For any company that is operating across more than one entity, financial consolidation can be a massive headache. Not only do you have to accurately pull data from several systems, which naturally increases the chances of errors, but you've got to then produce reports that actually make sense. Using manual processes like spreadsheets and separate systems for each entity can make this whole process a nightmare.
And this isn't just a problem at month end. The lack of real-time insights affects management reporting throughout the month, and can hold a business back. Automating this process is therefore essential, and NetSuite OneWorld is one of the best financial consolidation softwares on the market.
What is NetSuite OneWorld?
OneWorld is a global financial management system that allows organisations to operate multiple local and global subsidiaries from a singular cloud based solution. OneWorld enables organisations to consolidate data from multiple entities and subsidiaries, convert currencies, manage inter-company transactions and more. It provides full visibility of financials, enabling organisations to make informed decisions based on real time data.
NetSuite OneWorld includes:
- Global Enterprise Resource Planning (ERP)
- Global Customer Relationship Management (CRM), including Salesforce automation
- Global E-Commerce Functionality
- Global Services Resource Planning (SRP)
- Global Business Intelligence
- Global Tax and Compliance Management
Key NetSuite OneWorld Features
Data Collection
NetSuite OneWorld automatically gathers financial data from all entities and subsidiaries, and combines them to provide a full picture of your business.
Management of Multiple Currencies
OneWorld converts foreign currencies into the reporting/parent company currency, based on real-time conversion rates.
Multi-Language Capability
NetSuite OneWorld is also available in up to 27 languages, and can communicate with customers in their chosen language. It can provide localised forms, shipment notifications and invoices, and can even provide E-Commerce websites in different languages.
Management of Inter-company Transactions
OneWorld automatically takes care of eliminations, removing sales and expenses that occurred between the company's entities. This prevents any double counting and ensures an accurate view of the organisations financials.
Adjustment for Non-Controlling Interests
OneWorld takes care of any adjustments for non-controlling interests, and accounts for subsidiaries not wholly owned by the parent company.
Global Compliance
NetSuite OneWorld makes adjustments at local level to ensure taxation and legal compliance. This gives organisations confidence that ensures each entity/subsidiary abides by local compliance laws. It for differences in taxation laws and makes necessary adjustments for these differences in accounting practices.
Automated Real Time Reporting
OneWorld provides unprecedented instant access to consolidated financial data. It provides multiple levels of consolidated reporting and enterprise-wide Key Performance Indicators (KPI’s), displayed in real time on dashboards. This means you can instantly understand the performance of the organisation, not just at month end, and can make timely decisions.
Advantages of NetSuite OneWorld
All of the above features combine to automate and streamline the financial consolidation process. The advantages of this includes:
- Improve Operational Efficiency- The automation of financial consolidation frees up significant time, and can even streamline your entire finance department, giving you significant savings.
- Reduction in Human Error- Less reliance on excel spreadsheets and manual systems reduces human error and ensures you are seeing an accurate picture of your consolidated finances.
- Global Compliance- Guaranteeing adherence to varying international accounting standards and practices can be hard when relying on manual transactions. OneWorld ensures this compliance and gives you peace of mind that you are abiding by local tax laws.
- Informed Strategic Decision Making- OneWorld provides real-time financial data and empowers leadership to make important decisions at any time of the month, not just at month end.
How much does NetSuite OneWorld cost?
OneWorld is available as an add one module to the base NetSuite ERP package, so you will have to purchase NetSuite ERP to be able to access OneWorld. Licensing NetSuite is based on various factors, of which are detailed in our comprehensive pricing guide.
Although OneWorld is an add on module, it requires a more extensive implementation than other modules due to the complexity of various financial systems. The cost of purchasing and implementing the module is based on a variety of factors, including the number of entities and subsidiaries, and the quantity of historical data that you will need to integrate into the system.
As an experienced NetSuite solution provider, we can provide you with an accurate valuation of your NetSuite and NetSuite OneWorld implementation. Get in touch today to book a call with us, or you can check out our pricing calculator below for an instant estimate based on your bespoke business needs!
Embracing NetSuite OneWorld for financial consolidation can transform the way businesses handle their financial reporting. By leveraging this powerful tool, organisations can save valuable time, and achieve enhanced accuracy, compliance, and strategic insight.
FAQs
Q: Is NetSuite OneWorld different from NetSuite? A: NetSuite OneWorld is an add-on module to NetSuite ERP. You cannot access OneWorld without implementing the full NetSuite ERP.
Q: How does NetSuite OneWorld work? A: NetSuite OneWorld consolidates the financial data of multiple legal entities and subsidiaries. It ensures organisations are compliant with local tax laws, converts all financial data into the primary currency, and provides real-time data to enable timely decision making.
Q: How does NetSuite OneWorld handle regulatory changes in different regions? A: NetSuite OneWorld is regularly updated to reflect the latest regulatory changes across different regions, ensuring compliance.
Q: Can NetSuite OneWorld handle multiple currencies? A: Yes, it can operate in up to 100 currencies, and provides instant conversion abilities to be able to see the overall financials.
Q: What kind of support does NetSuite offer for OneWorld users? A: NetSuite provides comprehensive support including online resources, a community of users, and customer service teams for technical assistance. If you implement through a solution provider, you can also go to them for any questions or support you need.
