Localised and Designed to Meet Business Requirements,
Regulatory and Tax Compliance
Meeting the Rising Demand for #1 Cloud ERP among Regional
Businesses
LONDON, April 13, 2016
/PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's
leading provider of cloud-based financials / ERP and omnichannel
commerce software suites, today announced NetSuite OneWorld for
Benelux (The Netherlands,
Belgium and Luxembourg) headquartered businesses.
Localised and designed to meet the business needs, regulatory and
tax compliance of regional businesses, NetSuite OneWorld brings an
agile and flexible cloud software application that can run
mission-critical business processes with global financial
capabilities unmatched in the industry. Already in use by more than
850 subsidiaries and legal entities of global companies running
business in the Benelux region, NetSuite OneWorld can give today's
businesses the ability to expand and transform their organisations
and reinvent their business models to meet the ever changing
demands of their markets and the expectations of their
customers.
Businesses seeking to gain business efficiency, grow revenues,
expand globally and enter new markets often find themselves held
back by software systems siloed by department, geography or legal
entity structures, leaving them unable to deliver an optimal
customer experience and gain insights into their operations. These
disparate 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 SAP 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, or immature ERP cloud solutions, such as Exact
cloud ERP in The Netherlands, that
are years behind NetSuite and only offer rudimentary
functionality.
NetSuite OneWorld, a Game-Changer for Benelux
Businesses
NetSuite OneWorld, winner of the 2015 Software & Information
Industry Association (SIIA) CODiE Award for Best Financial
Management Solution and the 2015 UK Cloud Award for ERP Product of
the Year, 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. 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.
Further, to help today's B2B and B2C businesses with omnichannel
commerce, NetSuite OneWorld delivers commerce-ready capabilities
that can help both B2B and B2C commerce businesses to move from
siloed online, in-store and phone consumer shopping channels to an
integrated commerce solution, connecting ecommerce and in-store POS
to order management, inventory, merchandising, marketing,
financials and customer service, while delivering a seamless brand
experience and exceeding customer expectations.
For The Netherlands-Headquartered Companies, NetSuite
OneWorld delivers country-specific features and functionality such
as:
- Global currency and accounting with localised
capabilities including support for local charts of accounts.
- Country-specific indirect tax support for the Netherlands' Omzetbelasting (BTW).
- Local bank and payment support for credit card, debit
card and alternative payment methods in the region like iDEAL and
Sofort.
- Local language support for Dutch and also for businesses
to trade with customers, suppliers and partners anywhere in the
world in the language of their choice while meeting local
compliance standards and cultural expectations through easily
customisable forms.
- Robust Development Platform that provides a vibrant
partner ecosystem that has strong regional and vertical industry
partners with domain expertise and local knowledge such as ERP
FastForward with their Dutch bank reconciliation tool.
For Belgium-Headquartered Companies, NetSuite OneWorld
delivers country-specific features and functionality such as:
- Global currency and accounting with localised
capabilities including support for local charts of accounts - the
Plan Comptable Minimum Normalise (PCMN).
- Country-specific indirect tax support for Belgium's Belasting over de Toegevoegde Waarde
(BTW).
- Country-specific reporting with support for Belgium's Jaarlijkse Lijst Van De Btw -
Belastingplichtige Afnemers – a unique reporting requirement in
which it is mandatory for all companies registered in Belgium to submit a list of all sales invoices
issued in prior years.
- Local bank and payment support for credit card, debit
card and alternative payment methods in the region like Mister
Cash.
- Local language support for French in Belgium and also for businesses to trade with
customers, suppliers and partners anywhere in the world in the
language of their choice while meeting local compliance standards
and cultural expectations through easily customisable forms.
- Robust Development Platform that provides a vibrant
partner ecosystem that has strong regional and vertical industry
partners with domain expertise and local knowledge such as Deloitte
to provide implementation, customisation and integration
services.
For Luxembourg-Headquartered Companies, NetSuite OneWorld
delivers country-specific features and functionality such as:
- Global currency and accounting with localised
capabilities including support for local charts of accounts - the
Plan Comptable Normalise (PCN).
- Country-specific indirect tax support for Luxembourg's Taxe sur la Valeur Ajoutée
(TVA).
- Local language support for French in Luxembourg and also for businesses to trade
with customers, suppliers and partners anywhere in the world in the
language of their choice while meeting local compliance standards
and cultural expectations through easily customisable forms.
