NetSuite OneWorlds support for businesses with multiple subsidiaries, business units, and legal entities provides access to subsidiary and parent operational data through detailed reports that can drill down to specific country-level data, prnewswire.com reports.
The platform supports International Financial Reporting Standards (IFRS), local Generally Accepted Accounting Practices (GAAP) and legal requirements, revenue recognition rules, depreciation and costing methods to meet local norms and support for over 190 currencies, including all ISO standard currencies with automated feeds to maintain exchange rates between currencies from a choice of providers.
It also bridges the gap between traditional ERP and external tax engines and provides access to the key data required to satisfy those tax authorities that are increasingly adopting computer-based audit methodologies. NetSuite OneWorld can be configured to calculate, track and report on the indirect tax obligations of businesses regardless of country, materially simplifying tax management, tax compliance, filing and audit accountability.
NetSuite OneWorld offers a payment solution with more than 90 bank formats predefined and a payment partner programme that offers coverage for credit card, debit card and alternative payment methods in the region. NetSuite OneWorld enables businesses to trade with customers, suppliers and partners anywhere in the world in the language of their choice while meeting local compliance standards and cultural expectations through customisable forms.
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