NetSuite OneWorld Fuels Business Growth and Global Expansion for Regional Businesses
New Functionality Enables Greater Flexibility and Better Control for ANZ Businesses to Meet Regulatory Tax Compliance
SYDNEY—29 September 2016—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, delivering deep global financial capabilities designed for Australia and New Zealand-headquartered businesses and multinational companies in both countries. 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.
ANZ businesses today confront emerging regulatory requirements, constantly-evolving customer expectations and increased pressures from global competition, as well as pressures to take their own 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 software systems siloed by department, geography or legal entity, leaving them unable to deliver an optimal customer experience and gain insights into their operations. These software systems not only cannot scale with business growth, but also introduce excessive costs and potential errors, while also restricting businesses’ ability to respond to their changing markets and the needs of their customers.
While on-premise software such as MYOB or Microsoft Dynamics GP requires costly maintenance and disrupts the business with every product upgrade forcing companies into version lock, other available cloud financial software solutions only offer basic product functionality that cannot scale and support business needs and growth. The agility, flexibility and scalability that NetSuite OneWorld provides is difficult to achieve by businesses running legacy on-premise software such as Epicor, MS Dynamics and SAP in ANZ, that may be years behind NetSuite.
NetSuite OneWorld Provides Answers
NetSuite has established a strong footprint in ANZ since its inception in 2002. NetSuite OneWorld, already in use by close to 1,600 ANZ-headquartered companies, subsidiaries and legal entities, 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. ANZ businesses like Mons Royale, Kitchenware Direct and Seeing Machines and multinational companies such as Williams-Sonoma, Guzman y Gomez and Springfree Trampolines 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 ANZ 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.
The new NetSuite OneWorld features announced today include:
For ANZ-Headquartered Companies:
Enhanced support for Non-deductible Input Tax, making the process of tracking and recording either GST or VAT for indirect taxes, both in ANZ and abroad, much easier and more straightforward allowing for easier audits and compliance reporting.
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 (whether for GST in the case of Australia and New Zealand or VAT in Europe). The system will automatically create a credit memo to record the tax adjustment needed ensuring that businesses don’t pay taxes over and above what is needed for compliance.
Expanded Online and In-store Payments Capabilities for Australian businesses, through a NetSuite SuitePayments integration with PayCorp, a leading Australian-based provider of enterprise payment processing solutions, ANZ businesses, particularly in retail, now have greater payment options when using the NetSuite SuiteCommerce platform and SuiteCommerce InStore. The partnership allows retail and wholesale distribution customers to deliver seamless omnichannel payment processing—within a single payment solution, improving operational efficiency, minimising the reconciliation of payment data while offering consumers a rich, interactive and intuitive shopping experience. Click here for more on Paycorp.
For Multinational Companies in Australia and New Zealand:
Enhanced Support for Statutory Chart of Accounts, provides additional flexibility when businesses set up statutory Chart of Accounts to meet their 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.
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 ANZ, we continue to meet the needs of local businesses with a flexible, scalable system that can meet their needs as they grow,” said Craig Sullivan, Senior Vice President, International Products at NetSuite. “Companies that run their business on NetSuite take comfort in knowing they may be running the last ERP system they will ever need.”
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.
For more information about NetSuite, please visit www.netsuite.com.au.
NOTE: NetSuite and the NetSuite logo are service marks of NetSuite Inc. Third-party trademarks mentioned are the property of their respective owners.