In Summary, NetSuite OneWorld for Benelux-Headquartered
Companies Delivers:
Multi-subsidiary management. NetSuite OneWorld's support
for businesses with multiple subsidiaries, business units, and
legal entities provides real-time access to subsidiary and parent
operational data through detailed reports that can drill down to
specific country-level data.
Global currency and accounting. NetSuite OneWorld offers
easy configuration to support International Financial Reporting
Standards (IFRS), local Generally accepted accounting Practices
(GaaP) and legal requirements, flexible revenue recognition rules,
depreciation and costing methods to meet local norms and support
for over 190 currencies, including all ISO standard currencies with
automated feeds to maintain exchange rates between currencies from
a choice of providers.
Comprehensive tax compliance. By providing
triangulation reporting for business engagements that span three
countries, EU Intracommunity Sales reporting, Intrastat
declarations and Tax Audit File generation in various formats,
including SAF-T, NetSuite OneWorld can bridge the gap between
traditional ERP and external tax engines and provides seamless
access to the key data required to satisfy those tax authorities
that are increasingly adopting standards-based eGovernment and
audit methodologies particularly for cross-border trading.
Country-specific indirect tax support. With support for
the Netherlands' Omzetbelasting
(BTW), Belgium's Belasting over de
Toegevoegde Waarde (BTW) and Luxembourg's Taxe sur la Valeur Ajoutée (TVA),
along with other regional and global variants of Value-Added Tax,
Sales Tax and Withholding Tax, NetSuite OneWorld can be easily
configured to calculate, track and report on the indirect tax
obligations of businesses regardless of country, materially
simplifying tax management, tax compliance, filing and audit
accountability. Within the EU, NetSuite Global Tax also handles
triangulation reporting requirements for business engagements that
span three countries or more in addition to Mini-One-Stop-Shop
(MOSS) tax calculation and reporting obligations for companies
delivering electronic services to European customers.
Country-specific reporting. NetSuite OneWorld provides
reporting capabilities for EU Sales (EU intra-community sales
covering both goods and services), Intrastat for EU movement of
goods, cross-border trading and Tax Audit File generation in
various formats, including SAF-T, bridging the gap between
traditional ERP and external tax engines, to provide seamless
access to the key data required to satisfy those tax authorities
that are increasingly adopting standards-based eGovernment and
audit methodologies.
Local bank and payment support. NetSuite OneWorld offers
a highly configurable payment solution with more than 90 bank
formats predefined and a payment partner program that offers strong
coverage for credit card, debit card and alternative payment
methods in the region.
Local language support. NetSuite OneWorld supports 20
languages including Dutch and French for Benelux. Further, NetSuite
OneWorld enables businesses to trade with customers, suppliers and
partners anywhere in the world in the language of their choice
while meeting local compliance standards and cultural expectations
through easily customisable forms.
Cloud-based architecture. NetSuite OneWorld frees
businesses from the hassles and expenses of managing on-premise
software and associated hardware with a system that is available
anywhere at any time with an Internet connection, and mobile access
from iPhone and Android devices with optimised screens to enable
on-the-move executives and field staff.
Robust development platform. The SuiteCloud development
platform enables businesses in the region to customise the software
to meet their specific needs and integrate with other third-party
applications. NetSuite's SuiteCloud Development Network provides a
vibrant partner ecosystem that has strong regional and vertical
industry partners with domain expertise and knowledge.
"NetSuite is already providing Benelux businesses with the No. 1
cloud ERP and these country-specific capabilities are a signal of
our ongoing commitment to the success of companies headquartered in
the region," said Craig Sullivan,
Senior VP of Enterprise and International Products for NetSuite.
"With NetSuite OneWorld, these organisations are getting a
world-class, global solution that can offer an unmatched
opportunity for expansion, with the tax, currency and accounting
support they need for operations in their specific country."
Today, more than 30,000 companies and subsidiaries depend on
NetSuite to run complex, mission-critical business processes
globally in the cloud. Since its inception in 1998, NetSuite has
established itself as the leading provider of cloud-based
financials/enterprise resource planning (ERP) and omnichannel
commerce software applications for businesses of all sizes. Many
FORTUNE 100 companies rely on NetSuite to accelerate innovation and
business transformation. NetSuite continues its success in
delivering the best cloud business management software to
businesses around the world, enabling them to lower IT costs
significantly while increasing productivity, as the global adoption
of the cloud accelerates.
Follow NetSuite's Cloud blog, NetSuite's Facebook page and
@NetSuiteEMEA Twitter handle for real-time updates.
For more information about NetSuite, please visit
www.netsuite.co.uk, www.netsuite.com/fr,
or www.netsuite.com/nl.
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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