International companies looking for a global solution to their corporate financial reporting requirements need look no further than NetSuite OneWorld. This unique product provides international organisations with the global ERP, CRM and Ecommerce tools they need to manage their businesses effectively.
NetSuite OneWorld is a fully internationalised solution that has support for over 15 languages, more than 170 currencies, and contains the accounting rules and standards of most countries in North America, EU, and the Asia-Pacific Region.
NetSuite, available through the cloud as Software as a Service (SaaS), is accessible from anywhere there’s an Internet connection. Multinational companies using NetSuite OneWorld benefit from the simplicity and flexibility offered through adopting this integrated software package and avoid the angst and frustration of setting up multiple ERP solutions with localised data centres
Why NetSuite OneWorld?
NetSuite OneWorld offers a solution that is easier to implement, more cost effective, and, as a cloud product, avoids the need for multiple global data centres. Furthermore, the NetSuite product range meets the entire software requirements of many companies, including those that require specialised applications through its wide range of applications designed for specific industries and SuiteApps.
Who Uses NetSuite OneWorld?
OneWorld is used by more than 10,000 subsidiaries of global companies around the world to manage their businesses and to organise their corporate reporting. OneWorld offers many tools for financial consolidation including advanced multi-book accounting practices that facilitate the requirements of regionally dispersed businesses.
How Do Companies Use OneWorld?
Financial reporting at month-end and year-end is a crucial function for multinational companies, especially as staff may need to cope with differing national and international requirements. These processes are of necessity complex and, with legacy on-premise IT solutions, time consuming. It’s especially difficult under these circumstances to meet corporate reporting deadlines.
NetSuite’s global consolidation tools simplify these tasks and allow closure and financial consolidation to take a matter of hours or at most a few days instead of the weeks required by organisations using non-integrated solutions. Furthermore, the visibility provided by NetSuite OneWorld provides management with the ability to monitor ongoing performance. This generates transparency and breaks down traditional barriers within organisations that occur when information required by headquarters is filtered by local divisions.
Key Features of NetSuite OneWorld
NetSuite OneWorld is a comprehensive suite comprising numerous different functions and features including:
- Comprehensive global ERP: To manage the core business functions of regionally and internationally dispersed organisations.
- Global CRM: Provides CRM facilities for international companies operating from different locations with full corporate visibility.
- Global ecommerce: Gives organisations the ability to conduct international ecommerce with multiple languages, currencies, and country tools that tailor the experience to the needs of individual customers.
- Multi language: Incorporates more than 15 languages, including Chinese, and allows staff in different countries to access OneWorld in their own language.
- PSA: Provides international professional service automation features.
- International accounting rules: Contains the accounting rules and conventions of many countries, including local tax requirements.
- Worldwide visibility: Management are able to access information throughout the organisation in real time.
- Dashboards: User-configurable dashboards with the ability to dig down to individual transactions.
- Anywhere access: Accessible from anywhere there is an Internet connection.
- Customisation: Advanced customisation features are provided.
- No version lock: The SaaS model ensures clients always use the current version of the software, avoiding version lock problems common with legacy software.
- Multiple subsidiaries and business units: Designed for the needs of organisations with many subsidiaries and complex structures.
- Interfaces: NetSuite ERP modules share one data source, require no interfaces, and adopt business automation processes that eliminate the need for tedious manual data inputs.
Benefits of NetSuite OneWorld
NetSuite OneWorld is the ideal solution for multinational organisations. Its inherently flexible structure provides companies with cost effective means of managing key business functions. Benefits of OneWorld include:
- International visibility: NetSuite’s global structure provides management with full access to information. This feature overcomes the difficulties that executives in companies with non-integrated on-premise solutions often experience when trying to find information and understand reasons for business performance.
- Real time access: All information is available in real time.
- Fast period close-off: NetSuite’s comprehensive inter-company financial tools facilitate fast and efficient financial period closures and roll up of consolidated accounts.
- Rapid deployment: NetSuite’s SaaS solution facilitates the addition of new subsidiaries and their incorporation in a fraction of the time it would take with legacy on-premise applications.
- Simplified financial reporting: NetSuite’s configurable dashboards provide up-to-the-minute financial reporting, allowing for real-time management of geographically dispersed companies.
- Simple IT infrastructure: The SaaS structure of NetSuite means businesses don’t need to maintain, and run expensive local data centres. This reduces the complexity of the IT infrastructure and allows IT personnel to perform more meaningful roles.
- Lower cost: NetSuite’s SaaS model substantially reduces upfront costs and the usage-based subscription fee structure leads to significantly lower overall costs.
- Better information: Management have access to better and more accurate information due to NetSuite’s OneWorld business automation features, the elimination of error prone manual processes, and the automatic consolidation of information from across different subsidiaries.