SYDNEY, Sept. 28, 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, 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."
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
@NetSuiteAPAC Twitter handle for real-time updates.
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.
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SOURCE NetSuite Inc.