What is NetSuite OneWorld and how it works with Ramp: A complete guide

Running a global business means juggling multiple subsidiaries, different currencies, and countless regulatory requirements—all while trying to keep everything organized and compliant. It's enough to make any finance team feel overwhelmed, especially when traditional accounting systems weren't built for this kind of complexity.

NetSuite OneWorld tackles these challenges head-on by bringing all your international operations under one roof. When you pair it with Ramp's expense management platform, you get a solution that handles everything from capturing receipts to generating consolidated reports across all your global locations.

This guide walks you through how NetSuite OneWorld works, what makes it valuable for international businesses, and how Ramp's integration makes managing multi-entity operations much simpler.

What is NetSuite OneWorld?

NetSuite OneWorld is essentially a global command center for businesses with operations in multiple countries. Instead of managing separate systems for each location, you can run everything from one ERP platform. Think of it as organizing your business hierarchy in a way that makes sense—each subsidiary gets treated as its own legal entity with its own tax rules and currency, but everything rolls up for a complete view of your operations.

What's particularly useful is how it balances standardization with flexibility. You can set company-wide processes and policies while still accommodating local requirements like different accounting standards or tax regulations. This means your operations stay consistent, but each location can still comply with its local rules.

Key capabilities of NetSuite OneWorld

Multi-currency management

OneWorld handles over 190 currencies and keeps exchange rates updated in real-time. This means you can do business with customers and suppliers anywhere in the world without worrying about currency conversion headaches.

Currency conversion and consolidation

Each subsidiary works in its local currency, but everything gets automatically converted and rolled up to give you a complete financial picture. The system keeps track of historical exchange rates too, so you can see how currency fluctuations have affected your business over time.

Payment processing

NetSuite Electronic Payments lets you pay vendor bills and process employee expenses directly from the platform. The system formats everything according to each bank's requirements, which cuts down on processing costs and saves time on manual payment handling.

Multi-language support

With support for 27 languages (including Chinese, Japanese, French, and German), OneWorld helps global teams work together more effectively. Your employees can use the system in their preferred language, which reduces training time and makes adoption smoother.

Global accounting and consolidation

OneWorld's multi-book accounting lets you maintain different sets of books for local, regional, and corporate reporting requirements all at the same time.

• Simultaneous posting: When you enter a transaction, it automatically gets recorded in all the relevant books according to different accounting standards. This eliminates the manual work of reconciling between different reporting requirements.
• Consolidated financial statements: Transactions get posted at both the local subsidiary level and headquarters level automatically. This means generating consolidated financial statements becomes much more straightforward since everything is already mapped and converted to the right currencies.

Integrated tax management

OneWorld includes SuiteTax, which handles automated tax calculations across more than 110 countries. The system comes with pre-built tax codes and localized reports, so you don't have to build tax compliance processes from scratch.

For cross-border transactions, the system calculates taxes in real-time and handles complex scenarios like EU cross-border sales. It even supports Intrastat reporting for EU operations, taking care of those detailed regulatory requirements automatically.

Audit and compliance capabilities

OneWorld keeps detailed audit trails and includes built-in analytics, access logs, and automated workflows for compliance reporting. This makes it much easier to demonstrate compliance with international standards and regulations.

For companies dealing with Sarbanes-Oxley or similar regulations, the system supports standardized reporting across your entire organization. You can drill down from high-level reports all the way to individual transaction details, which auditors appreciate.

Benefits of NetSuite OneWorld for global businesses

Operational standardization

OneWorld helps you create consistency across your organization by standardizing core business processes, while still giving local teams the flexibility they need to meet regional requirements. This reduces complexity without sacrificing compliance.

Improved financial visibility

Real-time consolidation means you can see how your business is performing at local, regional, and global levels without waiting for month-end reports. This visibility helps you make better decisions faster and gives you accurate financial statements when you need them.

Administrative simplification

Instead of managing multiple ERP systems in different locations with different data formats, you get one unified system. This cuts down on IT overhead and eliminates the headaches that come with trying to reconcile data from different sources.

Accelerated financial close

Since transactions automatically post at both subsidiary and headquarters levels, your month-end and year-end closing processes become much faster. There's less manual consolidation work, which means fewer errors and quicker turnaround times.

NetSuite OneWorld's integrated business modules

Global enterprise resource planning

OneWorld's ERP capabilities handle financial management with automatic adjustments for different currencies, tax requirements, and compliance needs. Regional and global consolidation gives you real-time visibility into worldwide operations.

Customer relationship management

The CRM module manages complex international sales operations that span multiple languages and currencies. You can track quotas, forecasts, customer relationships, and support cases across all your subsidiaries from one place.

Global ecommerce capabilities

OneWorld enables you to run web stores around the world with different languages, currencies, and even different brands, all managed from your single NetSuite setup.

Services resource planning

The SRP module helps you manage the complete services lifecycle from marketing to project delivery, billing, and revenue management across all subsidiaries. This helps you build stronger relationships with existing clients and drive repeat business.

