The new OneWorld 16 features are designed to provide global enterprises with the agility and flexibility of a start-up, the company said, while being able to provide full support for global enterprises in regulatory, industry and tax requirements.
OneWorld is a cloud-based ERP system that supports internal and external business operations with capabilities in managing multiple business units and subsidiaries. It supports global, real-time data insights and financial management for over 190 currencies, in over 160 countries.
Speaking at the vendor's annual customer conference, NetSuite CTO Evan Goldberg said: "OneWorld 16 is really about automating global businesses, it's the next generation. So in the coming versions you're going to see some incredible capabilities to make global businesses agile.
"We're going to automate these really complex processes and we're going to scale financial controls and capabilities," he added.
At SuiteWorld 2016, NetSuite president and COO Jim McGeeves identified three major additions to NetSuite's OneWorld platform including, global entity management, automated business functions and consolidate secondary accounting books.
Other features include global entity management, automated elimination and consolidation, multiple accounting books, electronic invoicing, SuiteBilling platform and enhanced governance, risk and compliance.
Also announced during day one at SuiteWorld 2016, SuiteBilling, a tool with core capabilities in subscription management, revenue recognition and general financial processes, the centralisation of multiple channels to ultimate streamline workflows and unify businesses billing approach.
Speaking at the same customer conference, NetSuite CEO Zach Nelson said that the software has been in development for "more than five years".
"SuiteBilling is a system that can bill any product, any service and any subscription, in one system," he said.