NetSuite OneWorld Fuels Business Growth and Global Expansion
for Regional Businesses
New Functionality Enables Greater Flexibility and Better
Control for Regulatory Tax Compliance
LONDON, Oct. 11, 2016
/PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's
leading provider of cloud financials / ERP and omnichannel commerce
software suites, today announced a host of product enhancements to
NetSuite OneWorld that deliver deep global financial capabilities
designed for Europe-headquartered
businesses and multinational companies across the continent. These
new features highlight faster financial close, more flexible tax
compliance tools, new payment options for both B2B and B2C
businesses, and better control of audit and compliance to meet
local statutory requirements.
Businesses in Europe face a
number of challenges including evolving political landscapes,
emerging regulatory requirements, and rapidly advancing technology
leading to constantly-evolving customer expectations. Additionally,
increased pressures from global competition require companies to
take their businesses global. Businesses seeking to meet these
challenges by gaining business efficiency, growing revenues,
entering new markets and expanding globally often find themselves
held back by technological constraints. Legacy software
systems siloed by department, geography or legal entity, leave them
unable to deliver an optimal customer experience and gain insights
into their operations. On-premise software such as Sage, Microsoft
AX or SAP requires costly maintenance and disrupts the business
with every product upgrade, forcing companies into version lock.
These legacy software systems not only are difficult to scale with
business growth, but can also introduce excessive costs and
potential errors, while also restricting businesses' ability to
respond to their changing markets and the needs of their customers.
Other available cloud financial software solutions only offer basic
product functionality that has difficulty scaling and supporting
business needs and growth.
NetSuite OneWorld, already in use by more than 3,000
Europe-headquartered companies,
subsidiaries and legal entities, and deployed in over 160 countries
around the world, provides a unified and cloud-based suite of
software that is flexible enough to meet the needs of diverse
business models, legal structures and geographies while enabling
unprecedented efficiency, consistency and visibility across their
global operations. European-headquartered businesses like Secrid,
Pret A Manger and PageGroup and multinational companies such as
Transavia and Misys are realising the transformative power of
NetSuite.
NetSuite OneWorld supports 190 currencies, 20 languages,
automated tax calculation and reporting in more than 100 countries,
and customer transactions in more than 200 countries. NetSuite
OneWorld offers businesses in Europe the leading cloud ERP system with
robust global financial functionality on a single system on which
they can build their business now and into the future, managing
vendors and reaching customers wherever they may be in the
world.
The new NetSuite OneWorld features announced today include:
For Europe-Headquartered Companies:
Enhanced Support for Non-deductible Input Tax, available
to businesses across Europe, making the process of tracking
and recording VAT for indirect taxes much easier and more
straightforward, allowing for easier audits and compliance
reporting. In Europe, a VAT
registered business can usually reclaim VAT on their purchases and
payments made to VAT registered suppliers. However, there are some
expenditures that are disallowed for VAT purposes or only partially
recoverable such as Input VAT on the purchase of motor cars. Other
examples of expenses on which input taxes are not reclaimable are
business entertaining expenses. NetSuite OneWorld can automate the
VAT administration process so that the user no longer has to think
of what percentage is deductible or ever has the need to make any
changes manually. Users now simply enter the item and NetSuite
OneWorld does the rest.
Tax on Prompt Payment Discounts, allowing businesses that
offer rebates or early payment discounts to automate the
calculation and posting of indirect tax adjustments when their
customers settle their invoices within the discount period. The
system will automatically create a credit memo to record the tax
adjustment needed so that businesses don't pay taxes over and above
what is needed for compliance.
Expanded Online and In-store Payments Capabilities for
European Businesses, through a NetSuite SuitePayments
integration with Adyen, a leading San Francisco and Amsterdam-based provider of enterprise payment
processing solutions, EMEA omnichannel businesses will have a
single solution to accept payments virtually anywhere in the
world. The partnership allows retail and wholesale
distribution customers to deliver seamless omnichannel payment
processing – within a single payment solution, which can improve
operational efficiency and minimise the reconciliation of payment
data while offering consumers a rich, interactive and intuitive
shopping experience. Click here for more on Adyen.
For Multinational Companies in Europe:
Enhanced Support for Statutory Chart of Accounts,
provides additional flexibility when setting up statutory Chart of
Accounts to meet various requirements in different countries around
the structure and/or presentation of their chart of accounts to
meet local practices or statutory and regulatory requirements.
Businesses have the ability to create and use a mandated Chart of
Accounts, which is a compliance need for multinational businesses
that operate in countries like France, Germany, Belgium and so on. NetSuite customers can now
set these up easily to meet county specific Chart of Accounts
including language and account numbers. Additionally the standard
French Chart of Accounts (plan compatible normalise) ensures
that all businesses apply the same accounting structure.
This new feature helps customers in every country across
Europe can meet local accounting
structure compliance effortlessly, while maintaining their Chart of
Accounts at the headquarters.
Quick Close Enhancement, as period closing is generally
time consuming, especially in situations where there is a need
to reopen old periods, make changes and then close all periods
again one by one. Quick Close Enhancement speeds up the period
closing process by enabling controllers to close multiple
prior periods in a batch, saving time and effort.
Cumulative Translation Adjustment (CTA) Balance Audit
Report, financial controllers overseeing multi-currency
transactions who want to understand how NetSuite calculates varying
exchange rates to produce their Cumulative Translation Adjustment
(CTA) balance sheet will now have an audit report to back up the
calculations. The new CTA Balance Audit report enables financial
controllers to monitor and audit the CTA account balances through
the various tiers of OneWorld consolidation nodes. It shows the
contribution to the period end CTA balance from individual
accounts. The total of all accounts' net contribution in a selected
period equals the net change in the CTA balance during the same
period.
Advanced Revenue Management enhancements, delivering
usability, revenue forecasting, and revenue reclassification
enhancements to Advanced Revenue Management.
"With a strong base of innovative and rapidly-growing customers
in EMEA, we continue to meet the needs of local businesses with a
flexible, scalable system that can enhance business efficiency,
extends their horizons and supports their needs as they grow," said
Craig Sullivan, Senior Vice
President, Enterprise and International Products at NetSuite.
"Companies that run their business on NetSuite take comfort in
knowing they're running the last ERP system they may ever
need."
About NetSuite
In 1998, NetSuite pioneered the Cloud
Computing revolution, establishing the world's first company
dedicated to delivering business applications over the Internet.
Today, NetSuite provides a suite of cloud-based financials /
Enterprise Resource Planning (ERP) and omnichannel commerce
software that runs the business of more than 30,000 companies,
organisations, and subsidiaries in more than 100 countries.
Follow NetSuite's Cloud blog, NetSuite's Facebook page and
@NetSuiteEMEA Twitter handle for real-time updates.
For more information about NetSuite, please visit
www.netsuite.co.uk.
NOTE: NetSuite and the NetSuite logo are service marks of
NetSuite Inc. Third-party trademarks mentioned are the property of
their respective owners.
Logo -
http://photos.prnewswire.com/prnh/20090924/SF81218LOGO-b