How Ramp integrates with NetSuite OneWorld

Ramp's integration with NetSuite OneWorld creates a powerful expense management solution that's built specifically for the complexities of international business operations.

1. Multi-entity expense management

Ramp lets you add all your business entities within one account while keeping separate payment settings for each location.

• Entity-specific operations: You can generate separate statement payments for each subsidiary, which eliminates the need for inter-company transactions when you're closing your books. This keeps your financial operations clean while maintaining proper separation between subsidiaries.
• Centralized visibility with entity separation: You can track transactions, process reimbursements, and manage bill payments for each entity using different bank accounts, but still see everything from one consolidated view.

2. Multi-currency spend management

Ramp's multi-currency features work seamlessly with NetSuite OneWorld's global currency support, so your team can use spend in their local currencies.

• Local currency operations: Your employees can get cards and funds in their local currency, so they don't have to do mental math every time they make a purchase. This works on mobile apps too, making expense management much more user-friendly for international teams.
• Currency assignment and management: You can set up currencies at both the business level and for individual entities. When you enable multi-entity, each location can have its own currency with spend limits and controls that automatically work in the right currency.

3. Automated entity mapping

The Ramp-NetSuite integration automatically assigns transactions to the right entities based on where users are located and which cards they're using.

• User and location mapping: When you invite users to Ramp, you assign them departments and locations that match specific entities. All their cards, funds, and transactions automatically go to the right entity based on their assigned location.
• Transaction attribution: Each card or fund gets linked to a specific entity, and all transactions follow that assignment. While the system defaults based on the user's location, you can change entity assignments when creating or editing spend if needed.

4. Synchronized financial operations

The integration ensures smooth data flow between Ramp's expense management and NetSuite OneWorld's multi-entity structure.

• Batch synchronization: Ramp can sync transactions and reimbursements to multiple entities in one batch, which reduces administrative work while keeping entity-specific records accurate.
• Statement payment automation: Statement payments get calculated for each entity and paid from the bank account you've specified for that entity. If one entity doesn't have enough funds, the system automatically uses the parent entity's account to keep operations running smoothly.

5. Enhanced compliance and reporting

The integrated solution provides comprehensive audit trails and reporting that align with global regulatory requirements.

• Entity-specific reporting: Transactions get properly assigned to specific entities, so you can generate accurate subsidiary-level reports while still maintaining consolidated visibility for corporate oversight.
• Multi-currency transaction tracking: The system tracks transactions in both the original currency and the entity's functional currency, giving you the detailed currency information OneWorld needs for its consolidation processes.

Setting up Ramp with NetSuite OneWorld

To implement multi-entity support in Ramp:

1. Connect Ramp to NetSuite before creating additional business entities
2. Navigate to Settings > Entities in Ramp
3. Create legal entities with required information including country of registration, EIN numbers, and functional currencies
4. Map locations to entities to ensure proper transaction attribution

Each entity requires specific configuration including:

• Payment settings: Set up bank accounts for statement payments and reimbursements for each entity. Make sure to verify bank accounts in Ramp first, or they won't show up as options.
• Currency assignment: Choose functional currencies for each entity, keeping in mind that you can't change currency settings once the entity is created. This needs to match NetSuite OneWorld's requirement for consistent base currencies per subsidiary.
• User assignment: Map users to entities through location assignments to make sure all their cards, funds, and transactions go to the right subsidiary.

Advanced configuration options include:

• Spend controls and limits: While underwriting and overall limits apply at the Ramp account level, you can still configure spend controls to match each entity's specific operational needs.
• Multi-card management: If users work across multiple entities, you can give them separate cards or funds for each entity. This keeps statement payments and reconciliation processes clean and organized.

Best practices for Ramp-NetSuite OneWorld implementation

• Entity structure alignment: Make sure your Ramp entity structure matches your NetSuite OneWorld subsidiary hierarchy. This alignment makes data synchronization smoother and ensures your consolidated reporting is accurate.
• Currency consistency: Keep functional currencies consistent between Ramp entities and their corresponding NetSuite subsidiaries. This reduces complexity when it comes to financial consolidation and reporting.
• User access management: Pay close attention to user assignments to locations and entities to prevent transactions from going to the wrong place. Regular reviews of user-entity mappings help keep your data accurate.
• Bank account verification: Always verify bank accounts in Ramp before assigning them to entities. This prevents payment processing issues down the road.

Simplify NetSuite OneWorld with Ramp

NetSuite OneWorld gives you comprehensive tools for managing global business operations across multiple subsidiaries, currencies, and regulatory environments from one platform. When you integrate it with Ramp, you get a powerful expense management solution that keeps entity separation intact while giving you consolidated visibility into everything.

By combining both platforms' strengths, your business can achieve operational efficiency that grows with your global expansion while maintaining the detailed financial oversight you need for effective international business management.

Discover how Ramp's integration with NetSuite OneWorld can streamline your multi-entity operations.

Get started with Ramp’s direct NetSuite integration.