The rapid development of international business has put ERP systems at the forefront of necessity!

Almost all enterprises, once they reach a certain scale, will use some kind of software system to integrate and control various aspects of operations. As businesses expand through mergers and acquisitions, joint ventures, and other means, they often encounter the problem of multiple systems coexisting due to historical reasons. This presents the challenge of integrating these systems and the data within them with the headquarters' system.

For companies, manually integrating two or three systems to build a unified business view is not difficult. However, as the scale of business expands further, the number of isolated "local" tools increases, making integration work more complex, time-consuming, and costly. If your enterprise is setting up branches in multiple countries and regions, the integration work becomes even more complicated as it must meet the regulatory, tax, and accounting standards of different countries and regions.

1

It's Time to Upgrade to a Globalized ERP System

Global Integration

A globalized ERP system can help multinational enterprises to streamline and standardize operations across geographical locations, business divisions, and departments (from supply chain and inventory control to customer relationship management (CRM) and financial and accounting management).

Although implementing a globalized ERP system is a daunting task, the difficulties of the implementation process will be insignificant compared to the advantages brought by the system once it reaches a certain stage. If your enterprise has the following phenomena, it's time to consider upgrading to a globalized ERP system.

01

Multiple ERP systems and resources in various countries and regions 

If your enterprise has branches in multiple countries and regions, you may be accustomed to isolated ERP systems, or even a single-point solution for a functional department, and the problems it brings. By deploying a globalized ERP system, you can greatly streamline and automate key business processes (such as inventory management). A globalized ERP system can provide a transparent and unified business view across multiple locations. This means that information can be effectively managed with less labor cost; information will flow seamlessly throughout the enterprise; and corporate executives will be able to make decisions more quickly.

02

Manual reconciliation of financial and accounting information

If your enterprise's various operating locations use isolated financial systems to manage accounting data, personnel must manually reconcile and summarize reports to build a global unified view. This process is very time-consuming, complex, and risky, especially when the reports from each operating location use different tax and regulatory frameworks.

To address this, you can use a globalized ERP system to merge financial and operational data. Compared to using multiple spreadsheets and manual data transfer, its automated merging process can minimize errors. At the same time, since it no longer relies on information provided by local teams, and no longer needs to synchronize data across formats, headquarters personnel can also close the financial statements more quickly.

03

Difficulty in meeting diverse tax and regulatory requirements

Taxes, reporting, and other financial regulations are not static. Even a small change in one operating location can have unforeseen impacts on the business between enterprises and their partners and customers in other countries/regions. However, keeping up with and quickly responding to the latest accounting and regulatory standards in the place of operation to ensure continuous and stable operation is a difficult task.

To address this, a powerful globalized ERP system can efficiently handle multiple tax arrangements, quickly follow up on the latest regulatory requirements, and automatically update exchange rates. At the same time, since it supports the generation of receipts and invoices in multiple languages, you can ensure that customers are provided with documents and information based on the latest tax requirements and/or currencies of their location.

2

Oracle NetSuite Safeguards Your Global Business

Oracle NetSuite

Transitioning to a globalized ERP system helps enterprises better consolidate financial reports, simplify and streamline business operations and practices, and save time. By choosing a mature solution from a trusted provider, your enterprise can efficiently conduct business based on the relevant requirements and business models of the place of operation, without any worries.

Oracle NetSuite cloud ERP system is widely deployed globally, with more than 37,000 customers, including many of the world's top 100 enterprises. Oracle NetSuite OneWorld supports more than 190 currencies, over 24 languages, tax and reporting in more than 100 countries/regions, and more than 90 payment formats. From domestic operations to regional offices to global headquarters, Oracle NetSuite OneWorld supports enterprises in consolidating and summarizing in real-time in various aspects such as accounts receivable, accounts payable, payroll, inventory, billing, invoicing, order fulfillment, etc., in multiple currencies.

Our Hitpoint Cloud team has been focusing on Oracle NetSuite products since 2009 and is a star partner of Oracle NetSuite for many years, providing cloud computing solutions for various modules including finance, distribution, project management, e-commerce, etc.