- 12 May 2011 09:44
NetSuite Expands Power of NetSuite OneWorld to Address Global Accounting and Tax Compliance
NetSuite OneWorld is today in use by businesses in more than 80 countries. With the power of a flexible transaction tax engine – allowing configuration for Sales Tax, VAT and Withholding Taxes calculation, tracking and reporting, multi-currency and multi-language capabilities, transaction form customization to meet legal and cultural requirements in multiple countries, Suite-wide, user-definable Search and Reporting capabilities, NetSuite OneWorld ensures that companies with operations around the world can benefit from the consistency in operations, dashboard-based real-time business intelligence, and exception-based internal controls while ensuring compliance for their local operations.
NetSuite OneWorld, already the global leader in cloud-based global business management, now provides reports for users to easily prepare their VAT/GST returns in the following 12 new countries: Austria, Czech Republic, The Netherlands, Portugal, South Africa, South Korea, Singapore, Spain, Sweden, Switzerland, Thailand and Turkey. These countries join NetSuite’s existing localized offerings for Australia, Canada, Germany, Japan, New Zealand, the Philippines and the UK.
NetSuite has long been the industry leader in cloud-based ERP suites, enabling mid-sized companies and divisions of large enterprises to manage key business processes from financial consolidation to ERP to CRM and Ecommerce with unparalleled flexibility, ease of use, and cost efficiency. By automating the reporting for value-added tax (VAT), general sales tax (GST), withholding tax and other local accounting nuances in each of these markets, NetSuite users can enjoy shorter implementation times and achieve a significant reduction in the time and effort required to complete their ongoing monthly and quarterly tax returns.
"NetSuite OneWorld's expanded worldwide tax and compliance capabilities are a direct response to the needs of our fast growing global customer base," said Craig Sullivan, Vice President and General Manager, International for NetSuite.
"NetSuite OneWorld makes previously complex, error-prone and time-consuming compliance activities simple, reducing the burden on businesses when performing real-time, localized tax calculation and mandatory periodic tax reporting wherever in the world your business may be."
Companies already enjoying success with NetSuite OneWorld's expanded international support include:
• Lomographische AG (www.lomography.com), an Austrian camera manufacturer which supports creative and experimental analogue film photography. Lomographische uses NetSuite OneWorld to support its offices in Europe and Asia, benefiting from NetSuite's recent international taxation and regulatory support in its home country and key offices. "NetSuite provides our subsidiary operations with the flexibility and autonomy they require to run as part of a global company," said Igor Sarkanovic, ERP Manager at Lomographische. "The availability of the tax reports in both English as well as the native language promotes internal user adoption, as well as providing the information in a format ready for global consumption."
• VADition (www.vadition.com), a value adding distributor of Web 2.0 infrastructure technologies designed to help more companies succeed as social enterprises. Based in Hampshire, UK with offices throughout the EMEA region, NetSuite's new support for the Netherlands has delivered instant benefits. "The new International Tax report facilities in NetSuite saves us about three hours work per month. It has eliminated manual processes combining different and several other reports," said Jacqueline Smits, Operations Manager of VADition Benelux BV. "The new report is generated with a few clicks and looks exactly like the Dutch filing report that is required by the tax agency."
• Perficio Consulting Ltd (www.perficioconsulting.com), is a NetSuite solution provider based in the Czech Republic. “The new NetSuite tax reporting functionality for the Czech Republic speeds up the implementation time and effort and makes the business day considerably easier for our clients, leading to huge time savings and improved productivity across the team. Our clients can now see exactly what’s happening and what needs to be done, both at a local and a global level,” said Babz Amusan, Managing Director, Perfico Consulting Ltd.
• SaaS Consulting, (www.saasconsulting.es/), a consultancy focused on delivering NetSuite solutions in Iberia. "NetSuite's new tax reports allow Spanish and Portuguese companies to seamlessly file their VAT returns without the need for any manual calculations or processes,” said Mark Sichel, Director General of SaaS Consulting. “The addition of these important forms to the NetSuite solution further demonstrates NetSuite's commitment to the Iberian market and brings confidence to accountants in the region."
• CloudTech (www.cloudtecherp.com), a company based in the Philippines, provides consulting and implementation services for cloud-based or on-demand systems such as NetSuite. The company boasts a bench of experienced ERP professionals who have implemented a wide variety of ERP and Financial Management systems. “We are excited about the localized tax reporting features that NetSuite now brings to the Philippines. It is an absolute time saver for us and for our clients,” said Martin Evangelista, CloudTech’s Managing Director. “In other solutions we have implemented before, we had to prepare these types of reports manually from outside the financial system, or customers would have to pay expensive customization fees to get this kind of localized functionality. With NetSuite, these tax reports are now easy to generate—and it’s nice they already follow the format expected by the Philippine Bureau of Internal Revenue.”
• SQL*Wizard (http://www.sqlwizard.com), a Philippines-based provider of database administration and management services and business intelligence solutions, moved to NetSuite to better prepare for growth and expansion and to escape being tied down by inefficient and time-consuming processes associated with their on-premise systems. With NetSuite, the company not only streamlined sales, customer service and financial accounting processes, but also administrative processes that includes tax compliance reporting. SQL*Wizard can easily generate the required local tax reports from within the system—something that was not possible in the systems they used before. "NetSuite’s tax reporting functionality enables our finance group to regularly generate the required monthly and quarterly reports without having to work overtime,” according to Dinah Salonga, SQL*Wizard’s Managing Director. “Not only does this help improve company efficiency, but I’m sure this helps employee morale as well.”
Follow NetSuite's Cloud blog, NetSuite's Facebook page and @NetSuite Twitter handle for real-time updates. To join the ‘NetSuite OneWorld’ conversation on Twitter, use ##NetSuite #OneWorld.
For more information about NetSuite, please visit www.netsuite.com.
NOTE: NetSuite and the NetSuite logo and where business is going are service marks of NetSuite Inc.