ERP for the Brexit Transition and Beyond

We’re getting close to the end of the Brexit transition period, even if the ‘how’ is still a matter for debate. The UK business community can’t sit and wait for all the details to be ironed out and – between Brexit and COVID-19 – scenario planning and replanning is becoming the new norm.

 

Whatever the outcome of the current talks, the end of the transition period will be a moment of great change for UK and EU based businesses.

 

Agility within finance teams across the UK in preparation for Brexit and dealing with the implications into 2021 and beyond is key.

 

Irrespective of whether there is a deal or a non-negotiated outcome, there will be less open trading arrangements than the UK had when a member of the EU, but businesses will still need to facilitate imports and exports, fulfil customs processes and – more than ever – exceed customer expectations.

 

The readiness or otherwise of their ERP to deal with the many implications of Brexit is going to be a big factor for a smooth (or smooth-ish) transition.

 

Product-based businesses

Finance teams rely on their ERP for processing day to day transactions as well as to deliver the data they base their decision making on. As the day to day requirements of facilitating imports and exports becomes more complex, streamlining back office processes will enable manufacturers, distributors, retailers and more to stay ahead of the competition.

 

A true-cloud based ERP, unifying front and back office processes as well as locations worldwide – EU or no EU – breaks down barriers even when political boundaries exist. All ERPs are not created equal though, which is why we would encourage you to look at Oracle NetSuite OneWorld – a solution that has been designed to facilitate change and, crucially, to facilitate global trade.

 

Many readers will be aware of the growing recognition that NetSuite, as an ERP, is getting as the go-to solution for scalability, flexibility and reporting power across cost centres. What you may not be as aware of, is that NetSuite’s ‘OneWorld’ solution delivers all this not only across cost centres but across global locations.

 

Implemented by some of the world’s leading, growth focused organisations, NetSuite OneWorld enables you to manage multiple subsidiaries locally or across the globe from a single cloud solution. This global ERP software can handle different currencies, taxation rules and reporting requirements. With Brexit looming, this inbuilt capability – with updates and upgrades automatically delivered to all users with no extra cost or downtime – will give peace of mind and continuity of process moving forward.

 

An ERP that allows businesses to adjust for currency, taxation and legal compliance differences at the local level, with regional and global business consolidation and roll-up, can only be a welcome solution in these times. At the time of writing, NetSuite OneWorld’s multi-currency management supports over 190 currencies and a variety of payment options, it includes comprehensive indirect tax management and reporting capabilities for some of the most stringent local accounting regulations, with Government gateway integrations in many regions … plus, it has a flexible, configurable indirect tax engine, giving you the power to go global with confidence.

 

Professional Services Businesses

It is not just product-based businesses that will be affected and who should look in the direction of such a solution. Brexit also brings uncertainty and challenges to Professional Services businesses that will impact on taxation, cross-border contracts and locations, the mobility of staff and more. All of which ultimately impact on revenue streams, cost and profitability.

 

And for Professional Services firms the same stands for the finance and project management teams – improving visibility, operational efficiency and customer service is what will give them the competitive edge throughout this period of change. Real-time insights into key project metrics, automated currency conversions, and streamlined resource allocations and project delivery eliminate the costly inefficiencies and poor visibility that siloed systems give you.

 

That NetSuite delivers end-to-end professional services automation (PSA), combined with the other benefits we’ve discussed makes it a winning choice.

 

Get things moving

By focusing on our founding principles of customer service and technical expertise Eureka Solutions ensures that our NetSuite clients benefit from industry leading practices and have the visibility they need to run their businesses more profitably and efficiently.

 

Currently over 50% of our NetSuite customers operate on NetSuite OneWorld to give them the worldwide functionality and consolidation they need.

 

Fancy a demo to find out why NetSuite is the last ERP you’ll ever need? Get in touch today and we’ll organise a date to showcase the difference implementing NetSuite could make to your Brexit transition and beyond.