Software/IT_Solutions

Overview

The expansion of the internet into various niche service sectors has led to the emergence of numerous internet technology industries, such as travel technology, online advertising, and internet gaming, which have become global and group-oriented enterprises. These enterprises typically have their own business and billing platforms, but they often have significant shortcomings in terms of global group management, integrated business operations, and financial and tax compliance.

Challenges

1. International Group Management Capability: Internet technology companies typically use domestic financial software during their initial and rapid expansion stages, making it impossible to talk about globalization and local financial and tax compliance; due to the complex related transactions involved in such enterprises and the demand for automated consolidated statements, general financial software finds it hard to achieve this.

2. Master Data and Closed-Loop Business-Finance Process: The business platform only cares about the business attributes of master data and rarely involves the financial aspect. The backend financial ERP generally only involves vouchers and general ledger, without fully recording business attributes, leading to a separation between business and finance from master data to the subsequent three major processes.

3. Separation of Business Platform and ERP Backend: This separation leads to a fragmented business and financial process. The business process is either solely handled on the platform or only involves partial financial steps such as invoicing. The financial system largely relies on manual entry of vouchers to generate the general ledger, with no traceability of receivables and payables. Overall business-finance analysis and financial compliance are out of the question

Solutions

1. NetSuite itself is an international group-oriented Cloud Computing ERP platform, combined with the financial and tax guidance or differences of partners in various regions, it can easily meet the requirements of international group management and global financial and tax compliance.

2. NetSuite is business-finance integration with a master data architecture, as well as three integrated business-finance processes from procurement to payment, sales to receivables, and automated related party transactions, can easily achieve bidirectional traceability of business and finance and meet the demands of financial audit compliance.

3. Combined with NetSuite is powerful PAAS development and expansion platform, it can easily achieve automatic docking with the business platform in terms of master data, business documents, and receivables, presenting complete business and financial data on the NetSuite backend, achieving bidirectional business-finance traceability

Industry Remodeling

Overview

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