NetSuite OneWorld Review: The One-Stop Solution for Your Global Business

SoftwareSuggest

SoftwareSuggest

Senior editor

Parul Saxena

Chief editor

Last updated: June 1, 2020

For companies to attract as well as retain top talent, and continue to exist and thrive in the future, it is essential to evolve and adapt to the changes. It must be data-driven, innovative, and scalable while responding to the rapid market and customer dynamics. With the new technologies on the horizon, organizations likely set goals and outline strategies to grow their business globally. As you sit down to enhance your global market in the coming years, you must leverage technologies that help you manage your customers, data, and products efficiently.

NetSuite OneWorld – A Global Business Management Solution

NetSuite OneWorld is a user-friendly and comprehensive financial application. It can be easily scaled to a full enterprise resource planning (ERP) suite, which is suitable for most of the mid-sized to large enterprises. It offers agility, automation, and capabilities that enable businesses to execute operations on a global scale. 

NetSuite OneWorld meets the complicated international and multi-company needs of organizations. It helps in managing different subsidiaries, business units, and legal entities from a single platform. Companies can maintain streamlined processes across countries and avail real-time global business insights via role-based dashboards.

With easily navigable, hierarchical dashboards, custom process workflows, and straightforward reports, it helps businesses deal with various currencies, taxation, and governance requirements.

Here’s a look at NetSuite OneWorld in depth!

Delving Deeper into NetSuite OneWorld

For every financial app, dashboards are the prevalent landing pages. The same applies for NetSuite OneWorld!

1. Dashboard

netsuite oneworld dashboard

As you log into NetSuite OneWorld, you will find it covered with a pool of widgets. However, they call it the portlets. Hovering the cursor on any portlets provides you the detail for that point. If you click on a given data, it will drill down to where the data came from. There are several predefined portlets that you can easily add and remove with just the click of a mouse.

2. Financials

With NetSuite OneWorld’s Financials, businesses obtain all-in-one cloud financial management applications to handle their global operations.netsuite oneworld financials

Companies can set language, currency, taxation, and legal compliance differences at different levels – be it local, regional, or global. With 190+ currencies updated daily and 27 supported languages, NetSuite OneWorld seamlessly adapts to the latest accounting standards and regulations.

3. Global ERP

To meet the dynamically changing business needs, organizations demand financial management solutions. With NetSuite OneWorld’s Global ERP, organizations can optimize IT costs and accounting efficiency. Further, it helps in streamlining order management and procurement processes while boosting employee productivity.

4. Global eCommerce

It provides an eCommerce solution that unifies eCommerce with your back-office systems. It helps companies carry out e-commerce activities across the globe with its multi-language, multi-currency, multi-country, and multi-brand web stores. Businesses can run and manage all the activities from a single system.

5. Global Services Resource Planning

From Customer Relationship Management (CRM) to Enterprise Resource Planning (ERP), NetSuite OneWorld supports the complete bid-to-bill lifecycle. It assists companies in completing the projects efficiently and swiftly. In addition to this, it facilitates businesses to create invoices and reduce the accounts receivable cycles. This, in turn, enhances cash flow and eliminates revenue leakage.

netsuite oneworld global business intelligence

Global Services Resource Planning helps you gain visibility into the entire business and also gain insights into it in real-time. Right from the moment when a new opportunity is recognized to the delivery of a project, it takes care of all the operations. This includes invoicing and revenue recognition while eliminating hefty systems and integration management overhead.

6. Global Business Intelligence

It is quite challenging to acquire an in-depth view of the business. When it involves manual data management and information stored across disparate systems, companies are prone to errors. Moreover, it affects the decision-making processes at every level right from front-line employees to executives.

With NetSuite OneWorld’s Business Intelligence, companies can leverage built-in, real-time dashboards along with reporting and analysis functionalities for all the integrated processes. This helps in identifying the latest business trends, opportunities, and issues. It brings transparency in business performance across every business operation. The reporting tools are easy-to-use and offer a personalized experience. Moreover, users can access it on-the-go via a web browser of mobile. 

netsuite oneworld global services resource planning

7. International Capabilities

With increasing regulatory challenges, compliance risk, system-based tax audits, and financial penalties, businesses are overburdened with complicated tax compliance requirements. With a view to this, NetSuite OneWorld’s tax and compliance management capabilities offer a robust solution. It promotes transparency, automation, and simplicity in handling tax and compliance responsibilities. Thus, it enables businesses to grow globally.

  • Accounting & Consolidation: By bringing down the subsidiary restrictions, it provides a perpetual experience for operations and financials. Hence, businesses can conduct real-time processes, inter-company transactions, and reconciliations effortlessly.
  • Accounting Hub: This functionality makes the companies efficient to control specific transactions within a business entity. Moreover, it also enables businesses to operate similarly with companies that have subsidiaries not using NetSuite. It allows you to import the information through CSV and assign the same at transaction or account level to the general ledger.
  • Multi-Currency Management: NetSuite OneWorld supports over 190 currencies and exchange rates. Moreover, it supports a wide range of payment options. You can also leverage features like real-time currency conversion and financial amalgamation for all of your global operations.
  • Audit & Compliance Reporting: It supports both – global standard and country-specific requirements. Some of its functionalities include audit trail, built-in analytics, access logs, and workflow. Additionally, access is based on users, roles, and permissions.
  • Tax Engine: It offers a configurable tax engine that meets the local indirect tax obligations wherever you conduct your business. It supports more than 100 countries for taxes and reporting.
  • Payment Processing: With NetSuite Electronic Payments, you can pay your vendor bills as well as employee expenses right from the portal. It also enables you to receive payments from the customers directly.

With an ability to address all your global business challenges, NetSuite OneWorld is proficient at providing unprecedented visibility to the business leaders in real-time and take their brand to the next level. 

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