When companies expand into multiple countries and subsidiaries, their ERP system needs to keep up with changing business models. Various locations create the need for multiple sets of financial reports. Because of this, financial managers need this information all in one place for a complete business analysis.
Thanks to a global ERP system, like NetSuite’s OneWorld, businesses can automate consolidation and mitigate human errors on one native system. And NetSuite can also scale and support your business as it grows. This is true whether you operate as an integrated global company or as a more distributed organization with regional companies.
With NetSuite OneWorld, organizations can access the data and tools they need to streamline multi-subsidiary operations while also gaining real-time visibility.
What is NetSuite OneWorld?
NetSuite OneWorld is a NetSuite product that enables multi-company business management. Take, for example, enterprises that manage multinational and multi-subsidiary operations, OneWorld provides a flexible hierarchy. Thanks to this flexibility, businesses can smoothly run their entire entity structure, alongside a multi-language user-interface that helps boost clear communication.
Companies with multiple charts of accounts, sales teams, selling partners, and multi-entity marketing can find it overwhelming to properly manage. With this in mind, OneWorld provides rolled-up multi-company reporting and business intelligence in real-time. Live reporting and real-time insights lead to noticeable benefits for accounting, compliance, and sales management.
A Complete ERP System in the Cloud
NetSuite OneWorld is cloud delivery, enabling global businesses to run both corporate and subsidiary operations without costly on-premise IT infrastructure and resources. This dramatically reduces costs and allows companies to extend standardized ERP to every corner of the business efficiently. An added bonus is with its web-based access, employees can access NetSuite OneWorld from anywhere around the globe.
With role-based dashboards, OneWorld provides organizations real-time global business insights. Using this data, executives and stakeholders can view their business performance in real-time and dive into key metrics on a global scale. NetSuite OneWorld also supports popular mobile devices, so customers can access the data and functionality they need from the palm of their hands.
Managing Multiple Subsidiaries
Designed with global business in mind, NetSuite enables companies to easily manage multiple subsidiaries, business units, and legal entities. OneWorld provides multi-subsidiary customers a global view of businesses with subsidiary-specific drill-down that captures a snapshot of what is happening.
By the same token, NetSuite provides a clear overview of performance across every level of business for corporations and divisions. Everything is broken down, from comprehensive financial and operational role-based dashboards and real-time reports. With real-time visibility, businesses have the latest data insights to improve their financial and operational efficiencies.
Financial and Accounting Benefits
Built around robust financial reporting capabilities, NetSuite OneWorld helps organizations understand what is happening across the entire business in real-time. Plus, with global financials, businesses can adjust for currency, language, taxation, and compliance differences at the local level.
NetSuite OneWorld provides a seamless experience for operations and financials by bringing down subsidiary restrictions. This, then provides businesses the ability to execute on true intercompany business in a configurable, fully automated, and compliant process across intercompany transactions and reconciliations.
Ensuring Compliance Everywhere
No matter where you operate, NetSuite OneWorld provides the tools to help you meet local compliance and reporting obligations. Companies can ensure worldwide compliance by deploying standard business practices across their divisions and subsidiaries with the click of a button.
With real-time visibility built into every aspect of businesses worldwide, NetSuite makes it easier for companies to ensure compliance. NetSuite OneWorld also provides a global solution to meet critical and time-consuming financial requirements such as IFRS, SOX, and GAAP.
How We Can Help:
Even with an award-winning ERP solution like NetSuite, you still need a knowledgeable team to implement it. That’s where we come in. As a NetSuite Partner with over 35 years of collective experience, Kodella knows what it takes to deliver a complete, end-to-end ERP solution tailored to the needs of global companies. Contact our team now!