Back in 2005, journalist Thomas Friedman coined the phrase, “the world is flat,” for the impact and interaction we have with one another, across national boundaries.
Indeed, in nearly every industry, and a growing number of businesses of every size, multinational transactions and interactions are becoming more common.
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 equipped for international business operations. Here is how to use the world’s #1 cloud business management software platform for global commerce.
US dollars, Euros, yens (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 is the feature that makes this possible. It works with over 190 currencies and exchange rates, “enabling you to do business with both customers and vendors globally as well as a wide variety of payment options.”
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 ready to import into banking software or submit through an online banking portal--no need for checks, envelopes or stamps.
With these features, your business can buy, sell, resell, trade, with customers directly or with other businesses, in each user’s currency.
Businesses in multiple countries means 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 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 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 in any nation, much less multiple nations “simple,” but with NetSuite it is 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 more than 20 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 with 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.
Your Partners in the Cloud
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.