Buyer's Guide

A buyer's guide to the top ERP systems

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Exploring NetSuite OneWorld cloud-based ERP

NetSuite OneWorld, a cloud-based ERP system, is adept at managing multiple entities on a global scale.

NetSuite OneWorld is a cloud-based ERP system designed to deliver financial and operational system efficiencies. It can work with financial reporting structures in different countries and consolidate different reporting structures into a single corporate financial statement. The system supports global compliance of internal and external business processes and is especially adept at managing multiple corporate subsidiaries and business units.

Key functionality in NetSuite OneWorld includes:

A robust set of financials

Financial software is the backbone of NetSuite OneWorld. OneWorld financials enable companies to use a cloud-based ERP system that can adjust for currency, language, taxation and legal compliance differences in a multinational environment, and then consolidate and roll up these different financial reporting variations into a single financial statement. This flexible accounting is available in over 190 currencies and 19 different languages across North America, Europe and Asia. NetSuite OneWorld also enables companies to manage a wide range of international tax structures and payment options. The system provides drill-down queries into specific business units and subsidiaries for purposes of detailed financial analysis.

Audit and compliance reporting

NetSuite OneWorld supports both standard global and country-specific audit and compliance requirements. It features a continuous audit trail of events and activities that come with built-in analytics, access logs and workflows. Companies can use the system to drill down to the underlying detail of specific transactions on demand. System workflows also come with the ability to define and manage user permissions, so you can configure the system to support your own process, compliance and access requirements. These process, compliance and access configurations can be set at a local level in the event that different countries or locations have individualized audit and compliance requirements.

Configurable tax engine

NetSuite OneWorld comes with out-of-the-cloud, pre-configured "tax engines" for more than 50 countries. These engines can be further configured by your staff to meet specific needs. Taxes on domestic sales, purchases and cross-border sales are calculated by the system in real time, as are intrastate reporting obligations between European Union countries. Reports can be filed electronically.

NetSuite OneWorld also offers customer relationship management and eCommerce software for organizations wishing to scale out their ERP beyond the financials. This software is multi-language and multi-currency, and is capable of running multi-brand web stores from a single system.

NetSuite OneWorld software is automatically upgraded and distributed to clients on a continuous basis.

It is used by more than 10,000 corporate headquarters and subsidiaries worldwide at a mix of large enterprises and medium-sized companies. The vendor offers its OneWorld ERP as software as a service (SaaS) through a network of subsidiaries in North and Latin America, Europe and Asia Pacific. This arrangement is intended to simplify access to services and consulting because NetSuite is able to offer support in local languages in conjunction with locally based support resources.

NetSuite One is a "shared consulting" arrangement where both you and NetSuite collaborate and co-execute the OneWorld implementation. The NetSuite project methodology for OneWorld begins with defining business requirements for the ERP and then putting together a project work plan. Once this is complete, the OneWorld software is configured and optimized to meet the needs that the business has defined. The result is a "production ready" ERP system that runs in the NetSuite cloud. Company data is then migrated over to this system and business users are trained. When training is completed and the company goes live with NetSuite OneWorld, NetSuite SaaS support takes over as a day-to-day technical and business resource.

NetSuite also has a network of NetSuite systems integrator (SI) Partners who can provide specialized financial and consulting services to help maximize the value of NetSuite software. These SI Partners have expertise in regulatory compliance and process optimization, as well as in the requirements of specific industries.

NetSuite One World is priced on a subscription basis. Pricing is quoted on a company-by-company basis and can start as low as $499 per month.

NetSuite does not offer a free trial period for OneWorld, but it does offer a product tour experience that it tailors for your company based upon the industry and country that your company is in and on the number of employees.

Next Steps

Understand the many components of ERP

Understand your ERP needs before fulfilling them.

Are you ready for a new omnichannel strategy?

This was first published in August 2015



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