What is NetSuite Global Business Management

NetSuite Global Business Management helps manage business units, multiple subsidiaries, legal entities, and domestic or international management from a single solution.  

 

Further, it helps you gain overall visibility across geographics to standardize your business processes. The main motive is to surpass the business benchmarks up to national or international standards. 

 

NetSuite GBM is truly a global solution that helps you establish your business in multiple countries without even fretting about the regulatory rules of the specific country in which you want to establish business. 

 

Top Features of NetSuite Global Business Management 

 

NetSuite OneWorld gives you real-time visibility into financial and operational performance while following the core standard processes. It helps in controlling costs and managing risk at all organizational levels. 

 

Further, it gives you the freedom to expand into new ventures or new markets quickly. This results in ease of managing different software for every country.  

 

1. Multi-Currency Capabilities 

 

NetSuite's Currency Management system supports over 190 currencies, along with exchange rates and a wide array of payment options. This enables businesses to conduct transactions with customers and suppliers worldwide. Further, the platform offers real-time currency conversion and financial integration by facilitating global operations.  

 

International businesses using this cloud ERP gain comprehensive insights into currency conversions. It can integrate financial reporting across various business units. 

 

2. Multi-Language Support 

 

NetSuite Global Business Management provides multi-language capabilities by allowing businesses to operate in different linguistic environments. This feature complements real-time currency conversion and financial integration in supporting global operations.  

Global businesses can gain a thorough understanding of currency restructuring. It integrates financial reporting across diverse business units. 

 

3. Global Accounting and Consolidation 

 

The multi-book accounting feature in NetSuite enables the use of different sets of books to address variations in accounting and financial reporting requirements across regions. Transactions are simultaneously posted in multiple books by ensuring proper recording in accordance with applicable accounting standards. 

 

4. Consolidated Financial Statements 

 

NetSuite Global ERP solutions directly publish each transaction at both local and headquarters levels by streamlining the process of preparing consolidated financial statements. The integrated platform has multi-subsidiary capabilities to support a unified ledger structure at the corporate or headquarters level while allowing individual business units to create custom charts of accounts. 

 

Further, locally recorded transactions are automatically mapped and published to the parent account in the appropriate currency with the correct current exchange rate. 

 

5. Indirect Tax Management 

 

NetSuite SuiteTax offers Global Tax Management through a streamlined system that automates tax compliance operations. This saves time, reduces errors, and lowers costs. It has pre-configured tax codes and localized reporting available in 110 countries. NetSuite provides detailed, real-time analysis of financial transactions for individual line-item tax reporting.

  

The system supports live tax calculation for sales and purchase transactions by including cross-border sales. It further ensures compliance with inter-state reporting requirements between EU countries. Many businesses can avoid setting up separate tax engines due to NetSuite's ability to file reports electronically. 

 

6. Audit and Compliance Reporting 

 

NetSuite's Governance, Risk, and Compliance (GRC) solutions help ensure adherence to international IT and security standards. The system includes audit trails, built-in analytics, access logs, and automated workflows that facilitate regular documentation. It manages the reporting of systems, resources, risks, and controls.  

 

NetSuite global business management compliance obligations by supporting standardization and consistent reporting across organizations. Comprehensive drill-downs from summaries to transaction-level details provide transparency.  

 

7. Electronic Payments 

 

NetSuite Electronic Payments allows businesses to pay vendor bills and employee expenses globally directly from NetSuite to receive payments from customers. The automated processing prepares payments or direct debits in each bank's predefined file format to be ready for import into banking software or online submission to the bank. 

 

This feature reduces payment processing costs and saves time by eliminating the need for checks, mailing, and envelopes. 

 

Add a Solution That Helps You Establish a Business Worldwide! 

 

NetSuite OneWorld serves as a comprehensive global business management system for companies operating internationally.  

 

It offers multi-currency, tax, and language support worldwide by allowing businesses to manage multiple country operations within a single NetSuite instance. 

 

This unified approach ensures consistency in user experience and data structure across all global entities by streamlining international business processes.