by Stephanie Miles
Published on 17 February 2014
NetSuite OneWorld Review - Financial management for high-growth and mid-sized businesses
Global businesses have unique needs when it comes to management and consolidation controls. Being able to handle different currencies, varying taxation laws, and ever-changing reporting requirements is the hallmark of a top-grade enterprise resource planning (ERP) solution. Since its debut, NetSuite OneWorld has risen to the top of a crowded pack of cloud-based financial management solutions. Designed specifically for multi-national businesses, NetSuite OneWorld allows companies to manage multiple subsidiaries, legal entities, and business units from a single, unified platform.
In this NetSuite OneWorld review, I plan on covering many of the solution's most important features, paying particular attention to those tools that could prove to be most useful for global businesses with multiple subsidiaries. After thoroughly describing how NetSuite OneWorld operates, I will offer my personal opinion on the platform's usefulness for organizations of all sizes.
Used by 20,000 corporate headquarters and subsidiaries around the globe, NetSuite has become known as the go-to business suite for organizations looking to manage subsidiaries and business units from a cloud-based, unified system.
From the back office to the front office, NetSuite OneWorld has been developed to give mid-size companies, and divisions of enterprises, the tools they need to grow in a complex business environment.
NetSuite OneWorld operates on a global scale. Organizations that use the platform have access to tools for global enterprise resource planning (ERP), global customer relationship management (CRM), global e-Commerce, global services resource planning (SRP), professional services automation (PSA), and global business intelligence.
ERP tools make it possible for businesses to handle multiple currencies and financial consolidation packages in real-time, allowing those organizations to stay compliant across multiple taxing bodies. Organizations can even sell to customers around the globe with multi-brand e-Commerce web stores, which can be run and managed from within NetSuite.
While NetSuite OneWorld's ERP tools stand out as particularly impressive, they aren't the only cloud-based feature that users have access to. Organizations can also use NetSuite OneWorld to manage their customer relationships; multi-national sales organizations regularly use the platform to generate forecasts, campaigns, and quotas in multiple languages and currencies. The company's professional services automation (PSA) solution makes it possible for professional services organizations to efficiently identify and track global resources. Organizations are also able to improve on-time deliveries and drive profitability as a result of using NetSuite OneWorld's PSA solution.
Utilizing NetSuite OneWorld allows organizations to optimize operational efficiency and drive successful financial outcomes. The cloud-based system is agile enough for large enterprises to take advantage of, while still having the structure that mid-size businesses rely on.
Ultimately, what makes NetSuite OneWorld so valuable to its users is the sum, or the combination, of the features it offers. NetSuite OneWorld doesn't just provide its users with ERP solutions or CRM features, although it does offer those systems. The solution encompasses a vast array of real-time features required for e-Commerce, accounting, and professional services automation. Taken together, these end-to-end solutions make it possible for global organizations to streamline operations without losing sight of the important details that go in to optimizing business performance.
At a single glance, you can view a complete historical accounting module. The accounting period you're viewing can be sorted in a number of ways, one of which is independently by subsidiary.
NetSuite OneWorld allows financial controllers to handle the month-end and currency reevaluation process for open balances on accounts payable, receivable, and other miscellaneous accounts.
Use the system's consolidation exchange rate capability to translate foreign currency amounts across subsidiaries. Enter currency rates manually, or let NetSuite automatically calculate currency based on current, average, or historical rates.
NetSuite OneWorld offers an extensive support network. This support system is equally useful for new users who are just getting set up with NetSuite OneWorld, along with existing users who have questions about how to operate certain advanced-level features. In addition to other forms of contact, NetSuite OneWorld offers access to live chat support.
NetSuite OneWorld operates on a subscription pricing module. Organizations can expect to pay at least $499 per month for the solution. Additionally, NetSuite OneWorld charges $99 per user, per month. New users are encouraged to take advantage of the company's free trial offer, with no credit card required.
NetSuite OneWorld offers the perfect mix of features for global organizations that operate in multi-currency, multi-language environments. The cloud-based solution can help businesses streamline and automate their operations. Additionally, NetSuite OneWorld is incredibly useful when it comes to ensuring that organizations meet local tax compliance regulations and inventory sourcing requirements. For these reasons, among many others, I would strongly recommend NetSuite OneWorld to mid-sized companies, along with divisions of enterprises, that are looking for ways to manage multiple subsidiaries and business units from within a single cloud-based system.
Ratings: ease of use 4/5, features 5/5, value 5/5