For small to medium-sized companies, doing business internationally has traditionally been fraught with complications that made it cost-prohibitive and inefficient. The advent of NetSuite OneWorld’s cloud software platform has changed all of that. With an efficient, single interface to manage business on a global level, NetSuite OneWorld gives you a market without borders. Here are some of the advantages of adopting NetSuite OneWorld on Long Island to simplify your international operations.
Improved Compliance Tracking and Reporting
One challenge of international business is dealing in different currencies and under different regulations and tax rules in each territory. While managing compliance and generating reports has traditionally been labor-intensive and often ineffective, NetSuite OneWorld supports a combination of country-specific financial requirements so you are always compliant in each territory in which you are operating. An integrated auditing system tracks and analyzes data in real-time while constantly updating transaction documentation. The system can also calculate taxes on transactions in real-time, including cross-border taxes; in addition, it can generate and file any necessary paperwork for cross-border transactions, such as intrastate EU purchases, allowing you to focus on growing your business instead of struggling with complex compliance issues.
Better Global Visibility
NetSuite OneWorld combines real-time CRM, ERP, and eCommerce information into a single, cloud-based platform, which allows managers to effectively control international operations from anywhere. All levels of business, legal, and subsidiary activities are accessible in one location so managers can make decisions quickly with all of the necessary information at hand. NetSuite OneWorld is the only complete enterprise resource planning software in the cloud for international businesses, and is available at a fraction of the cost of other on-location ERP systems for global companies.
Because NetSuite OneWorld supports multi-currency accounting and bookkeeping, managing finances internally is simplified. You can perform location-specific payroll, billing, and invoicing without the complication of converting currency. Accounts can be managed at any location and automatically adjusted for currency differences for accuracy.