SAN JOSE, Calif., May 17, 2016 /PRNewswire/ -- NETSUITE SUITEWORLD
2016 -- NetSuite Inc. (NYSE: N), the industry's leading provider of
cloud-based financials / ERP and omnichannel commerce software
suites, today announced the release of a host of new product
enhancements to NetSuite OneWorld designed to provide global
enterprises with the agility and flexibility of a start-up, while
meeting their complex industry, regulatory and tax requirements at
global scale. The new, enterprise-ready capabilities extend
NetSuite's leadership position as the #1 cloud ERP provider as it
continues to rapidly deliver financial management capabilities for
multi-national organizations that are unmatched in the industry.
Building on the momentum of enhancements to NetSuite OneWorld
announced in December 2015, this new
release delivers deep global financial capabilities, global
control, governance, risk and compliance (GRC) features and
enhanced financial reporting. In conjunction with all the global
enterprise-ready capabilities available in NetSuite OneWorld 16,
this new release further helps global companies increase
operational efficiency, streamline financial reporting, deepen
local and global compliance, localize business processes and
deliver peace of mind for CFOs, controllers and finance
users.
"The robust functionality and flexibility of NetSuite OneWorld
makes it the last ERP system you'll ever need," said NetSuite CEO
Zach Nelson. "Whether they're a
fast-growing start-up or a multinational enterprise, NetSuite
continues to meet customer demands with features that enable them
to confidently expand into new markets, launch new products or
services and adapt to customer and market demands with a unified
and agile cloud-based platform."
Start-up Agility and Flexibility for Enterprise
Companies
The pace of modern business is quickly
accelerating, forcing companies to compete more fiercely than ever
before. In order to stay competitive, businesses must continue to
innovate with new product introductions and business models,
packaging and pricing changes, new geographies, and even
acquisitions. NetSuite OneWorld helps businesses to adapt and
change with complete control over all aspects of global operations.
Enhancements to NetSuite OneWorld that deliver ground-breaking
agility include:
- Secondary books consolidation and financial reporting,
allowing companies that are required to keep multiple sets of
auditable financial results to satisfy specific GAAP (Generally
Accepted Accounting Principles) requirements across their global
business operations, and enabling accountants and controllers to
optimize financial period closing at a global level. For example,
companies can maintain accounting records according to their
corporate or headquarter accounting policies in parallel with local
accounting rules that may have different recognition timing or
classification.
- Electronic invoicing framework, which helps customers to
create country-specific electronic invoices, comply with local
legal and cultural operational requirements, such as Factura
Electrónica in Mexico and
PEPPOL in Europe, as well as
further automate the order to cash process while decreasing costs
associated with manual paper invoice processing and improving
collections with faster payments.
- NetSuite SuiteBilling & Unified Revenue Recognition,
the industry's first and only cloud order-to-billing-to-revenue
solution, unifies both the billing and revenue recognition
processes for global businesses regardless of business model with
complete controls and auditability, helping businesses with global
compliance requirements to reduce risks. SuiteBilling can enable
global businesses to evolve their business model, product or
service offerings with confidence that NetSuite OneWorld can
support their needs.
Global Business Efficiency
The impact of the Internet,
evolving labor markets and expanding supply chains have combined to
force all businesses to become global businesses. Organizations
need a system that can quickly respond to these changes, whether
it's the possibility of the UK leaving the EU, an evolving global
economy or a shifting regulatory environment. Whether a business is
adding a new subsidiary, launching a new sales channel or acquiring
a company, NetSuite OneWorld can quickly and easily manage the
complex operational and financial impact of business processes,
creating a seamless experience for thousands of organizations.
Today NetSuite OneWorld supports more than 100 countries with
configurable tax calculation and reporting in order to meet local
government compliance obligations, supports 20
different languages natively along with any language of
communication for Customer and Vendor interactions. Further, with
support for 190 currencies, over 120 payment methods and
multi-subsidiary management, enabling NetSuite customers to
transact in more than 200 countries and dependent territories
around the world.
This incredible global footprint of capabilities and deployments
is testament to NetSuite's focus on ensuring customers can
recognize opportunities and rapidly expand to new countries with
confidence. New OneWorld features supporting global operations
include:
- Global vendor management, enabling multi-company users
to centralize and manage their global vendor relationships,
including credit limits, across multiple companies and to clean up
duplicate vendor data from legacy systems by merging vendor records
across subsidiaries.
