Although growth-oriented businesses and entrepreneurs may be incredibly optimistic about the potential of worldwide development, the reality proves to be much more difficult. Most of these foreign expansions fail due to various reasons, which include difficulties with compliance, linguistic and cultural hurdles, problems with currency swaps, and many other factors.
As a fully integrated business management solution, NetSuite OneWorld was created to smooth the way for businesses with global aspirations and make life simpler for those with established worldwide footprints.
OneWorld is an enterprise resource planning (ERP) and business management system built for businesses with global and many subsidiary operations. It helps businesses adapt to issues with currency, taxation, and legal compliance at the local, regional, and corporate levels.
This blog post will look at three problems businesses have when entering new international markets and how NetSuite OneWorld may help.
Cultural and Language Differences
The proverb “communication is the lifeblood of business” is particularly relevant on a global scale. Building relationships with new partners, comprehending customs and demand cycles, scouting and investigating infrastructure, etc., all depend on language and accurate translations.
NetSuite OneWorld offers 27 different languages, including Chinese, French, German, and Japanese, since it understands how important communication is. These linguistic abilities can be used by businesses to their advantage when negotiating with potential partners and to speed up the onboarding or training of localized workforces.
To support its customers’ objectives for worldwide expansion, NetSuite continues to update its translations and add new languages.
In today’s technologically advanced world, visibility and communication go hand in hand, and it is crucial for companies doing business internationally. For enhanced operational intelligence, OneWorld offers customizable role-based dashboards with real-time insight. Different markets may demand the monitoring of various KPIs to achieve company-wide goals.
Senior leadership and stakeholders can dive down into important KPIs for international operations and have visibility into business success. Better data that is available and usable drives trust and improves performance overall.
OneWorld can also be accessed via an internet connection from anywhere in the world because of its cloud-based architecture. This widespread accessibility enables businesses to install standardized business processes across divisions and subsidiaries quickly. Higher data that is accessible and usable can drive better performance overall.
Taxes and Currency Fluctuations
It can be difficult to take currency rates into consideration because they are traded constantly, which has an impact on taxes due. Businesses need to make sure these procedures are precise and dependable while handling hundreds or thousands of daily transactions both in-person and online. The stakes can be extremely high for businesses with a global presence.
Multi-currency management in NetSuite OneWorld supports 190+ currencies and exchange rates. More than 100 nations are supported by its tax engine for tax filing and calculation. With preconfigured tax codes for more than 50 nations and a customizable indirect tax engine, OneWorld can cover nearly 90% of the global gross domestic product (GDP). The combination of these attributes enables businesses to expand with assurance on a global scale.
Regulation, Compliance, and GDPR
Since each jurisdiction and area within a given country may have distinct needs, compliance, laws, and GDPR are the main roadblocks for most multinational corporations. In order to overcome these difficulties and keep everyone in the loop and on the same page, NetSuite OneWorld was created.
OneWorld was developed to assist in meeting time-consuming and important regulatory financial compliance standards like IFRS, SOX, and GAAP. Language, currency, taxation, and legal variations can all be easily accommodated by businesses on many levels.
With multi-currency consolidation (discussed in the previous section) and real-time roll-up across accounts payable, accounts receivable, payroll, billing, inventory, and more from local, regional, and headquarters levels, the platform streamlines financial processes.
For the purposes of GDPR, NetSuite serves as a data processor on behalf of its clients and has created features to help, especially with the rights granted to EU data subjects under GDPR.
Using the same adaptable role-based dashboards that were stated in the earlier section on language and cultural variations, senior leadership and overseas partners can monitor these areas of their business. These role-based dashboards allow users to monitor and respond in real-time to compliance and regulatory issues, doing away with the requirement for custom reports that can take a long time to produce.
OneWorld customers have the tools, real-time insight, and actionable intelligence required to guarantee consistent and compliant management at every level of their business, thanks to all of these features working together.
Final Thought
Taking Your Business to the next step can only become a reality if you have the right expertise to deliver outstanding solutions. At Seibert Consulting Group, we specialize in providing modern solutions to businesses that aim at taking full advantage of the eCommerce platform. We always customize our solutions to align with Your Business’ requirements and goals. Let’s start talking about your project and find out how we can help Your Business grow. Get in touch with us via our chatbot or email at hello@seibertconsulting.com and via our direct line at 760-205-5440.
