Oracle NetSuite Corporate Communications
Senior Director, Global Communications
NetSuite OneWorld Fuels Business Growth and Global Expansion for Regional Businesses
New Functionality Enables Greater Flexibility and Better Control for Regulatory Tax Compliance
LONDON—11 October 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 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.”
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.
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