- Country-specific localizations, expanding support for
tax calculation and reporting requirements in more than 100
countries, including support for Czech Republic VAT Control
Statement and Slovak Republic VAT Ledger Statement, which will
allow global companies to meet the tax requirements of the
countries they operate in. Through NetSuite's support for local tax
calculation and reporting, changes in VAT transaction details in
Belgium and Portugal, and similar upcoming changes in
Spain and Hungary can be managed seamlessly, as NetSuite
cloud ERP can allow global companies to cope with such changes with
minimized business disruption.
Efficient Compliance Reducing Risks
- Enhanced governance, risk and compliance, expanding
NetSuite's existing GRC capabilities with a focus on ensuring
companies of all sizes have the ability to define role-specific
access controls across their global organizations, track activity
and configuration changes at a granular level and report on that
activity, including proactive alerting related to business-specific
exception criteria. Key improvements to NetSuite OneWorld which are
part of this release include additional audit trails and
searchability across all financially-relevant account setup pages;
revenue recognition plan changes (within the Advanced Revenue
Management module); custom financial layouts; and more
comprehensive information about changes made to workflow
definitions. Improvements also include significantly enhanced
security around the password reset process.
Also available with this latest release of NetSuite OneWorld is the
Administration and Controls Toolkit (ACT) SuiteSolution, which
provides a powerful set of new tools for managing access, security,
and audit controls. The ACT SuiteSolution contains extensible
modules for tracking (and preventing) record deletion, managing
employee terminations (pre-dating terminations as well as automated
access removal from non-production environments), enhanced security
around SuiteScript file management, and a robust audit and change
management dashboard for at-your-fingertips, real-time, visibility
into key configuration and controls changes.
Future-Proofing Business
Organizations investing in
ERP need a system that supports not just the needs of today, but
the needs of tomorrow, no matter what it might bring. The NetSuite
SuiteCloud development platform provides robust customization
capabilities for customers and partners, helping companies to
future-proof their business.
While NetSuite is one of the most powerful global end-to-end
solutions in the marketplace, many organizations have either
heavily invested in enterprise point applications, require specific
vertical functionality or have unique needs based on geography. A
series of specialized, purpose built APIs in the SuiteCloud
platform enable strategic partners to plug in their unique value
add solutions so as to meet the needs of customers in existing
markets and help to open up new market opportunities for NetSuite
and our customers.
SuitePayments and SuiteTax
Leveraging the powerful
and flexible SuiteCloud development platform, SuitePayments and
SuiteTax are two components of NetSuite OneWorld 16. SuitePayments
allows payment partners to build extensible payment solutions that
will be consumed by all current and future modules in NetSuite's
omnichannel commerce product portfolio. For the first time
merchants can enable credit card payments, manage complex
alternative payments, offer fraud solutions and conduct EMV
card-present solutions globally over a single interface delivered
entirely in the cloud, which can drive down costs, consolidate
providers and create an unbeatable customer experience. SuiteTax
centralizes all tax functions within the NetSuite modules
eliminating the need for tax partners to create page by page
extensions within NetSuite to calculate taxes. This architecture
creates greater stability, compatibility and compliance for
NetSuite customers as they calculate, remit and manage compliance
in an ever-changing tax regulation environment while massively
simplifying the integration requirements for partners.
"Having pioneered ERP in the cloud, NetSuite continues to
innovate in meeting the demands of fast-growing global enterprises
with capabilities that enable them to confidently expand into new
markets, launch new products or services and adapt to customer and
market demands with a unified and agile cloud-based platform," said
Craig Sullivan, Senior Vice
President of Enterprise and International Products for NetSuite.
"These latest features demonstrate our clear commitment to
extending our lead as the #1 Global Financials system and helping
our global, enterprise customers operate wherever opportunity takes
them and succeed at the pace of modern business."
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 and automated tax calculation, reporting
and compliance in more than 100 countries, and transactions in more
than 200 countries.
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
@NetSuite Twitter handle for real-time updates.
For more information about NetSuite, please visit
www.netsuite.com.
Cautionary Note Regarding Forward-Looking
Statements:
This press release contains forward-looking
statements relating to expectations, plans, and prospects including
expectations relating to the deployment of NetSuite OneWorld 16.
These forward-looking statements are based upon the current
expectations and beliefs of NetSuite's management as of the date of
this release, and are subject to certain risks and uncertainties
that could cause actual results to differ materially from those
described in the forward-looking statements including, without
limitation, risks associated with material defects or errors in our
software. All forward-looking statements in this press
release are based on information available to the Company as of the
date hereof, and NetSuite disclaims any obligation to update these
forward-looking statements.
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.