NetSuite OneWorld Review - why 3.8 stars?

Shlomi Lavi / updated: Mar 09, 2022

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What is NetSuite OneWorld?

NetSuite OneWorld is a business management and ERP software solution that helps global businesses and organizations streamline operations across multiple subsidiaries, and provides visibility in real-time at all levels of administration. The software is equipped with several features, some of which are discussed below:

• Global Accounting and Consolidation: With the multi book accounting feature on NetSuite OneWorld, global organizations can process accounting demands at all levels— local, regional, and headquarters.
• Electronic Payments: NetSuite OneWorld helps businesses pay vendor bills, cover employee expenses, and receive payments directly from customers. Businesses can also save time and paperwork through automated payment processing on NetSuite One World.
• Multicurrency Management: NetSuite OneWorld supports currencies globally, over 190 at last count, enabling international businesses accept payments from any location in the world, with instant exchange rate conversion and financial consolidation.
• Audit and Compliance Reporting: With NetSuite OneWorld, businesses can operate within the regulatory requirements and receive insights into their operations and performance with the always-on audit trail, built-in analytic tools, access logs, and automated workflows.
• Indirect Tax Management: The SuiteTax feature on NetSuite OneWorld helps businesses manage their tax process with automation. The software offers detailed reporting for financial transactions, preconfigured tax codes and reporting for about 110 countries.

NetSuite OneWorld software launched in 2008. Oracle NetSuite is a global brand with over 20,000 employees. In 2017, NetSuite OneWorld won the Cloud ERP Product of the Year at the UK Cloud Awards.

Who is it best for?

NetSuite OneWorld was developed with the idea to serve multinational enterprises and companies with multiple subsidiaries. Since OneWorlds launch, NetSuite Inc.has been focusing on offering its services to middle market companies and divisions of larger companies.

Companies currently using OneWorld can be found in software design, manufacturing, wholesale distribution and non-profit sectors. Some example customers include Solarwinds, Advantage Sign Supply, RedBuilt, Wrigleyville Sports, Niner Bikes, Gawker Media, San Diego Futures Foundation and KIVA.

Main features and functionalities

NetSuite OneWorld was designed to assist companies in increasing growth. It is a powerful tool when it comes to handling businesses with large and complex structure, allowing managing multiple business units at multiple locations or countries, accelerating financial consolidation and easily handle multiple currencies and taxation rules.

In addition, OneWorld will streamline back-office processes such as financial period close, order-to-cash, revenue recognition, budgeting and forecasting, and global financial recognition.

What is the actual cost?

NetSuite OneWorld pricing is based on a sole subscription plan, starting at $999 per month for base access, and $99 per month for every additional user.

ITQlick pricing score is 4.6 out of 10 (10 is most expensive). Access ITQlick pricing guide for NetSuite OneWorld.

Pros

• The multi currency feature on NetSuite OneWorld is helpful for multinational organizations
• The software integrates well with other business management tools
• NetSuite OneWorld is easy to use
• Planning, forecasting and budgeting functionality has been simplified
• NetSuite OneWorld can also be utilized for core accounting tasks such as payment management, accounts receivable and payable, and general ledger

Cons

• Customization can be problematic and lead to difficulties on NetSuite OneWorld
• The software pricing is on the higher side for smaller businesses
• OneWorld does not operate active/active, redundant data centers which is quite risky with respect to cloud delivery

How it stacks up?

Access a head to head analysis of NetSuite OneWorld vs alternative software solutions.

Frequently Asked Questions (FAQs)

Is NetSuite OneWorld right for you or your business?

NetSuite OneWorld is a cloud-based ERP and business management software solution built for global and multi-subsidiary enterprises across different industries like service providers, e-commerce, etc. Cardinal Health, Inc, GE Capital Fleet Services, and The Kroger Company are some notable names that use NetSuite OneWorld.