Other NetSuite Capabilities
Published by Brooks Flanagan on
- Overview – Growing regulatory challenges, compliance risk, financial penalties, and more frequent system-based tax audits are leading to businesses being burdened with ever more complex tax compliance requirements. As the world’s #1 global cloud ERP, NetSuite OneWorld’s tax and compliance management capabilities provide a robust foundation for transparency, automation, simplicity, and controls in the management of your global tax and compliance responsibilities, enabling you to grow your business globally with confidence.
- Translation Capabilities – Translated in 19 languages including Chinese, Japanese, French, German, and many more NetSuite OneWorld enables each employee to select his or her language of choice
SUPPORTS COMPANY SUBDIVISIONS
- Multiple Subdivisions – NetSuite integrates seamlessly into companies with multiple subdivisions that span over various types of verticals including manufacturing, physical products, e-commerce, services, and project-based services. NetSuite allows you to log in to one dashboard for the entire company worldwide instead of broken up pieces of software that don’t interact.
- Multiple eCommerce Brands – NetSuite allows your eCommerce company to integrate your multiple brands and multiple sites smoothly for your own staff and your customers.
- ERP Tax Management – Netsuite’s ERP application has prebuilt tax intelligence to process sales transactions in compliance with proper regulations
- Global Tax Management – Used in over 110 countries with support for the most widely used languages, NetSuite’s ‘out-of-the-cloud’ comprehensive indirect tax management and reporting capabilities cover over 90% of Global Gross Domestic Product (GDP) ensuring your business system is ready to handle your international footprint wherever your company operates.
NetSuite can help you address global tax challenges through:
- Transparency—reduces audit risk with an always-on audit trail, access logs for both external and tax auditors, and drill-down from summary tax forms and reports to underlying transactional data demonstrating the source of calculations
- Automation—enables standardized workflow across all international operations with tax calculation occurring as part of standard business processes
- Control—Validation of data entry based on in internal standards and centrally defined configurable approval processes and exception reporting provide confidence in system administration
- Simplicity—single system architecture means no re-keying of transactional or tax data, avoiding common errors and traceability gaps found in traditional point solutions
- Comprehensive Currency Management – NetSuite multi-currency management supports 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. It provides real-time currency conversion and financial consolidation for all your global operations.