Expanding into another state can improve your bottom line and boost the growth of your business. But, multi-state businesses come with a lot of responsibility – both from an operational and administrative perspective. Considering the business climate for your business industry in the multiple states within which your business operates, is imperative, but staying abreast of the various tax consequences and federal filings required by each state is crucial to ensure compliance. We take a look at some of the ways in which NetSuite accounting software makes the management of multi-state business operations easier.
From reporting to recordkeeping per GAAP guidelines, NetSuite offers comprehensive support for multistate businesses.
How NetSuite benefits multi-state businesses
Multi-state Tax Compliance
When your corporation does business in states other than the one where it is incorporated, it may influence state and local taxes. NetSuite has a tax compliance module that aids multi-state businesses to abide by the tax laws in various states. NetSuite tracks business transactions directly to your financial reports, and the software also generates tax reports that help businesses submit timeous tax returns with the IRS.
Monitor inventory levels across states
With NetSuite’s inventory management abilities, you can secure the stock needed to fulfill multi-state orders without delay, while keeping inventory carrying costs, to a minimum. NetSuite offers multi-state businesses a streamlined process for managing inventory across different states. The software also allows you to manage purchase orders and track vendor performance across multiple locations.
Multi-currency management
If your business is multi-state and global then you would benefit from the fast processing of currency conversions that keep financial records up-to-date, regardless of the currency in which sales are processed. NetSuite offers different exchange rate types and conversions. This includes daily, average, or custom exchange rates.
Multi-language functionality
NetSuite’s multi-language functionality allows for website elements to be displayed in each authorized staffer’s language. This means that multistate businesses that employ remote staff across the globe can be assured of the fact the software’s usability would not be affected as the NetSuite user interface can be set in the preferred language of the user.
Data security
NetSuite uses advanced encryption technology to protect customer data. The software also makes use of sophisticated authentication to ensure that only authorized users can access the system. Run a multistate business that requires multiple employees to have access to the software, but with very specific roles and permissions? NetSuite allows administrators to set up role-based access controls that restrict access to sensitive data based on the user’s role in the organization.
NetSuite remains highly functional in its ability to provide the insights you need to take decisions to grow your multi-state business, regardless of differing state regulations.
At Fusion, our NetSuite Outsourced Controllers are skilled at aiding multistate businesses with their accounting software setup. Getting the setup right is crucial as this forms the basis of the automation your business requires. An incorrect setup may contaminate and confuse your accounting records. We can help you avoid messy records and aid your business with NetSuite software setup. Consult with one of our experts today.
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This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.
