How Efficiently Can Netsuite Cater To Global Business Requirements?

How Efficiently Can Netsuite Cater To Global Business Requirements?

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Taking your business to global market may sound appealing but it is not that easy as it sounds. International expansion is all about establishing a fresh customer base, learning new laws, compliance and to follow these in order to avoid costly penalties. One of the bottlenecks in your international journey is International compliance and regulatory issues. However, it is quite daunting to learn different tax codes, & business regulations of different countries. Furthermore, regulators are very much concerned in investigating how organizations have integrated regulatory change into their businesses. In this hugely complex regulatory environment, organizations are struggling to understand the full scope of compliance risk landscape. To deal with rigorous compliance, growing regulatory challenges, and more frequent system-based tax audits have become the most challenging task for businesses having international ambitions. Organizations are leveraging technology to help achieve compliance, while minimizing risk from misconduct and regulatory investigations. With the help of technology, organizations are looking to strengthen their core risk management governance, controls, practices, and reporting.

Netsuite Integration Partners  enables organizations to leverage digital transformation without investing huge in computers, servers and IT management.

Oracle NetSuite is a leading cloud-based financial management solution that helps your business to grow globally by delivering robust foundation for transparency, automation, simplicity and controls in the management of your global tax and compliance responsibilities. Available as true SaaS solution, NetSuite is used by thousands of global organizations to manage their finances. With NetSuite, organizations can speed up daily financial transactions, accelerate financial close while ensuring compliance. NetSuite enables businesses to have real-time visibility into the financial performance of the business from a consolidated level down to the individual transactions. By seamlessly integrating order management, inventory, CRM and ecommerce, NetSuite helps in streamlining critical business processes to ensure that your business system is ready to handle your international footprint wherever your company operates. With NetSuite, running a global business is very much easier as it can consolidate both at the subsidiary and parent entity level in an effortless manner. With its multi-language user interface, NetSuite bridges communication barriers to provide a flexible hierarchy that enables businesses to run their entire entity structure with ease.

Core Capabilities of NetSuite

Governance, Risk and Compliance – As an audit ready solution, NetSuite enables companies to govern while efficiently managing risk and compliance. Engineered to handle complex regulatory, operational & compliance challenges, NetSuite comes with comprehensive reporting capabilities to cater your specific business needs. To deliver superior compliance foundation, NetSuite supports range of reports and certificates like SOC 1, SOC 2, ISO 27K, PCI/PA-DSS and more. With NetSuite, you can efficiently address changes in security, segregation of duties, and configuration, while automating your control processes. As a leading ERP solution for global businesses, NetSuite has become a clear choice for mid-market public, public-bound, or compliance and controls-focused companies. With comprehensive capabilities such as role-based security, user access management, and authentication model, NetSuite enables management and auditors to quickly and easily investigate all activity potentially impacting security, controls, or financial statements. NetSuite offers powerful search capabilities such as workflows, SuiteScripts, saved search alerts, and custom fields that help in automating back-end processes while eliminating labor intensive and error-prone processes.

Indirect Tax Compliance – NetSuite is a perfect solution to address frequently changing indirect tax requirements. Used across 110+ countries, NetSuite can efficiently help in fulfilling compliance responsibilities by reducing audit risk with an always-on audit trail. With NetSuite, both external and internal tax auditors can drill-down from summary tax forms and reports to underlying transactional data demonstrating the source of calculations. NetSuite will help in standardizing workflows across all international operations by centrally defining configurable approval processes. Comes as a single system architecture, NetSuite reduces common errors and traceability gaps that are common in traditional point solutions.

Financial and Accounting Regulations – NetSuite delivers comprehensive capabilities to address even the most stringent local accounting regulations. With NetSuite, you can easily meet accounting regulations across multiple countries including US, UK, Germany, Japan, Australia, Singapore, Hong Kong, China, Malaysia, Thailand and more. Accredited by some of the leading foundations such as American Institute of CPAs (AICPA, the Institute of Chartered Accountants in England and Wales (ICAEW) and in Singapore by IRAS as complying with GST and Audit Files, NetSuite ensures that your business remain compliant.

Configurable Tax Engine – NetSuite comes with tax engine that can be configured as per your specific business needs. With support for tax codes and localized reporting, NetSuite also automates tax calculation of Canadian HST, Mexican IVA, German Mwst, Philippines VAT, Australian GST, China Golden Tax VAT and more.

Comprehensive Currency Management – With support for 190+ currencies alongside real-time calculation for currency exchange rate, NetSuite ensures that you confidently conduct business with both customers and vendors. Real-time currency conversion and financial consolidation for all global operations enables you to have complete visibility and control over your finances.

Global Accounting & Consolidation – As a powerful financial management solution, NetSuite enables companies to consolidate both at the subsidiary and parent entity level in an effortless manner. By delivering real-time visibility into financial processes, NetSuite ensures timely & consistent compliant management while providing additional insight with the reports, KPI’s and dashboards. With NetSuite, you can define and manage periodic risk assessments, accumulates incidents, analyzes and manages business continuity while remaining compliant with international IT and security standards.

Comprehensive Multi-Language Support – NetSuite supports 19+ languages including Chinese, Japanese, French, German and many more to deliver a multi-language user-interface. With this, your team can report in the language of its preference. Each of your employees can select his or her language of choice.

Payment Processing – With NetSuite, you can accept payments directly from customers while also making global payments of vendors and employee expenses. NetSuite supports Electronic Payment Processing that helps in lowering payment processing expenses by eliminating cheques, postage and envelopes while saving time too.

Budget, Planning, & Forecasting – NetSuite comes with comprehensive planning and budgeting capabilities, enabling organizations to have both company-wide and departmental financial planning using modeling capabilities, approval workflows and reporting. NetSuite can accommodate range of business logics for instant financial planning analysis and reporting.

Financial Reporting – NetSuite enables your finance team to have more automated and accurate financial statements. NetSuite delivers real-time financial analysis and modeling, enabling you to have detailed insights of your corporate performance while ensuring improved business decision making. NetSuite supports dynamic GL and also stores transactions for multidimensional reporting and single version of truth.

Revenue Recognition – NetSuite comes with advanced revenue management capabilities that enable organizations to comply with accounting standards including ASC 605, 606 and IFRS 15. By automating revenue forecasting, allocation, recognition, reclassification, and auditing, NetSuite closes financials quickly while enabling faster reporting. NetSuite enables accounting departments to account for any contract under any revenue standard. With NetSuite, you can have Flexible Revenue Contracts, Dynamic Fair Value Pricing & Powerful Allocation Calculator.

The bottom line Based on the comprehensive financial capabilities, we can conclude that NetSuite is a globally recognized financial management suite that enables you to conduct business globally. NetSuite ensures that you strictly adhere to global compliances. As a true SaaS solution, NetSuite enables organizations to leverage digital transformation without investing huge in computers, servers, hardware and IT management. However, to get true value of your ERP investment, you need to connect with NetSuite Consultants who can help you with modules and customizations to meet your specific business needs. With them, you can have reliable NetSuite Integration Services to bring your data to the cloud for real-time visibility.

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