Overview- Netsuite one world
Technology is vital to market expansion today. Whether your business requires forecasting tools, multi-currency sales, billing schedules, or invoice creation, this guide will make it easy for you to grasp the key benefits of NetSuite OneWorld financial software.
It is the #1 system for business accounting
NetSuite OneWorld manages the complex international reporting and accounting needs of global companies using a single database.
Now you know! NetSuite was the world’s first web-based accounting package for small businesses back in 1998 when it was called NetLedger. The vision and leadership of Evan Goldberg led NetSuite to become the world’s largest provider of business management software offering accounting, ERP, CRM, and Omnichannel Commerce software, serving over 40,000 clients across over 100 countries.
An elaborate financial suite, NetSuite OneWorld enables companies to solve elaborate multinational and multicompany business problems. With OneWorld ERP functionalities such as tax compliance reporting and currency adjustments, employees can accomplish more in less time.
The powerful Service Resource Planning tools in OneWorld let you monitor service delivery all the way to billing. When compared with old on-premise ERP systems, NetSuite OneWorld provides an affordable option.
NetSuite OneWorld is designed for companies with a global presence that operate in multiple territories and face legislative and fiscal challenges.
With NetSuite OneWorld, enterprises whose operations span multiple subsidiaries and multinational companies can manage and monitor multiple financial performances, global business operations on a single platform. It is primarily marketed through partners and resellers.
With NetSuite, organizations can manage multiple companies with potentially different currencies, taxation rules, and reporting requirements within one account. As a comprehensive accounting and ERP solution, NetSuite OneWorld supports regions, subsidiaries, and separate legal entities that are under the same parent company.
In addition to automating everything associated with selling, such as quotas, forecasts, sales and returns, commissions, and rollbacks, the OneWorld business management platform can also manage financial aspects of your business. As a result, the product provides real-time insights and enables companies to close books more quickly at the end of a period – regardless of how many currencies and tax rules are involved.
Top 10 Benefits of NetSuite OneWorld- Business Management Solution
Key Features of Netsuite One world
1. Global Financial Accounting
NetSuite OneWorld’s global financial accounting platform alone will make the investment worthwhile for many businesses. With OneWorld Financials, you get real-time visibility at a local, regional and headquarters level, while standardizing your business processes worldwide and ensuring seamless compliance with financial requirements, such as IFRS, SOX and GAAP. Reports and operations are more efficient and easy since all data is stored in one database.
Indirect Tax Management
By automating the entire tax compliance process, NetSuite’s SuiteTax configurable tax engine offers global tax management through a simple, easy-to-use system that saves time, reduces errors, and minimizes costs. Using preconfigured tax codes and localized reporting for more than 110 countries, NetSuite provides detailed, real-time analysis of financial transactions including line-item tax details. Assess taxes in real-time on sales and purchases, including cross-border sales, and comply with intrastate reporting obligations between EU countries. Businesses are no longer required to install separate tax engines since they can file reports electronically.
2. Netsuite Financial Consolidation
NetSuite’s real-time financial consolidation capabilities simplify the process of consolidating accounting data across business units, subsidiaries, and regions. Consequently, there is unparalleled real-time visibility and more consistent management across the organization. Ensure compliance with relevant accounting standards, tax codes, and regulations – no matter where you operate – by automating the close process. NetSuite’s standardized policies and approval hierarchy reduce financial fraud risk, increase control, and save money.
Consolidation
Accounting functionality for multiple entities and multiple books combined with real-time data provide easy business consolidation levels and consolidated financial reporting details. Multi-book accounting enables different accounting and financial reporting requirements at local, regional, and headquarters to be accommodated with multiple sets of books. In these cases, the transactions are recorded correctly according to all applicable accounting standards since they can be posted in multiple books simultaneously.
In NetSuite, a shared dataset is combined with the ability to create custom charts of accounts at the subsidiary level so that transactions recorded locally are also posted – simultaneously – to the correct parent account. By eliminating the need to normalize and match data, consolidated reporting becomes more accurate and timely.
3. Multiple Tax and Accounting Standards
Having multiple sets of books for different accounting rules, tax codes, or requirements that may differ between the parent and subsidiaries is made possible by U.S. and international accounting standards support. The same transaction can be treated in more than one way for reporting purposes.
A consolidated financial statement can be generated much more easily with the help of OneWorld due to the automatic posting of transactions both at local and corporate levels. As NetSuite combines an integrated platform and multi-entity capabilities, the general ledger structure can be customized for regional units and subsidiaries and be standardized at a corporate level. Automatic mapping and posting of local transactions in the correct currency and at the appropriate exchange rate in the parent account automatically occurs.
4. Intercompany Accounting
Accounting software that automates intercompany transactions reduces errors and simplifies reconciliation, saving time and money. When purchase requisitions and sales orders are tagged as intercompany transactions, the system automatically posts elimination journal entries whenever orders are invoiced. In NetSuite, accounting managers can merge subsidiaries’ balances and then complete transactions automatically.
International business can be challenging due to cultural differences, language barriers, various business systems used in different regions, and so forth. Financial reporting has become a slow and fragmented process as a result. As a result, the information in a report is often out of date by the time it is created. NetSuite OneWorld eliminates communication barriers, easily understands data and provides a global overview of your business in real-time.
5. Multi-Currency and Multi-Country Management
Multi-currency and multi-country accounting across disparate systems that don’t talk to one another can be time-consuming and error-prone. In OneWorld, you can interact with global customers and vendors with ease and efficiency because over 190 currencies and exchange rates are available via real-time feeds. The first real-time currency conversion for nearly 200 currencies around the world will be available. NetSuite offers localised taxation and reporting for over 100 countries, and with the new SuiteTax engine, it can support increasingly complex use cases. NetSuite can support your business no matter where you are. NetSuite OneWorld’s cloud service also ensures you are always up to date, since NetSuite is updated overnight while you sleep.
6. Audit and Compliance Reporting
NetSuite’s Governance, Risk, and Compliance (GRC) solutions help you stay compliant with international standards. Documentation and reporting of systems, resources, risks, and controls are easy with an always-on audit trail, built-in analytics, and access logs. By supporting standardization and consistent reporting across your entire organization, NetSuite simplifies Sarbanes-Oxley (SOX) compliance obligations. A deep dive into the underlying transaction details allows for more transparency and proof of compliance.
Work globally from anywhere
With NetSuite OneWorld, any device with an internet connection can access your global empire from home, including desktops, laptops, tablets, and mobile phones. The spreadsheet you’ve been waiting for all week will be right at your fingertips, wherever you are – no more running back to the office to look for it.
Modern global companies have complex requirements, and Oracle NetSuite OneWorld meets those needs of fast growing businesses. All taxation, currency, and legal compliance differences are taken care of, both locally and internationally. The ability to see their business on both a local and global level in real time is invaluable to business leaders, making the process of making short- and long-term decisions easier than ever. Combined with global CRM, professional services automation (PSA). project management and e-commerce solutions, you have a business model that is fully synchronized across all its operations.
Our company Aarialife is a NetSuite partner and can help you implement OneWorld. In order to use OneWorld, you need a NetSuite license. Our expertise can be your best partner after you have a NetSuite license.
Get in touch with us if you are searching for real-time financial and operational visibility for your global business, and to improve finances and operational efficiency.
