What is NetSuite OneWorld?
NetSuite OneWorld is a state-of-the-art global business management solution for companies with multinational operations.
Operating globally comes with additional challenges, such as language, taxation, and currency changes, but it also brings the potential of reaching customers or business partners anywhere in the world.
Fortunately, NetSuite is well-equipped for international business operations. Here is how to use the world’s #1 cloud business management software platform for global commerce.
What is NetSuite OneWorld?
If you're reading this, chances are you've already heard of NetSuite, but what is NetSuite OneWorld? It's a software solution that helps you manage international business operations on one platform.
OneWorld solves the complexities of conducting business in multiple countries -- it includes everything from ensuring you're compliant with local tax and financial regulations to providing real-time business data.
NetSuite OneWorld is available in over 200 countries, supports 27 languages, 190+ currencies, and 90+ different types of bank payment formats.
US dollars, Euros, Yen (Japan), rands (South Africa), pesos, Franks, wons (South Korea), and kronas (Sweden)…
Whatever the currency, if you operate in a digital eCommerce world, you want to allow your customers to make purchases with it. NetSuite OneWorld makes that possible.
Available with over 190 different types of currencies, OneWorld updates exchange rates daily and consolidates financial reports into your currency of choice.
Like everything in the cloud, updates occur instantly. That means real-time currency conversion, and ease of financial consolidation for global business operations.
Payment processing occurs directly within NetSuite, into each bank’s predefined file format. It's ready to be imported into banking software or submitted through an online banking portal -- no need for checks, envelopes, or stamps.
With these features, your business can buy, sell, resell, or trade with customers directly or with other businesses, in each user’s currency.
Businesses in multiple countries mean multiple taxation requirements, either directly to legally perform business operations, or through (in many nations) indirect taxation and compliance reporting requirements.
All of these taxation requirements can be both time-consuming and expensive. Streamlining these functions makes it possible to reduce the hours spent on documenting, reporting, researching, and more.
NetSuite helps you stay up-to-date, with ease of compliance reporting, including:
- Audit trails always enabled and tax forms for many nations, simplifying taxation and reporting
- Remote access permissions are available to your CPA or accounting services, at your control, with real-time financials instead of cumbersome files/reports
- Accredited by multiple accounting bodies and certified by several stringent regulators in such countries as the US, UK, Germany, Japan, China, Hong Kong, Malaysia, Thailand, Australia and more
- Pre-configured tax engines for multiple nations and multiple VAT/GST (Value-Added Tax or Goods and Services Tax, as applicable)
Few would call taxes simple in any nation, much less multiple nations. Luckily, NetSuite OneWorld makes it as simple as it gets -- with audit trails always active, payments and charges simplified, and a single platform to manage it all.
Multi-language Use of NetSuite
NetSuite is built so that employees can select their language of choice from 27 different languages.
More than that, however, NetSuite can be configured to allow customers to view pages in the language of their choice -- including item names, descriptions, expense categories, and even printed forms.
While some web browsers are equipped with “translate this page” features, such translations may not be as accurate, or link to the customer’s national currency. NetSuite OneWorld's translation enabling does so much more than point-and-click translation.
Since NetSuite also allows for custom integration and development, it is even possible to set up NetSuite to translate free-form memo and text fields.
What is the Difference Between NetSuite and NetSuite OneWorld?
The main difference between NetSuite and NetSuite OneWorld is the functions related to multinational businesses. While OneWorld is more expensive to implement, global business features such as global accounting, multi-currency management, and global auditing features are vital to every international business.
Without OneWorld, you wouldn't have the ability to adjust inventory for local currency, tax regulations, or legal compliance.
Need Help with NetSuite OneWorld?
At SCS Cloud we want to partner in your success. If that means that you operate across nations, currencies, and languages, we can help you make that possible.
No need for business to get “lost in translation,” no limits to the boundaries of growth -- we grow with you.
Contact us to find out more and get started with NetSuite OneWorld.