Introduction to NetSuite OneWorld
Sometimes when just starting out or after a few years, many entrepreneurs recognize the fact that they do have many thoughts and ideas for starting up more, but for almost all of them, the same question arises: how to structure multiple businesses under a single entity? To do that Oracle Developed Netsuite Oneworld.
For large businesses, structuring various ventures under one roof is a common strategy still small businesses can also employ the same strategies and structures for gaining the same benefits.
Running multiple businesses under one roof is a very tedious task as it involves handling various paper works, compliance, accounting, multi-currency(if applicable), taxing, etc.
To simplify this tiresome work, NetSuite offers one of the best cloud-based ERP solutions: NetSuite OneWorld, which efficiently manages the multi-subsidiary structure of your enterprise. The inter-company relations and tasks are very effectively handled by NetSuite. With OneWorld, you can effectively and efficiently manage intercompany business processes across multiple subsidiaries. NetSuite being a Cloud ERP, it offers you some inherent benefits that every Cloud-based technology is expected to have such as web-based user interface, web-based computing, reduced or almost no maintenance of servers from company’s end, automated data back-ups, anytime-anywhere computing just by using the device that is connected to the internet and so much more.
NetSuite OneWorld manages the multiple areas of your multinational, multi-company business and is capable of integrating every part of your business from finances, to inventory, to shipping, to Business Analytics, to HR etc under a single roof to get the overall picture at a glance. In addition to this NetSuite offers you some advanced features that are not a part of an On-premise ERP and thus save both time and money.
Understanding Netsuite OneWorld
An organization can use a single NetSuite account to manage records and transactions for multiple legal entities, managing multiple businesses in different tax regions involving multiple currencies.
A single hierarchical structure is used by the OneWorld for organizing both domestic and international subsidiaries. Each subsidiary is considered as a separate entity with independent tax nexus and specific base currency. OneWorld also takes care of the reporting part involving multiple subsidiaries in the consolidated sheets but also providing separate reporting for each subsidiary.
Netsuite OneWorld Capabilities
NetSuite OneWorld provides numerous advantages for global businesses, managing finance, and operational efficiency, delivering real-time visibility and consolidation and providing flexibility for customization to corporate and subsidiary needs.
NetSuite OneWorld provides real-time visibility into all of your business viewpoints worldwide, ensuring consistency and efficiency in management both locally and globally.
Complete cloud ERP System
Global businesses can run both corporate and subsidiary operations without expensive on-premise IT infrastructure and resources, enabling businesses to effectively use regulated ERP for every aspect of the business.
Anywhere Access to your Business
NetSuite OneWorld’s web-based access enables your employees to access the system from anywhere in the world. With support for popular mobile devices, Netsuite OneWorld customers get access to the data and the functionality they need in their pocket.
Professional Services Automation(PSA)
NetSuite OneWorld’s PSA solutions enables professional services companies to manage their global resources more efficiently, also with global PSA, companies can manage the services lifecycle from end-to-end – from opportunity to project management, through to accounting, invoicing, renewals and support.
Accounting and Financial Consolidation
Base currency is used for all the subsidiaries to complete the transactions. Subsidiaries can share inventory or can have unique items. Consolidated or subsidiary-specific financial or accounting reports can be created in appropriate currencies all the while using a single chart of accounts.
NetSuite OneWorld can be designed to provide an instant global view of your particular business with subsidiary specific drill-down letting you to swiftly understand whatever going on anywhere in the world.
Tax and regulatory compliance
Subsidiary based locations can be set up in NetSuite enabling you to administer location-based tax and regulatory requirements.
NetSuite OneWorld also provides a built-in tax engine that is configurable to your specific business needs. It also enables you to calculate taxes in real-time on any sales and purchase transactions.
Customer Relationship management
Netsuite OneWorld can help you in managing your customer relationships and sales organization. Salespeople can be commissioned across subsidiaries. Marketing campaigns and leads generated through them can be shared across subsidiaries.
NetSuite OneWorld, companies can improve global sales effectiveness by managing multi-currency quotas, sales tax calculations, and compliance, forecasts, commission payments, and real-time reporting.
Unique or Shared Web Stores
Shared or unique items store can be set up for subsidiaries.
B2B and B2C companies can easily manage multiple web stores for various subsidiaries, with different product lines, items, pricing-all within the same NetSuite OneWorld instance. In addition, it also provides a real-time consolidated view of e-commerce sales across subsidiaries and various other boundaries, also allowing analysis of channel sales trends.
Reporting and Search
Netsuite OneWorld can help in creating reports in the base currency of each subsidiary, it’s parent-subsidiary and the top-level subsidiary. Dashboards, Financial Statements, and Key Performance indicators can display consolidated reports and side-by-side comparison of subsidiaries.
NetSuite OneWorld addresses the complicated multi-company and multinational needs of organizations. It enables businesses to adjust for taxation, currency, and legal compliance at the local and global levels. The business directors get the unparalleled clarity of their businesses around the globe in real-time ensuring consistency and transparency in management across the business worldwide.
Along with global accounting/ ERP solutions. NetSuite OneWorld provides global Customer Relationship Management(CRM), global e-commerce and Professional Services Automation(PSA) solutions allowing multinational companies to align their processes across sales, finance, marketing, commerce, and service.