In today's fast-moving era, where companies have their offices in various locations, going international seems a viable option to improve the brand reach and customer base. The benefits of internationalization are numerous. It presents an opportunity to expand the company’s reach and improve its ability to serve its customers. Back-office functions such as payroll and accounting are often the first to be internationalized to allow for more flexible operations. NetSuite ERP platform allows for more efficient use of resources and better service to customers.
Why it is Important for Companies to Strategize Using Oracle NetSuite ERP?
Your internationalization strategy should be based on small, achievable steps and making sure your company’s systems and adaptability are fit for an agile and growing business model. When it comes to expansion, you should consider the financial capacities, legal matters, and a good internationalization strategy.
In the past, international expansion required a lot of time and money, but with modern technology, specially provided by Oracle NetSuite ERP Platform, internationalization has become more accessible. As companies scale, it becomes necessary to internationalize to meet growth demands.
Thus, it becomes crucial for companies to utilize a better platform that can accelerate their growth without any hindrance. The Oracle NetSuite ERP platform fits the bill for all the requirements a company can have for global expansion. Pairing NetSuite ERP with Jade’s NetSuite ERP implementation gives leverage that can help companies grow and expand faster in the international market. However, as companies grow and expand into multiple countries, they may face some key challenges due to expansion and globalization.
Challenges for Companies Trying to Expand Into Global Markets
There are multiple challenges a company faces while expanding into global markets. Not having a single system that can reduce time and unsynchronized processes, etc., can lead to failure in terms of international expansion for a company.
- Multiple systems that may be difficult and time-consuming to integrate
- The format from numerous systems may not be in sync, leading to manual intervention for reporting
- Lack of standard chart of accounts
- Accounting period close and Consolidated reporting may be error-prone and time-consuming
NetSuite ERP Platform as a Solution for Global Expansion
Oracle NetSuite ERP offers multi-book accounting functionality, which offers the following features that can help companies expand their global footprint. Take a look at the following features and harness the power of Oracle’s NetSuite ERP Platform:
- Create and maintain multiple books that comply with different accounting standards, for Ex-US GAAP, IFRS, etc.
- Chart of Account mapping - through global or item account mapping rules and posting different accounts in different books.
- Foreign currency management.
- Ability to define rules for different treatment of expense and revenue management in different books.
- Books Adjustment – Use book-specific journals to prepare alternative financial statements.
- Extended period close process – Allows closure of accounting period by accounting books.
NetSuite can integrate multiple business functions into a single system. NetSuite ERP supports globalization features to help eliminate the need for multiple systems and provide real-time data and consolidated reporting through a centralized system, thus, resulting in a faster period close.
Recently, we helped Barracuda Networks to implement NetSuite ERP and Multi-book for their European subsidiaries, which included:
- Unified system
- Integrated and real-time data
- Faster period close
- Regulatory compliance
How Can Your Company Utilize the Benefits of NetSuite ERP?
Even after choosing NetSuite ERP, it is difficult for companies to utilize the NetSuite ERP platform due to a lack of planning and structured process. To extract all the benefits from different NetSuite ERP module companies, you must look for various vendors. But having multiple vendors has its own challenges that can slow down your organization’s global expansion while wasting time and money on such unfruitful endeavors.
Jade is the perfect Oracle NetSuite Implementation partner, we have almost two decades of experience serving clients from various domains. We are a NetSuite Integrator partner with a well-versed team of industry professionals. Thus, Jade is the perfect place where all of your ERP requirements can be fulfilled in a seamless way.
Jade as Oracle NetSuite ERP Implementation Partner
Jade is a strongly tied NetSuite Systems Integrator partner delivering functional and technical implementations, optimization services, and managed services. We combine our in-depth NetSuite knowledge with our broad domain expertise to provide the best value for our customers during implementation and beyond.
If you are interested in our NetSuite ERP Services and want a demo of how multi-book can help your business, please visit: https://www.jadeglobal.com/netsuite/netsuite-package-implementations or connect with our experts here