3 Feb, 2022

NetSuite Global Business Management

NetSuite Oneworld enables organizations to manage different subsidiaries, units, or entities around the world from one location. In addition, it helps to enhance your business operations, offers complete visibility and compliance around anywhere in the world.

What is NetSuite Global Business Management?

Functioning in more than 215 countries, NetSuite OneWorld allows organizations to control their units, subsidiaries, and legal entities from a single ERP. In addition, OneWorld supports 27 languages and 190 currencies and helps in the smooth functioning of an organization. This also includes the management of all local accounting and other regulatory needs. The organization gains live visibility to all their operations and manages their finances more efficiently without having more troubles.

Manage Your Business with a Single Solution

Financial and Operational Efficiencies

Control all your business subsidiaries and units with one ERP and enhance the productivity of the employees easily. Additionally, it increases the efficiency of the company and helps to run the business more smoothly. 

Ensure Compliance

Mainly focuses on country-specific tax regulations and global compliance. NetSuite OneWorld supports enterprises to effortlessly direct the changing rules and regulations.

Business Performance Insights

Automatic currency conversion and financial integration provide a live view of business performance whenever insight is needed to inform decisions.

Major Benefits of NetSuite Global Business Management

Standardize Processes

Standardizing core business operations and workflows, it helps to unify all the processes of the company.

Improved Reporting

It helps in real-time visibility across all the subsidiaries of the company and enhances the financial efficiency of the company.

Simplified Administration

Terminate the cost and complexity of supporting multiple ERP systems in various locations with different data formats and incompatible data standards.

Features of NetSuite Global Business Management

1. Multi-Currency

NetSuite Currency Management assists over 190 currencies, exchange rates, and an expansive range of payment choices, permitting one to carry out business with consumers and distributors universally. Real-time currency conversion and economic integration support global action. With this cloud ERP, international businesses gain comprehensive insights into the reconstruction of currencies and the integration of financial reporting across business units.

2. Multi-Language

Live currency conversion and economic integration support global action. With NetSuite, international businesses gain a comprehensive insight into the restructuring of currencies and the integration of financial reporting across business units.

3. Global Accounting and Consolidation

Multi-book numbering activates the use of different sets of books to cover dissimilarities in accounting and financial documenting needs at all regional levels. Because individual transactions are posted simultaneously in multiple books, they are all properly recorded in accordance with applicable accounting standards.

4. Consolidated Financial Statements

OneWorld directly publishes every undertaking at the local and headquarters level, streamlining the procedures of preparing combined financial statements. NetSuite’s integrated platform and multi-body skills assists a common ledger structure at the corporate or headquarters level while permitting small business units to generate custom charts of accounts. Locally documented transactions will be directly charted and published to the original account in the right currency and at the suitable exchange rate.

5. Indirect Tax Management

NetSuite's configurable tax engine, SuiteTax, supplies Global Tax Management by the way of a simple and convenient system that automates the whole tax compliance operations, reserve time, lessen errors and lowers costs. With pre-configured tax codes and localized reporting in 110 countries, NetSuite provides a detailed, real-time analysis of financial transactions for individual line-type tax statements. Live tax assessment of sales and purchase transactions, along with cross-border sales, and compliance with inter-state reporting obligations between EU countries. The ability to file reports electronically does not require many businesses to set up isolated tax engines.

6. Audit and Compliance Reporting

NetSuite’s administration, challenges, and Compliance (GRC) solutions help assure compliance with international IT and security standards. Audit trails, inbuilt analytics, access logs, and automated workflows regularly activates documentation and reporting of systems, resources, risks, and controls. This ERP clarifies Sarbanes-Oxley (SOX) and related compliance obligations by assisting standardization and consistent reporting all over your organization. Complete drill-downs, from summaries, report based on transaction details, provide transparency, and show compliance with local legislative and regulatory requirements.

7. Electronic Payments

NetSuite Electronic Payments helps to pay dealer’s bills and employee expenditure globally  from NetSuite and directly from consumers. Automated processing kepts remunerations or direct debit into every bank's pre-arranged file format, prepared to be imported into the banking software or presented to the bank online. This reduces payment processing costs and saves time by avoiding checks, mailing and envelopes.

Challenges NetSuite Global Business Management Solves

Meeting Global Regulatory Requirements

Do business wherever you are, manage universal operations, meet local tax regulations, multiple digitization standards, and complicated reporting necessities.

Managing Currency Fluctuations

Automatically post worldwide transactions in local and local currencies at the correct rate in real-time.

Difficulty Closing the Books

Automatically post transactions at the subsidiary and headquarters levels, expediting the close process and simplifying integration.

How Much Does NetSuite Global Business Management Cost?

From pre-revenue startups to thriving businesses, companies of all sizes have moved to NetSuite. Seeking the best way to manage your business but tensed about the cost?

Customers subscribe to NetSuite at a yearly license rate. Your license constitutes three elements: the main platform, the optional modules, and the number of customers. A one-time implementation fee for the starting setup is there. When your business develops, you can effortlessly enable the latest modules and add customers - that is the peculiarity of a cloud software.

Do you want to manage your global business easier and more efficiently? Implement NetSuite with the help of partners like Jobin & Jismi and reap more benefits of the ERP.