What is NetSuite Tax Management?
NetSuite’s native tax management solution, is a configurable tax engine that delivers end-to-end global tax management. Finance teams can effortlessly generate detailed reports, analysing transactions down to line-item tax details in real-time. NetSuite’s native tax management solution simplifies global tax compliance, saving time, reducing costs and eliminating manual calculations. NetSuite’s built-in tax logic automates determinations of taxability and calculations on every transaction, down to the individual item level.
Any Tax, Anywhere
NetSuite provides monthly tax rate updates for 110 countries and retains historical rate changes. That means NetSuite’s native tax management solution automatically applies the right rate to every transaction, every time.
NetSuite Tax Management Features
Automated VAT/GST Calculation
Say goodbye to manual calculations: NetSuite’s built-in tax logic automatically determines taxability and runs calculations on every transaction, on every item in your account, for every tax jurisdiction. NetSuite validates all your customer and vendor VAT registration numbers, thus calculating the correct taxes for all cross-border goods and services.
Details matter to auditors. Tax calculations by line item, showing each rationale and country-specific compliance text, in any language, are included on invoices. Configurable roles and permissions throughout NetSuite ensure that only authorised users can make changes, such as overriding the tax jurisdiction. Rate change histories are recorded, as are all customer and vendor detail changes.
Gain real-time visibility into your sales tax and VAT position. Automated summaries, transaction-level subsidiary rollups and out-of-the-box localised reports for many countries translate to faster, easier tax reporting. Define and apply each tax code and transaction type to any box on the tax form with NetSuite’s configurable reports, and take advantage of a framework for creating your own report for any country.
NetSuite gives us the ability to integrate all our systems, throughout the world, to give us accurate and up-to-date financial numbers that I need to really make the right decisions for my business.
NetSuite Tax Management Benefits
Challenges NetSuite Tax Management Solves
How Much Does NetSuite Tax Management Cost?
Companies of every size, from pre-revenue startups to fast-growing businesses, have made the move to NetSuite. Looking for a better way to run your business but wondering about the cost?
Users subscribe to NetSuite for an annual licence fee. Your licence is made up of three main components: core platform, optional modules and the number of users. There is also a one-time implementation fee for the initial set up. As your business grows, you can easily activate new modules and add users — that’s the beauty of cloud software.