As the hospitality industry continues to bounce back at a rapid pace from some of the toughest years the industry has faced, companies are tasked with managing an increasing number of challenges. From managing multi-entity structures, rolling out new venues and locations, to streamlining financial reporting, the demands on these companies can be overwhelming. Fortunately, NetSuite OneWorld offers a comprehensive solution to help hospitality companies manage their operations more effectively.
What is NetSuite OneWorld?
NetSuite OneWorld is a cloud-based Enterprise Resource Planning (ERP) solution designed to help businesses manage their operations across multiple entities, locations, and currencies. With a suite of powerful tools and features, NetSuite OneWorld can help hospitality companies streamline their financial operations, gain greater visibility and control, and scale their businesses for growth.
At its core, NetSuite OneWorld is designed to provide a single source of truth for a business’s financial operations. By consolidating financial data across multiple entities and currencies, NetSuite OneWorld helps companies gain a unified view of their operations, enabling them to make better-informed decisions and respond more quickly to changes in the market.
NetSuite OneWorld also provides a range of features designed specifically for the hospitality industry. For example, the platform includes automated revenue recognition, which can help hospitality companies manage complex revenue recognition scenarios such as deferred revenue from contracts or multiple-element arrangements. This feature can help reduce the risk of errors and ensure compliance with accounting standards.
Similarly, NetSuite OneWorld offers the ability to manage integrations with industry specific platforms, including management of hotel reservations and room inventory, allowing hospitality companies to optimise room availability and maximise revenue. By automating these processes, hospitality companies can improve operational efficiency and reduce costs.
How Hospitality Companies are Using NetSuite OneWorld
Many hospitality companies, such as Solotel, Grill’d and the Nelson Meers Hotel Group have successfully implemented NetSuite OneWorld to manage growth and improve operational efficiency. For example, when Solotel, a leading hospitality management company, was faced with managing multiple entities across several locations, they turned to NetSuite OneWorld.
With NetSuite, Solotel was able to consolidate financial data, standardise processes across all properties, and streamline financial reporting.
Similarly, Nelson Meers Hotel Group, Nelson Meers Group is a large hotel group based in Sydney with a portfolio of some of Sydney’s largest hotels. Prior to implementing NetSuite, the company managed the finance function with separate MYOB files for different venues making consolidation of month-end reports a long, time-consuming process. By implementing NetSuite OneWorld, Nelson Meers Hotel Group was able to standardise processes, reduce costs, and gain greater visibility into their operations.
Benefits of NetSuite OneWorld for Hospitality Companies
The benefits of using NetSuite OneWorld for hospitality companies are numerous. By implementing NetSuite OneWorld, hospitality companies can gain greater visibility and control over their financials, improve collaboration across multiple entities and locations, streamline financial reporting and compliance, and scale their businesses for growth.
Gain a Unified View of Financial Data Across Multiple Entities
One key benefit of NetSuite OneWorld is its ability to provide a unified view of financial data across multiple entities and currencies. With the platform, hospitality companies can consolidate financial data from all their properties, providing a single source of truth for their financial operations. This can help these companies make better-informed decisions and respond more quickly to changes in the market.
Streamline Financial Reporting and Accounting Compliance
Another benefit of NetSuite OneWorld is its ability to streamline financial reporting and compliance. By providing a centralised platform for financial data, NetSuite OneWorld can help hospitality companies standardise their reporting processes and ensure compliance with accounting standards. The platform also includes features such as automated revenue recognition and multi-currency management, which can help reduce the risk of errors and ensure compliance with regulations.
NetSuite OneWorld also offers a range of features designed to improve collaboration across multiple entities and locations. For example, the platform includes a suite of communication tools, including email, chat, and messaging, that can help teams work together more effectively. The platform also offers a customisable dashboard that can be tailored to the specific needs of different teams and departments.
Scalability Out of The Box
NetSuite OneWorld is a scalable platform that can grow with the business. As hospitality companies expand into new markets or add new properties, NetSuite OneWorld can easily accommodate these changes. The platform offers unlimited subsidiaries to be created per country, allowing companies to start small and scale up as needed without additional licence fees being incurred.
”By implementing NetSuite OneWorld, hospitality companies can gain greater visibility and control over their financials, improve collaboration across multiple entities and locations, streamline financial reporting and compliance, and scale their businesses for growth.Tiernan O'ConnorSales Director - DWR