International customers are knocking on the doors of mid-market businesses, but is your company set-up to deliver? Competing in the global marketplace requires complex resource management, financial flexibility, and complicated accounting, and without the right technology solutions, international operations can fall flat. The good news is that NetSuite software can bring down borders for your company. NetSuite OneWorld on Long Island puts the global marketplace at your fingertips so you can operate efficiently across borders at a fraction of the cost of larger corporations. Here are the facts you need to know.
NetSuite OneWorld 101
NetSuite OneWorld is an ERP system in the cloud that brings together financial and operating system tasks in one seamless system. Because it can simultaneously work with different reporting structures, NetSuite OneWorld can consolidate reports into a single statement that can be used for efficient decision-making across borders. Also, the software supports compliance with location-specific regulations to reduce the legal and financial complications of doing business in different regions.
One of the biggest challenges facing mid-market businesses in serving global customers is the ability to manage a range of currencies, tax laws, and financial regulations. NetSuite OneWorld can automatically adjust for more than 190 currencies and pre-configured taxation systems for over 50 different countries. This ability allows customers to experience local efficiency while management receives a single report that provides a broad overview of company operations rather than having to sift through hundreds of different reports. There are also no concerns about adhering to local regulations because NetSuite OneWorld automatically adjusts to each territory.
NetSuite OneWorld provides easy access to both big-picture information about real-time operations and transaction-specific details on demand. By working with your IT consulting company, you can configure your NetSuite cloud-based system with the right capabilities for your needs. Generate system workflows with the appropriate user permissions at a company-wide or local level as needed and receive audit reports with consolidated transaction information or detailed audits of location-specific operations information.