What is NetSuite Global Business Management?
Used in over 217 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 standardizing core processes, managing risk and controlling costs at all levels of the organization.
Financial and Operational Efficiencies
Manage multiple subsidiaries, business units and legal entities from one solution. When the entire organization 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.
NetSuite OneWorld allows Brex to pull data from multiple business units, develop consistent processes and meet global accounting and compliance standards. It also “allows us to allocate costs such as rent based on headcount across offices. This type of inter-company and multi-entity accounting is just something that QuickBooks doesn’t allow.
NetSuite Global Business Management Benefits
NetSuite Global Business Management Features
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.
Global Accounting and Consolidation
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.
Consolidated Financial Statements
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 standardized 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.
Indirect Tax Management
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 minimizing costs. With preconfigured tax codes and localized 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.
Audit and Compliance Reporting
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 standardization and consistent reporting across your entire organization. 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.
Challenges NetSuite Global Business Management Solves
Faster Time to Value
NetSuite has packaged the experience gained from tens of thousands of worldwide deployments over two decades into a set of leading practices. These practices pave a clear path to success and are proven to deliver rapid business value and get you live on NetSuite in a predictable timeframe. Intelligent, stepped implementations begin with sales and span the entire customer lifecycle, so there’s continuity from sales to services to support.
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