NetSuite OneWorld enables companies to manage multiple subsidiaries, business units and legal entities, domestic or internationally from a single solution, providing real time financial and operational visibility and control at the local, regional, and headquarters levels. Develop standardized business processes and deploy them across the entire organization, from headquarters to divisions and subsidiaries, at the click of a button. Ensure compliance with company policies, local and international accounting standards, and regulatory reporting requirements. OneWorld adjusts for currency, language, taxation, and legal compliance differences at the local level, with automated roll-up to the regional and global level for consolidated reporting. Role-based dashboards give business leaders a global view of company performance and the ability to drill down into key metrics at any level of the organization, giving them real-time insights into the business.
Key Benefits
• Manage multiple subsidiaries, business units, and legal entities. Corporate and divisional leaders get a clear view into every level of business performance, from summary to detail.
• Complete ERP system in the cloud. Run both corporate and subsidiary operations without costly on-premises IT infrastructure and resources.
• Gain real-time visibility. Accelerate financial processes with multi-currency consolidation and real-time roll-ups across accounts receivable, accounts payable, inventory, order fulfillment, and more
Global Business Management NetSuite OneWorld is built around robust financial reporting capabilities that enable an organization to understand what is happening across the global business in real time. A multi-language user interface helps bridge communication barriers and provides a flexible hierarchy that allows businesses to run their entire entity structure with ease. OneWorld is designed to provide an up-to-date global view of the business with subsidiary specific drill down capabilities that allow you to quickly understand what is going on anywhere in the world
Intercompany Accounting and Consolidation NetSuite’s unified data model simplifies intercompany reconciliation and netting. A sales order created by one subsidiary can be linked to a purchase order created by another. When the order is invoiced, the system identifies the transaction and automatically posts the appropriate elimination journal entries. And with intercompany netting, accounting managers can easily balance intercompany accounts and automatically create settlements for select transactions.
OneWorld also accelerates the month-end close process, making it easier to produce timely and accurate consolidated f inancial reports. A flexible general ledger provides a standardized chart of accounts while allowing account codes to be customized for individual subsidiaries. Transactions recorded at the subsidiary level under one set of codes automatically map the correct account at the parent level.
Comprehensive Multi-Currency Management NetSuite multi-currency management supports 190+ currencies and exchange rates (letting you do business with both customers and vendors globally) as well as a wide variety of payment options. It provides real-time currency conversion and financial consolidation. With NetSuite OneWorld, you are able to manage a complete range of international tax structures and restate currencies and consolidate financial reporting across business units.
Audit and Compliance Reporting OneWorld has been built to support both global standards and country-specific requirements. The always-on audit trail, built-in analytics, access logs, and workflow, along with the ability to drill down to the underlying transaction detail, ensures that you’ll always get supporting documentation. Access to NetSuite is based on user roles and permissions. NetSuite’s SuiteCloud platform offers unrivaled levels of personalization, customization, and development—all within a framework that ensures security, scalability, globalization, and the assurance that you’re always on the latest version of the software.
Configurable Tax Engine NetSuite OneWorld supports indirect tax rules and reporting for 100+ countries. NetSuite SuiteTax provides a scalable and flexible tax determination, calculation, and reporting engine designed to support any tax rule, anywhere in the world. NetSuite OneWorld natively calculates taxes in real time on sales and purchase transactions and cross-border sales. It manages Intrastat reporting obligations among EU countries and files reports electronically, making standalone tax engine unnecessary for many businesses