides a flexible range of activities that allows businesses to easily run their entire entity structure. Additionally, it gives an idea of the happenings across the global business activities.

• Accounting Hub

NetSuite's accounting Hub handles transactions within a company or other companies that lacks NetSuite. The information can be imported directly through the CSV, which provides information to general Ledger at the transaction level or the account level, thereby consolidating it as part of the overall financial statements of the business entity.

• Comprehensive Multi-Currency Management

NetSuite multi-currency management supports the exchange rates and payment options of more than 190 currencies.  This feature favours the business with global customers and vendors. It helps in the real-time currency conversion and financial integration for all your worldwide activities. Additionally, it manages international tax structures and unifies all the financial reports in the business.

• Audit and Compliance Reporting

NetSuite OneWord is built to help in the worldwide standards and nation-based requirements. Always have audit paths, built-in analytics, access logs, workflows, and the ability to go down to basic transaction details to ensure you always find. Supporting documentation is ensured with the help of audit paths, access logs, built-in analytics, and the ability to fetch the transaction details.

 NetSuite’s SuiteCloud platform offers an incomparable level of personalization, customization, and development. It ensures security, scalability, globalization, and get updated with latest version regularly.

• Configurable Tax Engine

NetSuite OneWorld supports entries for taxes and reporting to find the business's critical need to meet local indirect tax liabilities wherever they do business. NetSuite Suite Tax provides a measurable and flexible tax assessment, calculation, and reporting engine to support any tax law anywhere in the world.

NetSuite OneWorld helps real-time calculation of tax during sales and purchases. Additionally, it electronically files taxes on sales, purchases, cross-border sales, and intrastate reporting obligations between EU countries, making it a one-time solution for many businesses and avoids the need for a separate tax engine.