Scaling Your Business with NetSuite OneWorld: Key Considerations and Best Practices
March 2, 2023
NetSuite OneWorld is a powerful integrated business management platform that can help you streamline operations, automate tasks, and centralize information. With Oracle NetSuite OneWorld, you can manage global operations and scale your business across countries and currencies. The platform supports many languages, tax rules, regulatory standards, currencies and payment systems in a single instance of the product. It also gives you visibility into operations spanning all geographies and provides real-time updates regardless of where the business is located.
In this article, we’ll look at the key considerations for using NetSuite OneWorld in your business and discuss some best practices for successful implementation. We’ll also highlight some of the potential benefits that come from using this powerful tool.
What Is NetSuite OneWorld?
NetSuite OneWorld is a comprehensive global enterprise resource planning (ERP) solution built for businesses with multiple subsidiaries or that trade in multiple countries. It offers companies a unified financial, customer, and supply chain management platform.
NetSuite OneWorld provides robust accounting and financial reporting capabilities as well as multi-currency functionality that enable companies to effectively manage their finances across the globe. It also offers real-time visibility across all your global enterprise operations — empowering you to make smarter decisions and optimize your processes more efficiently.
Overall, NetSuite OneWorld eliminates the need for multiple software applications and manual reconciliations — helping you efficiently scale your business while maintaining visibility and control over your operations.
Key Challenges for CFOs in Running a Global Business
When running a global business, CFOs face some unique challenges. First and foremost, they must unify disparate data from different locations and countries into a single source of truth for the organization. This is no small undertaking, as it requires consolidating information from different sources into valuable insights that will inform strategy.
Access to Big Data Analytics
Organizations should embrace big data and automation with technology solutions such as NetSuite OneWorld to accomplish this goal. By leveraging NetSuite OneWorld’s advanced features and functionality, businesses can gain an enterprise-wide view of their financial performance that’s consistent across subsidiaries, divisions and currencies. This allows for seamless operations across the globe by providing visibility into the financial implications of each decision made.
Advanced Global Reporting
With NetSuite OneWorld, CFOs will have access to reporting information at the location, country, region or even global level so they can quickly identify issues at any level while driving strategic decisions across their business. Not only does this help in staying up-to-date on regulatory issues and compliance requirements, but also allows them to make informed decisions regarding potential investments or initiatives needed to support growth.
Feature Overview of NetSuite OneWorld
NetSuite OneWorld provides users with the tools they need to manage global operations and maximize business performance. With the following features, this platform can help your business scale quickly and efficiently:
Global Business Management
NetSuite OneWorld is designed to meet the needs of modern businesses. It helps you manage operations seamlessly, no matter where your business is located or how many countries it operates in. Additionally, it allows visibility into all financials, controls, and compliance requirements in a single integrated system.
NetSuite OneWorld helps you manage multiple entities with ease. It offers real-time visibility into key performance indicators (KPIs) across every subsidiary and other operations within a single platform. It also enables centralized control over intercompany processes such as shared purchasing agreements and profit sharing.
NetSuite OneWorld helps you to track currencies and exchange rates in one unified system so that you can get a complete picture of the financial health of your business. You can easily perform currency conversions on transactions such as invoices or cash receipts with up-to-date rates, driven by daily FX feeds for accurate results every time.
International Tax Management
NetSuite OneWorld tackles complex tax management requirements with its robust suite of international tax management features. This includes automated calculation of transactional taxes like value added tax (VAT). Additionally, it provides the tools to map complicated local taxes accurately in different jurisdictions around the world.
Key Considerations and Leading Practices for Scaling Your Business With NetSuite OneWorld
When it comes to scaling your business with NetSuite OneWorld, there are several key considerations and best practices that you should keep in mind:
Data security is an essential part of the scaling process. NetSuite OneWorld has advanced features to protect your sensitive data, such as user access controls and robust encryption. Additionally, it allows you to customize data security settings across different companies and subsidiaries to make sure your information is secure at all times.
NetSuite OneWorld is built on an integrated platform optimized for performance and scalability. It also includes features such as load balancing and clustering to ensure system availability even during peak usage times.
To ensure cost savings when scaling your business with NetSuite OneWorld, consider consolidating systems into NetSuite One World platform for maximum efficiency. This can be accomplished by utilizing tools such as global consolidation capabilities, shared services for financials, multicurrency management, global tax software integration and much more.
NetSuite OneWorld Implementation Process and Timeframes
NetSuite OneWorld enables growing organizations to quickly and effectively expand their business operations internationally. While the process of implementing NetSuite can vary from company to company, the average turnaround time is approximately 3-6 months.
It is important to consider each of the following steps as part of the implementation process:
Assessing business needs and requirements
Designing a custom roadmap and timeline
Setting up NetSuite OneWorld
Integrating data and processes into the new system
Establishing security protocols and compliance standards
Training staff on the proper use of the new system
Testing and verifying performance
Finalizing system setup and launching operations
By following these steps, businesses can ensure that they are leveraging all aspects of NetSuite OneWorld's capabilities, making it easier for them to scale their operations quickly.
NetSuite OneWorld Pricing
NetSuite OneWorld is priced by country and currency. The base licence fee allows for the creation of unlimited subsidiaries in three countries or currencies. If users need access to more countries or currencies, these need to be purchased separately.
In addition to subscription fees, user licenses must be purchased for each employee that will have access to the system. Note, NetSuite's license fee structure is by individual user, not concurrent user, which means anyone who needs to create transactions or records in the system will need a dedicated license.
NetSuite OneWorld is a powerful tool that can help you to scale up your business quickly and efficiently. At the same time, it's important to keep in mind some key considerations when deploying the software.
To ensure success, here are some best practices you should take into account when planning to use NetSuite OneWorld.
Ensure the solution is tailored to your business needs by customizing the global setup according to your unique accounting, reporting and process requirements.
Develop a clear action plan for each phase of the deployment based on your timeframe, objectives, and budget.
Set up effective global governance to ensure compliance with international regulatory requirements and streamlined financial reporting across multiple entities or locations.
Allocate sufficient resources for user training, data migration and maintenance of the system during deployment and long-term use of the software.
Why Choose Oracle NetSuite OneWorld?
In conclusion, NetSuite OneWorld can be a major asset when it comes to scaling a business. It provides the tools necessary to manage different operations and subsidiaries in other parts of the world, allowing real-time visibility and control to maximize business performance. With the benefit of local currency management, the solution offers a streamlined approach to multi-subsidiary management.
Businesses can benefit from improved visibility and synergies by eliminating siloed systems and leveraging a single platform. As a result, businesses can benefit from improved productivity, simplified processes, and lower operational costs. By leveraging NetSuite OneWorld, businesses can gain the ability to scale their operations quickly without the need for lengthy implementation processes or hardware and infrastructure.
About CEBA Solutions
CEBA Solutions is a team of experienced NetSuite experts committed to empowering business’ to make the most of NetSuite ERP. Our team is dedicated to providing comprehensive NetSuite Professional Services that is tailored to the specific needs of your business. With our help, you can be confident that your NetSuite reporting system is set up for success.
Zabe is a hands-on company Founder and President with expertise across multiple verticals to include business development, operations, distribution, finance, logistics, manufacturing, and the eCommerce industry.
With over 20 years of experience in the industry, Zabe works to support growing businesses by helping integrate digital and software solutions to optimize their operations and save them money. Together, we help companies manage core business processes with a single, fully integrated system covering Enterprise Resource Planning (ERP), financials, Client Relationship Management (CRM), procurement, warehousing, eCommerce, inventory, third-party logistics (3PL), and much more.