Every industry faces compliance pain points, but having an ERP in place will help achieve requirements and strengthen your company’s regulatory maturity
Thinking about implementing an ERP like NetSuite but questioning whether it is able to support compliance? The truth is it can, and quite a lot. Ultimately this is because an ERP increases the visibility, security and traceability of your data.
Although an ERP alone cannot guarantee compliance, it is an invaluable asset for any company looking to achieve consistency and meet regulatory standards. By integrating automation and reducing the time your team needs to action laborious tasks, an ERP not only reduces risk and increases traceability but will improve process efficiency – giving employees more time to do the ‘nitty gritty’ checks.
Below we look at just 5 simple ways an ERP improves compliance.
Visibility & Transparency
A major benefit of an ERP like NetSuite is the visibility and transparency it provides for business processes across the entire organisation. End-to-end processes can be tracked, and 360 data can be seen in real-time, from anywhere.
Traceability & Audit Friendly Data
Central, easy to access reports will help to streamline end-of-period processes and audits. NetSuite’s traceable reports will help you get the right answers and the right time, allowing your team to perform audits quickly and efficiently without the chaos of trying to find and piece together data.
NetSuite will give your team peace of mind knowing the data they rely on is accurate and consistent. They will be confident that compliance requirements are being met by strong data sources.
NetSuite will allow repetitive tasks to be fully (or partially) automated which not only reduces errors but frees up team members. This additional time can be spent triple-checking all compliance requirements, getting into the nitty gritty, rather than carrying out laborious data entry tasks.
Security & Access Controls
One increasing concern when it comes to compliance is controlling breach of data security. With NetSuite you have a complete set of security features including access controls, data encryption and server-based processing. You have complete control of your data and reports, and who can access them, all from within a single suite.
Billing & Tax
NetSuite supports over 190+ currencies and exchange rates, including out-of-the-Cloud pre-configurations of tax codes and localised reporting for over 50 countries. This makes cross border sales and compliance efficient and less complicated.
NetSuite is the answer to compliance challenges
NetSuite supports over 26,000+ customers worldwide, helping each of them meet compliance requirements around the globe. Want to know more about NetSuite and what an ERP really is? Read more about the true cloud-based solution.