What is NetSuite Global Business Management?
Used in over 215 countries and dependent territories, NetSuite OneWorld enables companies to manage multiple subsidiaries, business units and legal entities from a single ERP. Support for 27 languages and 190 currencies makes it easy to work with customers and suppliers around the world, while country-specific configurations help ensure compliance with local accounting, tax and regulatory requirements. Get real-time visibility into operational and financial performance while standardising core processes, managing risk and controlling costs at all levels of the organisation.
Financial and Operational Efficiencies
Manage multiple subsidiaries, business units and legal entities from one solution. When the entire organisation uses the same system, metrics and processes, people are more productive, your business runs more smoothly and performance improves.
Built to support both global standards and country-specific audit, tax and data security requirements, NetSuite OneWorld eases compliance with complex, ever-changing rules and regulations.
Business Performance Insights
Automatic currency conversions and financial consolidation provide a real-time view of business performance, whenever and wherever you need insights to inform decisions.
NetSuite OneWorld Features
NetSuite OneWorld helps companies manage global operations, including multiple currencies, taxation rules and reporting requirements, across geographies and subsidiaries while providing real-time financial consolidation and visibility.
NetSuite currency management supports more than 190 currencies and exchange rates and a wide variety of payment options, enabling you to do business with customers and suppliers globally. Real-time currency conversion and financial consolidation support global operations. With NetSuite, international businesses gain broad insights by restating currencies and consolidating financial reporting across business units.
Translated in 27 languages, including Chinese, Japanese, French, German and many more, NetSuite’s multi-language user interface helps bridge communication barriers and provides a flexible hierarchy that allows businesses to run their entire entity structures with ease.
Multi-book accounting enables the use of multiple sets of books to accommodate differences in accounting and financial reporting requirements at local, regional and headquarters level. Because individual transactions can be posted to multiple books simultaneously, they’re recorded correctly under all applicable accounting standards.
OneWorld automatically posts each transaction at the local and headquarters level, simplifying the process of generating consolidated financial statements. NetSuite’s unified platform and multi-entity capabilities support a standardised general ledger structure at the corporate or headquarters level while giving regional business units or subsidiaries the flexibility to create custom charts of accounts. Transactions recorded at the local level are automatically mapped and posted to the parent account in the correct currency and at the appropriate exchange rate.
NetSuite’s configurable tax engine, SuiteTax, provides global tax management through a simple, easy-to-use system that automates the entire tax compliance process, saving time, reducing errors and minimising costs. With pre-configured tax codes and localised reporting for more than 110 countries, NetSuite provides detailed, real-time analysis of financial transactions down to individual line-item tax details. Calculate taxes in real-time on sales and purchase transactions, including cross-border sales, and adhere to Intrastat reporting obligations between EU countries. The ability to file reports electronically makes the installation of stand-alone tax engines unnecessary for many businesses.
NetSuite’s Governance, Risk and Compliance (GRC) solutions help ensure compliance with international IT and security standards. An always-on audit trail, built-in analytics, access logs and automated workflows streamline documentation and reporting of systems, resources, risks and controls. NetSuite simplifies Sarbanes-Oxley (SOX) and similar compliance obligations by supporting standardisation and consistent reporting across your entire organisation. Full drill-downs, from summary reports to underlying transaction details, provide transparency and demonstrate on-going compliance with local statutory and regulatory requirements.
NetSuite Electronic Payments enables you to pay vendor bills and employee expenses across the globe directly from NetSuite, as well as take payments directly from customers. Automated processing puts payments or direct debits into each bank’s predefined file format, ready to import into banking software or submit to the bank online. That lowers payment processing expenses by eliminating checks, postage and envelopes and saves time, too.
NetSuite Global Business Management Benefits
Ensure consistency across the organisation by standardising core business processes and workflows.
Real-time consolidation at local, regional and global levels improves the timelines and accuracy of financial statements.
Eliminate the cost and complexity of supporting multiple ERP systems in different locations, with different data formats and inconsistent data standards.