Compliance, regulations, and GDPR are the speed bumps for most international companies as each country and region within the said country can have different requirements. NetSuite OneWorld was designed to address these challenges, so all parties can stay above board and on the same page.
OneWorld was constructed to help meet critical and time-consuming regulatory financial compliance requirements such as IFRS, SOX, and GAAP. Companies can easily adjust for language, currency, taxation, and legal differences at multiple levels.
The platform accelerates financial processes with multi-currency consolidation (mentioned in the previous section) and real-time roll-up across accounts payable, accounts receivable, payroll, billing, inventory, and more from local, regional, and headquarters levels.
Regarding GDPR, NetSuite acts as a Data Processor on behalf of its customers, and it has developed functionality to specifically assist with the EU Data Subject Rights under GDPR.
Senior leadership and international partners monitoring these aspects of their business can do so using the same customizable role-based dashboards that were mentioned in a previous section on language and cultural differences. These role-based dashboards can be used to monitor and adjust to compliance and regulatory issues in real-time, and they eliminate the need for custom reports, which can be time-consuming to generate.
With all of these features working in concert, OneWorld customers possess the actionable intelligence, real-time visibility, and capabilities needed to ensure consistent and compliant management at every level of their business.