How Efficiently Can Netsuite Cater To Global Business Requirements?
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.
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.