Managing multiple subsidiaries, business units, and legal entities across different locations is quite a logistical challenge. But fear not! NetSuite OneWorld comes to the rescue. It’s designed to simplify all this complexity by providing a single platform to oversee your diverse operations.
No more juggling with multiple systems and spreadsheets. With OneWorld, you get a centralized approach that offers real-time insights into your financial and operational aspects at the local, regional, and headquarters levels.
So, let’s understand and learn more about how NetSuite OneWorld simplifies multi-subsidiary operations.
Streamlined Multi-Subsidiary Operations
OneWorld is an ERP system in the cloud, meaning you don’t need expensive on-premises infrastructure. It harmonizes corporate and subsidiary operations seamlessly, giving you a comprehensive overview of performance at all levels of the organization. You can see summarized data and detailed insights.
Plus, its multi-subsidiary capabilities make it easy to manage operations across multiple subsidiaries. That means streamlined processes and better visibility. And the best part? The platform gives you real-time visibility, making financial processes faster by consolidating multiple currencies and rolling up data across different aspects like accounts receivable, accounts payable, inventory, and order fulfillment.
Oracle NetSuite OneWorld Features
1. Global Insight, Local Adaptation
NetSuite OneWorld has robust financial reporting capabilities that help you understand your global business’s pulse at any moment. With a user-friendly interface available in multiple languages, it bridges communication gaps. The flexible hierarchy makes it easy to navigate your entire entity structure effortlessly. The design aims to provide an up-to-date global perspective while allowing for detailed insights into specific subsidiaries. It empowers users to grasp activities happening worldwide quickly.
2. Efficiency in Intercompany Transactions
One of the strengths of OneWorld is its ability to simplify intercompany reconciliation and netting. For example, a sales order from one subsidiary can easily connect with a purchase order from another. The system automatically identifies and posts the necessary elimination journal entries when these transactions are invoiced. Plus, the platform’s intercompany netting feature helps balance accounts and automatically create settlements for selected transactions, making month-end close processes smoother and ensuring accurate consolidated financial reports.
3. Seamless Multi-Currency Management
NetSuite’s multi-currency management is designed to support over 190 currencies and exchange rates, making global transactions with customers and vendors a breeze. It allows you to convert currencies in real time and consolidate your finances. With this platform, you can effortlessly handle diverse international tax structures, restate currencies, and consolidate financial reporting across different business units.
4. Compliance and Reporting Made Reliable
OneWorld is designed to provide vital support, considering global standards and country-specific regulations. It keeps a detailed record of activities with built-in analytics, access logs, and the ability to delve into transactional details. This ensures thorough documentation. NetSuite enhances compliance with access control based on user roles and permissions, while its SuiteCloud platform offers adaptability and security. This allows for customization within a secure framework.
5. Adaptive Tax Management
NetSuite OneWorld’s SuiteTax is a game-changer supporting indirect tax rules and reporting for over 100 countries. It’s scalable and flexible, making tax determination, calculation, and reporting a breeze. No matter where you do business, it covers you with real-time tax calculations for sales, purchases, and cross-border transactions. Plus, it takes care of Intrastat reporting obligations in EU countries and even lets you file electronically. Say goodbye to the need for standalone tax engines – SuiteTax has everything!
Oracle NetSuite OneWorld: The Numbers
OneWorld has an extensive reach, covering over 200 countries and dependent territories. It seamlessly supports 27 languages and handles 190+ currencies with daily updates. With its global presence, OneWorld makes transactions easy in over 200 countries, ensuring tax and reporting compliance across 100+ countries. It offers comprehensive financial management solutions by accommodating 90+ bank payment formats. In short, OneWorld creates an all-encompassing ecosystem for efficient and effective financial operations.
NetSuite Global Business Management Benefits
Standardize Processes:
To make sure things run smoothly within the organization, it’s important to standardize core business processes and workflows. Having clear and consistent procedures helps your team collaborate and communicate more effectively, increasing efficiency and productivity. Plus, it makes it easier for new team members to integrate seamlessly and allows you to identify and resolve any issues that may arise quickly. Standardization lays the groundwork for ongoing improvement and helps us adapt and thrive in a fast-paced business world.
Improved Reporting:
When companies implement real-time consolidation processes at different levels (local, regional, and global), it greatly improves the accuracy and timeliness of financial statements. By seamlessly integrating data from various sources and updating information in real-time, organizations can have a comprehensive and up-to-date view of their financial performance.
This enables better decision-making, improved risk management, and increased operational efficiency. Real-time consolidation helps businesses respond quickly to market changes, regulatory requirements, and evolving business needs, ensuring that financial reporting remains agile and impactful.
Simplified Administration:
Organizations can simplify their operations, boost efficiency, and ensure data integrity by eliminating the expenses and complications of supporting multiple ERP systems in different places with different data formats and inconsistent data standards. This consolidation enables centralized management, standardized processes, and improved visibility throughout the enterprise, ultimately leading to increased productivity and cost savings.
Challenges NetSuite OneWorld Solves
Meeting Global Regulatory Requirements: Effectively handle global operations and effortlessly navigate the complex world of local tax regulations. Stay compliant with multiple accounting standards and easily manage intricate reporting requirements, ensuring seamless business operations no matter where you are.
Managing Currency Fluctuations: NetSuite OneWorld system can automatically post international transactions in local and standard currencies in real-time, ensuring everything is accurate and efficient. You don’t have to worry about anything! With the ability to apply the correct exchange rate, you can effortlessly manage your transactions across different currencies, saving time and avoiding those annoying manual calculations.
Difficulty Closing the Books: Transactions are posted seamlessly and automatically at both the subsidiary and headquarters levels, making the closing process smooth and consolidations simple. This efficient automation not only saves time but also ensures accuracy and consistency throughout the financial reporting and consolidation process. It’s a win-win!
Final Words
Simply put, NetSuite OneWorld revolutionizes how you manage various business entities. It takes a holistic approach to handling global operations while considering localized intricacies. Its unified platform and adaptive features for financial management, compliance, and reporting provide a solid foundation to navigate the complexities of multinational enterprises. So, go ahead and check it out! Feel free to reach out if you have any questions.
