All Fortune 500 companies were once startup businesses. Many ambitious entrepreneurs once view global expansion as limitless. However, it is not easy because there can be several obstacles that can slow your business progress. Some of those obstacles may include cultural and language barriers, compliance issues, currency exchange, etc.
NetSuite OneWorld is offered as a highly integrated business management option that provides digital transformation to take any business to the international stage. NetSuite OneWorld is a business management system and a cloud-based ERP designed for companies with multi-subsidiary and multinational operations. It helps companies adjust to legal compliance conflicts, taxation and currency exchange at both local and international levels.
To understand how NetSuite OneWorld works, let’s vividly describe how it combats the common challenges which companies face during global expansion. Here is how…
Differences in Language and Culture
Communication is indeed very core in every business because it facilitates every activity meant to broaden Your Business. Proper communication is the beginning of a strong partnership and understanding of a geographical area’s primary business dynamics.
As a result, NetSuite OneWorld supports 27 languages, including French, Chinese, Japanese, German, etc. Therefore, companies can utilize all those languages while negotiating for partnerships, tenders and contracts. More importantly, NetSuite OneWorld continues to add new languages as per NetSuite customers’ demand.
Since Your Business desires to expand to different markets around the globe, every market may require different monitoring of KPIs to meet the company’s goals. To solve such a problem, NetSuite OneWorld grants its international customers role-based dashboards based on real-time geographical market insights.
Besides, NetSuite operates via cloud hence accessing OneWorld anywhere in the world is easy where there is an internet connection. This feature is essential for every business because processes can be deployed instantaneously worldwide within the parent company and its subsidiaries.
Varying Exchange Rates and Taxation
As currency is exchange and traded every minute; it is hard to keep track of the exchange rates, affecting the taxes owed, mainly when a business receives thousands of online and in-store transactions. In the case of companies that have a global presence, the stakes are usually high.
NetSuite OneWorld offers such companies multi-currency management features for over 190+ currencies and rates of exchange. The NetSuite tax engine also calculates and reports tax for more than 100 countries. Besides, it contains a preconfigured tax code for more than 50 countries and a configurable indirect tax engine that provides coverage of almost 90% of the world’s GDP currencies. Therefore, NetSuite OneWorld helps Your Business to expand with confidence in the international markets.
Compliance, GDPR and Regulatory Issues
Each country or state has a different requirements for compliance, GDPR, and regulations, which are core in operating most international companies. NetSuite OneWorld solves all these problems for multinationals.
With NetSuite OneWorld, your company can quickly meet time-consuming and critical financial compliance requirements such as SOX, IFRS and GAAP. This because the adjustment of the legal differences, taxation, currency and local languages can be made on multiple levels. Therefore, you can accelerate your financial close with real-time roll up and multi-currency consolidation across accounts receivable, accounts payable, inventory, billing, payroll, etc.
FAQs
How does NetSuite OneWorld support electronic payments across the globe?
NetSuite OneWorld provides comprehensive support for electronic payments on a global scale by enabling users to effortlessly process vendor bills and employee expenses across various countries. Through its Electronic Payments feature, NetSuite facilitates direct payments across borders. Automation within the system guarantees that payments are seamlessly integrated into the specific, respective formats required by different banks worldwide. This streamlined process not only boosts efficiency but also significantly reduces overhead costs by eliminating the need for physical checks, postage, and envelopes. This seamless integration of electronic payment processes ensures a cost-effective and efficient global payment solution for businesses using NetSuite OneWorld.
How efficient are NetSuite OneWorld implementations and what expertise does Seibert Consulting Group (SCG) offer?
NetSuite OneWorld implementations carried out by Seibert Consulting Group (SCG) are known for their speed and efficiency, resulting in optimized ERP solutions tailored to meet the specific needs of businesses. With a team comprising 468 members, SCG offers a wealth of expertise with over 900 years of collective NetSuite experience. Their staff holds a considerable number of NetSuite certifications, ensuring a thorough understanding and proficiency with the platform. Furthermore, over 58% of their team possesses CPAs, showcasing a high level of financial expertise within the group. Seibert Consulting Group (SCG) prides itself on optimizing, implementing, and customizing NetSuite OneWorld to precisely align with the requirements of each business they work with. By leveraging the full capabilities of this powerful cloud-based system, SCG aims to help companies expand and thrive. To explore the possibilities of a NetSuite OneWorld implementation with SCG, interested parties are encouraged to complete a form to begin the process.
In terms of GDPR, NetSuite is like a subject matter expert that acts on behalf of its customers and assists in EU Data Subject Rights under GDPR.
In a nutshell
With all the features mentioned, it is clear that NetSuite OneWorld possesses real-time visibility, actionable intelligence and capabilities which you need to run Your International Business smoothly. Choose NetSuite OneWorld today as a surefire tool to jumpstart Your Business at the international level.
Need help with getting NetSuite OneWorld for your Business? Let’s talk at hello@seibertconsulting.com or 760-205-5251
