Every small or large business needs the enterprise resource planning or ERP system to manage its daily financial activities such as accounting, and project management. With business growing diverse, and multiplying across different streams, regions, and nations, it needs a specialized ERP system to meet its varied needs. There are many ERP solutions in the market, but choosing the right one is critical to meet the business requirements.
NetSuite OneWorld is one such cloud-based ERP software that has been in the market for quite some time. It not only works as an ERP software, but also works as an accounting solution, inventory management tool, and customer relationship management portal. Hence, it’s a multi-purpose cloud-based solution to meet the different needs of the organization.
Features of NetSuite OneWorld?
This is the main feature of NetSuite OneWorld. In fact, it is one of its core skills. Businesses that work around multiple regions, states, territories, and different laws can benefit from this feature of NetSuite OneWorld. As a business needs to bring down all its financial compliances under one currency, this tool helps in adjusting the differences that creep up due to dealings in multiple currencies, taxation laws, and the rules in the local markets. It also ensures consolidation across various regional businesses, making the daily operations a smooth flow.
For the record, this tool can support up to 190 nations, and its currencies, more than 90 bank payment formats, taxation rules of 100 countries, and it can work in 24 different languages. The dynamism of this features makes NetSuite OneWorld one of the best accounting platforms across the ERP software.
NetSuite OneWorld not only manages regional and localized markets, but can also work in international markets as well. And that could be a huge challenge because international markets deal in different currencies. But Netsuite OneWorld helps the business and its various subsidiaries across the world to run its global operations smoothly without any hassles as it has the capability to deal with different currencies, taxation laws governing various nations, while providing customers the consolidated financial records across various currencies and countries.
This is another important feature of NetSuite OneWorld. With e-commerce taking over the world, Netsuite OneWorld’s e-commerce feature enables the businesses to run web stores across multiple-currencies, different nations, numerous languages and the varied and rigid taxation laws, and that too from a single account, enabling region-specific clients to run their web stores in their own languages, and currencies.
Global resource planning
Well, any business project goes through various stages – conception, marketing, execution, distribution, delivery, revenue to finally profit, and after-sales service. NetSuite OneWorld can perform a lot of such functions that would help in the successful execution of a project. It could help streamline and smoothen the various aspects of a project, including marketing, accounting, distribution, revenue management, among others.
Customer Relationship Management or CRM tool in NetSuite OneWorld helps a business works efficiently across its various sectors, subsidiaries, units, and entities that boast of varied currencies, laws and languages. What it does is align the various functions such as finance, marketing, sales of a multi-national business to make it part of one whole group.
Data is of utmost importance in any business now. This data helps to understand the key performing functions or the sectors that are doing well, or find out flaws that are chipping away the revenues of the company. This feature enables the client to get access to the financial data and provide several analysis of business performances that are crucial to the success of the business. Using this data could help businesses make crucial changes regarding a function in a bid to improve the revenue and profits of the company.
When a company enters many markets, they have to do business as per the local currency rate. And they would need a tool to do the job for them so that all financial aspects of the transaction or a deal is taken care of. NetSuite OneWorld’s accounting hub ensures that it takes care of all such specific transaction with ease, and even works for subsidiaries that do not have this software. Besides, its tool, SuiteTax, has been designed to support any tax rule across the world, making it a must-have tool for any business dealing with various localized markets across the world.
But why do you need to invest in NetSuite OneWorld?
There are various benefits of using NetSuite OneWorld that makes it a must-have ERP software in any multi-national businesses.
a) Its ERP solution works on the cloud, meaning it reduces the cost of having resources on the premises down to zero. And just because it stores data on the cloud, it makes the information available to the various subsidiaries situated in the various corners of the world.
b) You can use NetSuite anywhere in the world as it is also available in the mobile. Therefore, it helps you access data on the go, and make important business move using just the fingertips.
c) NetSuite OneWorld accumulates localized, regional, inter-state and inter-country multi-currency dealings under one consolidated platform to give its clients real-time access to information on various parameters such as payroll, inventory, accounts receivables and payables, billing, among others.
d) Managing multiple subsidiaries, units and entities across many currencies, tax laws and languages could be a tough job. But NetSuite OneWorld does that job efficiently, bringing all under one common thread so that the success of the business can be ascertained and necessary actions could be taken for the growth of the company.
e) NetSuite OneWorld is suitable for both medium and large-scale organizations. But it could cost a bit high, so start-ups may avoid them. It starts from $999 per month plus $99 per user, per month. It comes in basic and premium support, with the latter coming with upgrades of services from the basic. Its clients include Beyond the Rack, 7 Nation, Genesys, Covisint, School of Rock, among others.