NetSuite OneWorld Reviews

In the past, I was implementing SAP R3, JD Edwards, VAN, X3, X7, and ProdStar Two. PeopleSoft One was also used, but now it is Oracle, as PeopleSoft is no longer legal.

With OneWorld, there is accounting consolidation, reevaluation on different currencies, and consolidation of operations from all subsidiaries, allowing the creation of branches like countries or possibly continents. Operations for European branches can be consolidated in a single subsidiary. 

Additionally, I have visibility of all operations of subsidiaries, not only financial aspects but also sales, purchases, and manufacturing.

As an accountant, my use case for the NetSuite OneWorld solution revolves around consolidating financial data for multiple subsidiaries and utilizing its reporting tools. At the end of each month, our focus is to report the financials of the parent company by first going through the bookkeeping of each subsidiary in NetSuite and then rolling them up under the parent company. This data is then tracked and used for internal management reporting purposes, providing valuable insights based on the information obtained through the NetSuite OneWorld platform.

The utilization of NetSuite OneWorld has greatly benefited me in a multitude of ways. As someone who works in accounting, I am often required to produce consolidated financials at the end of each quarter or month. Without the aid of NetSuite OneWorld, I would have been forced to resort to a subpar system or use Excel. This system has proved to be unparalleled in the mid-market industry that I cater to, which focuses on small to mid-sized businesses. In the past, I have had to manually consolidate financials using Excel, but with the help of NetSuite OneWorld, I am able to effortlessly extract the necessary information and present it in a streamlined manner.

Additionally, using the solution resulted in substantial time savings. The greatest advantage offered by the NetSuite OneWorld platform lies in its ability to perform currency exchange conversions, calculate the currency translation adjustment, and book it directly to equity. The process is made even simpler as all that is required is to transfer the information to Excel and perform a reconciliation with the supporting documentation. The system is user-friendly and provides a streamlined experience for those utilizing it.

In my current role, I'm using NetSuite OneWorld in a manufacturing and sales environment. Still, I was a former NetSuite consultant, so I've used it mainly for inventory and distribution, including CRM and financials.

Inventory management in NetSuite OneWorld is one of the best in the industry, so this feature is what I like most about the solution.

The tool fulfills our financial process requirements. 

The solution has helped us save money by reducing the number of people needed for delivery, finance, and customer service. We now better understand our stock and purchases, and our sales team can access information without constantly communicating with delivery.

The tool is our financial ERP. It handles our unusual financial aspects– P2P and OTC treasury. We have integrated it with JP Morgan.

The solution is user-friendly and flexible.

My company uses NetSuite OneWorld to implement more than one subsidiary in a NetSuite instance. If a company has more than one legal entity, that needs to be implemented in a NetSuite OneWorld instance. For example, if a company has legal entities in different countries with different currencies, then you can implement all in one instance through NetSuite OneWorld.

NetSuite OneWorld is beneficial for my company as a single source of truth, which means it can integrate all business functions into one ERP system. Everything is real-time, whether the data or reporting. NetSuite OneWorld is very beneficial.

We use the solution to run our entire organization from beginning to end. We started with the CRM for opportunities and leads prospects. We also customized it with custom fields to make separate line items and then used that to spit out reports on calculations of gross margin expected based on those opportunities. 

We could have multiple line items underneath specific opportunities as the opportunity information's collected at the header level. We would generate sales orders based on approved quotations and a customer PO and we would put in a sales order. The way we configured it was just before we put the sales order in, we would enter all the item information. We would go into the item master, set it up with the associated vendor who was going to provide that material. That way, when you put the sales order in and you selected that item, and you completed and saved it, it would automatically generate the purchase orders without having to reenter all that information.

The product would see the sales order, understand the requirement, and it would generate demand, and then generate purchase orders. It could also generate work orders if it had a labor component associated with it. From the work order, you could generate POs. Basically, it saved a lot of redundant entries from that perspective. It saved us time and allowed for customizations that helped us with workflows.

In the sales orders, we were able to create custom fields so that we could measure our performance against promise dates. What we did was we created custom fields and there was some scripting behind that, which is one of the reasons we used NetSuite. We could put in the customer's original expected date, what our promise date was, and then measure against how we performed. 

If that date was missed, we could then, in a third data field, put in the new date and a reason code. We made that mandatory, so that this way if any dates changed, we knew why. We were able to measure vendor performance against those dates, customer changes against those dates, and our performance against those dates. It was very helpful from that perspective. Having good dates allowed us to also do better cash projections in terms of shipments and invoicing.

It saves paperwork down the line. The only purchase orders that had to be done by purchasing were those that were planned. We had ongoing projects, yet only the planned orders needed to be purchased. Rather than reduce headcount, we were able to take the buyer who was working on the planned or the non-planned purchases and retrain them as an inventory analyst, so that we could focus more on the planned purchases. 

It enabled us to really align the skillsets and the needs that we had as the business evolved as a result of the digital transformation. It really facilitated that ability without having to add headcount. We simply retrained. We didn't need to reduce headcount as all part of a growth strategy.

What I would also add is that it not only saves redundant entry there, but it saves redundant entry as it goes through to the fulfillment side on the logistics as all the information's already there. There's nothing to be reentered. When it comes to the invoicing, again, there's nothing to be reentered. It's all pulled from the sales order. In the end, you have a 360-degree view of all the related documents. Finding related records, POs, sales orders, invoices, fulfillment records was easy due to the fact that they were all connected.