While doing international business, tax compliance is perhaps the most crucial part. For multinational businesses, liable for corporation tax abroad, accounting can be a daunting task. Different tax systems, rates, and compliance requirements can make the accounting function of a multinational organization significantly challenging. From tax implications through to trading laws, navigating legal requirements is a central function for any successful international business. To remain compliant in order to avoid penalties, organizations need a smart financial management solution that can help in keeping their accounting books accurate and up to date while delivering real-time visibility to the financial state of their businesses. Oracle NetSuite OneWorld is a unified global business management platform that enables organizations to meet local compliance and reporting obligations.
NetSuite OneWorld enables enterprises to manage multinational and multi-subsidiary operations at a fraction of the cost of traditional on-premise ERP solutions. As a true SaaS solution, NetSuite OneWorld delivers agility, automation and capabilities, enabling businesses to move beyond just thinking global to executing at a global scale. With out-of-the-cloud, last-mile ready, country-specific, real-time visibility and consolidation capabilities, NetSuite OneWorld enables global businesses to improve operational efficiency. NetSuite, further, offers you the flexibility to customize OneWorld for specific corporate and subsidiary needs.
Core Capabilities of NetSuite OneWorld
Global Accounting and Consolidation – With NetSuite OneWorld, organizations can execute true intercompany business in a configurable, secure, fully automated, accurate, compliant, real-time process across intercompany transactions and reconciliations, and a lot more. With support for 190 currencies, 27 languages, & country specific accounting standards, OneWorld enables organizations to seamlessly meet the Individual needs of local operations and easily adapt to the latest accounting standards and regulations. As a complete cloud financial management application for global businesses, NetSuite OneWorld enables you to adjust currency, language, taxation and legal compliance differences at the local level and global level.
Accounting Hub – NetSuite seamlessly handles transactions within a business entity or in cases where a company has other subsidiaries that are not using NetSuite. NetSuite OneWorld enables you to import information via CSV assigning information either at the transaction level or account level to the general ledger so that it that can be consolidated as part of the business entity’s overall financial statements.
Audit and Compliance Reporting – Built to support global standard and country-specific requirements, NetSuite OneWorld delivers always-on audit trail, built-in analytics, access logs and workflow to bring transparency, automation, simplicity and controls in the management of your global tax and compliance responsibilities. As Electronic Audit is a common practice in many countries for external auditors and Government tax auditors, NetSuite delivers support to audit files formats for SAF-T (all OECD countries), GDPdU (Germany), IAF for Singapore and many more.
Configurable Tax Engine – With NetSuite OneWorld, you can calculate taxes in real-time on sales and purchase transactions and cross border sales and Intrastat reporting obligations between EU countries and file reports electronically, making the installation of stand-alone tax engine unnecessary for many businesses.
Key Features of NetSuite OneWorld
Manage Multiple Subsidiaries, Business Units and Legal Entities – With OneWorld, you get a clear view into every level of business performance, from summary to detail, through comprehensive financial and operational role-based dashboards and real-time reports.
Run a Complete ERP System in the Cloud – As a true SaaS, cloud-based solution, NetSuite OneWorld enables global businesses to run both corporate and subsidiary operations without costly on-premise IT infrastructure and resources, cutting costs and enabling companies to efficiently extend standardized ERP to every corner of the business.
Consolidate Operations and Gain Real-Time Financial Visibility – With multi-currency consolidation and real-time roll-up across accounts receivable, accounts payable, payroll, inventory, billing, invoicing and order fulfillment, from local operations to the regional offices to global headquarters, OneWorld accelerates financial processes whole enabling you to have real-time financial visibility.
Mobility – With web-based access, your employees can access NetSuite from anywhere on the globe. OneWorld offers support for popular mobile devices, enabling you to access data and functionality from the palm of the hand.
The Bottom Line
With Oracle NetSuite OneWorld, you can efficiently handle the complex multinational and multi-company needs of your organization. With capabilities related to currency adjustment, taxation and legal compliance, NetSuite enables you to grow confidently at global level. With unprecedented visibility into business across the world in real-time, NetSuite OneWorld ensures consistent, compliant management across the organization, locally and globally.