As a start-up, usually your business is small and so is your accounting system. As the years pass, your business will expand by entering new markets, and signing new deals and acquisitions—so your accounting system will get more complex especially with factors such as the product being sold or bought in different currencies across multiple countries or if new subsidiaries are added. Thus, the right type of business software is key to the success of a business.

Manual recording and accounting in an expanding business is prone to various errors and provides poor visibility into the business performance at the corporate, geographic or divisional level. Plus, regulatory requirements add to the complexity of the problem.

To keep pace and drive performance, growing businesses need to accelerate financial consolidation and increase corporate visibility into their expanded operations and consolidation structures. By investing in an on-premise ERP system, companies can  run into barriers.

For instance, it can be time-consuming and disruptive to a business to implement a conventional on-premise business-wide ERP, or on multiple divisional on-premise ERP instances from a single vendor. Another huge barrier is cost. Replacing multiple existing on-premise investments with updated on-premise software could be very expensive.

NetSuite has been working for years with hundreds of global and multi-entity businesses and some of the world’s biggest brands, in order to help them transform their business systems to meet the demands of its growth. NetSuite (News - Alert) combines global business management with the power of cloud computing to provide global businesses with rapid and flexible deployment business software solutions, at a fraction of the cost of traditional solutions.

NetSuite OneWorld, has shown dramatic cost savings with financial consolidation times cut in half. According to NetSuite, one global business reported that standardizing on NetSuite OneWorld took 10 percent of the implementation effort normally associated with an ERP system, and another reported an annual savings of more than $250,000.

In fact, in a white paper, titled “Success Kit: Achieving Practical Global Business Management and Effective Financial Consolidation”, the company showcases how real customers have used NetSuite OneWorld to streamline their complex business structures, as well as the impact because of this on their financial processes. It also provides an ROI study from an independent research firm Nucleus Research, that outlines the quantifiable benefits that NetSuite OneWorld can deliver to your global entity.

Describing the value of NetSuite OneWorld in the white paper, Nucleus Research said, “Businesses migrating from un-integrated legacy and custom accounting systems and moving to one central accounting system with NetSuite OneWorld can expect to accelerate financial close times by 20 percent. Some customers accelerated time to close by up to 50 percent.”

In summary, this whitepaper discusses five global businesses who have transformed their finance and IT processes using NetSuite OneWorld software. For example, Jollibee Foods integrated cloud computing with Oracle financials to standardize

subsidiaries in a matter of months, instead of years, while Palo Alto (News - Alert) Software improved decision-making productivity by 50 percent and moved from monthly to weekly consolidation.  Likewise, at SuccessFactors, the company saved $250,000 a year by rapidly consolidating across all foreign subsidiaries. 

Similarly, NetSuite helped slash financial consolidation times by more than 60 percent at a company named Kana, while Gawker Media (News - Alert) cut accounting costs by 20 percent when consolidating five subsidiaries.