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Is your business ready for the UK’s new relationship with the EU?

Written by Edward Stone

18 | 02 | 21

Business  |  
2 minute read

The start of a new chapter in the UK’s relationship with the EU brings many changes to rules, regulations and business practices for companies importing from and exporting to Europe. From 1 January 2021, EU trade agreements no longer apply and a new trade deal with the EU came into effect. For the first time since 1993, when doing business in the EU UK businesses will have to manage customs declarations, product safety paperwork, certificates of origin and changes to duties. The changes faced are unique to every business and many are still seeking ways to adapt successfully to post Brexit challenges and opportunities.

 

NetSuite OneWorld can help your business adapt to this change


Although these new rules and regulations may seem daunting and complex, NetSuite OneWorld can provide businesses with improved visibility and greater confidence when completing overseas transactions. NetSuite OneWorld is a solution designed to accommodate change and most significantly global trade. NetSuite multicurrency management and SuiteTax supports in excess of 190 currencies and exchange rates, and over 100 countries for taxes and reporting. As well as running all your core business operations with one solution, NetSuite OneWorld allows you to manage multiple subsidiaries with full visibility into their different currencies, languages and taxes. This ability to manage a complete range of international tax structures has become more important than ever as we manage new trade deals with the EU and worldwide.


NetSuite Planning and Budgeting gives you ‘what if’ scenarios


In the face of uncertainty surrounding demands for goods, cash flow changes and tax compliance many businesses are modelling a range of ‘what if’ scenarios in order to gain insight and prepare for potential challenges. NetSuite Planning and Budgeting offers a clear solution to help you model these ‘what ifs’ by providing a single platform that integrates all your financial and operational data. This reduces the complexities of using multiple platforms and removes the human errors associated with spreadsheets, enabling finance teams to automatically create forecasts and budgets. Even better news - you don’t have to be an existing NetSuite user. NetSuite Planning and Budgeting integrates with your current systems.


How can we help?


The new trade deal with the EU has brought great change to the way businesses must now operate. As companies are adapting to this, many are finding their existing systems are outdated and inadequate for the challenges ahead. NetSuite offers scalable, adaptable solutions. If your business is looking for a system that can adapt with your changing business, why not contact our award winning FHL NetSuite team to find out how we can support you now and in the future.