Within a few years of starting up, many entrepreneurs start to recognize the fact that the business has grown and it has to be managed in a certain way that various subsidiaries will emerge in the near future and a need will arise for a system that can structure multiple layers of the business under a single system.
A common approach for large businesses is to modulate the business into smaller and functional division(s) although small businesses can also apply the same strategy for the same benefits.
Although large businesses with various subsidiaries use different integrated systems and technologies, still they need a system which is at the center of it all, if not managed properly this can lead to tedious tasks to be done manually.
There are various tasks involved in running a decentralized business like different compliance requirements, multi-subsidiary accounting which includes multi-currency, multi-location, etc, and different taxation requirements.
NetSuite Benefit
Netsuite offers one of the best cloud-based ERP systems in the world, one of the offerings is Netsuite OneWorld, which can duly be implemented as per the requirements which can effectively manage the multi-subsidiary structure of the organization.
The tasks such as the managing intercompany entries and accounting are very efficiently and easily handled by Netsuite. Netsuite Oneworld being a cloud ERP offers you the benefits like other ERP systems such as fully web-based operation, reduced maintenance costs, automated data back-ups, anytime-anywhere computing only task uniform is getting connected to the internet.
NetSuite One World
Netsuite Oneworld is capable of managing multiple areas of multi-subsidiary business also with integrating every part of them from accounting, to finances, to inventory, to shipping, to business analytics, to people management, etc. under a single house along with an overall picture of your business at a glance. Also, it provides some advanced features that are difficult to make a part of on-premise ERP like easy deployment, easy and integrated and real-time training, thus saving on both time and money.
Understanding OneWorld
A single Netsuite account with multiple users can be used to manage the records and transactions for multiple entities which are based in different tax regions involving multiple currencies.
Netsuite Oneworld uses a single hierarchical structure for structuring both the domestic as well as the international subsidiaries where each one is a separate entity with specific tax nexus and base currency.
Consolidated as well as separate reporting for each subsidiary is also available in the Netsuite Oneworld for various financial and statistical reports.
OneWorld Capabilities
Netsuite Oneworld renders various benefits for global businesses like managing finance, providing efficient operational ability, delivering real-time visibility into the business along with the very much needed flexibility for customization for different business needs.
Netsuite Oneworld manages your data ensuring consistency and integrity ensuring proper management of data.
Summary
Netsuite Oneworld efficiently manages the complicated multi-subsidiary and multinational needs of an organization. The businesses are able to do taxation compliance, currency management and legal compliance at the local as well as the global level without the need of any other dedicated software. The executive level staff gets an unmatched view of their businesses in real-time with added benefits of transparency across the business worldwide.
Oneworld also provides businesses with fully functional Customer Relationship Management(CRM), e-commerce, as well as Professional Services Automation(PSA) solutions allowing the companies to align their processes across all the sectors like sales, purchase, marketing, and e-commerce, etc.
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