SINGAPORE, May 30, 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 Hong
Kong and Singapore.
Localised and designed to meet the business, regulatory and tax
compliance needs 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
200 subsidiaries and legal entities of global companies running
business in Singapore and more
than 150 in Hong Kong, 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 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 can be
difficult to achieve by businesses running legacy on-premise
software, or immature ERP cloud solutions that are years behind
NetSuite and only offer rudimentary functionality.
NetSuite OneWorld, a Game-Changer for Singapore and Hong Kong Businesses
Singapore is widely seen as the
hub for Southeast Asia, which has
a tremendous opportunity for growth with the establishment of the
ASEAN Economic Community (AEC) in 2015, creating a regional
economic force. With AEC, the borders of member states
(Singapore, Malaysia, Indonesia, Philippines, Thailand, Vietnam, Brunei, Cambodia, Laos, and Myanmar) were officially opened to the free
flow of trade, labour and capital, creating an enormous market: the
region has over 622 million people, and when combined has a GDP of
USD $2.6 trillion, making it the
third largest economy in Asia
(behind China and Japan) and the world's seventh largest. The
lowering of trade barriers and tariffs creates a more competitive
environment for local players as nimble new entrants or well
capitalized multinationals enter the market.
Hong Kong is viewed as a
gateway to China. It has been the
ASEAN region's largest trading partner since 2009, while ASEAN has
been China's third-largest trading
partner, thanks to a Free Trade Agreement between the two. The
combination of a unified AEC and growing demand from the Chinese
market, creates a huge opportunity for businesses in the
region.
To fully capitalise on this opportunity and expand business
across borders, businesses need a modern, flexible and global
financial system, with support for local language, currencies and
tax and regulatory requirements.
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 companies headquartered in Singapore and Hong
Kong, NetSuite OneWorld delivers country-specific features
and functionality such as:
- Global currency and accounting with localised
capabilities such as support for local currency and date/number
formatting conventions.
- Country-specific indirect tax reporting capabilities
that are certified compliant with Inland Revenue Authority of
Singapore (IRAS) technical
guidelines and requirements such as the ability to automatically
generate an IRAS Audit File (IAF) and GST reports (GST F5 report)
in Singapore.
- Local language support for Simplified and Traditional
Chinese 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.
- Local bank and payment support for accepting payments
online locally or across the region whether via VISA, MasterCard,
JCB, China UnionPay, American Express, or through China's AliPay, TenPay, WeChat Pay, Octopus,
or Singapore's eNETs and other
alternative payment methods through payments partner AsiaPay; or
electronically through banks with support for GIRO, DBS – IDEAL,
and UoB - BIB-IBG.
- 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
CuriousRubrik—which has developed HCM and Payroll for Singapore; and Hitpoint, Shearwater and
Trigger Asia which have built localization solutions not only for
Hong Kong but Mainland China as
well.
NetSuite OneWorld also Enables Multinationals to Do Business
across Asia.
For businesses that seek to go to new markets and expand
business across the border, NetSuite OneWorld
delivers:
- Global currency and accounting with localised capabilities such
as the support for local currency and date/number formatting
conventions.
- 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.
- Country-specific indirect tax reporting capabilities whether
for GST, VAT or Withholding Taxes, are available for the Philippines, Malaysia, Indonesia, Thailand, and Vietnam.
- Comprehensive tax compliance providing the ability to
automatically generate a summary of indirect tax obligations in
multiple jurisdictions and mandatory Tax Audit Files in various
formats.
- Online payments with support for credit card, debit card,
online debit payments and other alternative payment methods in the
region whether via VISA, MasterCard, JCB, China UnionPay, or
American Express; or via country-specific payment methods such as
SCB and Bay in Thailand; OnePay in
Vietnam; CIMB Clicks, MayBank M2U,
and revPAY in Malaysia; Gcash and
Smart Money in the Philippines;
and other popular payment methods in more than 10 countries
throughout Asia with AsiaPay.
- Local language support for Thai, Simplified and Traditional
Chinese 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 – covering various
country-specific accounting, taxation, and payroll
requirements.
In Summary, NetSuite OneWorld for Singapore and Hong
Kong delivers:
- 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.
- 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 the ability
to automatically generate a summary of indirect tax obligations in
multiple jurisdictions and mandatory Tax Audit Files in various
formats, 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 computer-based audit methodologies.
- Country-specific indirect tax support. With support for
GST in Singapore and Malaysia, as well as VAT in the Philippines, Thailand, Indonesia and Vietnam, 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.
- 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 Thai, Simplified and Traditional Chinese.
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.
"Businesses like Scoot Airlines, Hong Kong Express and
Treknology 3 are already benefiting from the flexibility,
scalability and support for local requirements that NetSuite
OneWorld provides," said Craig
Sullivan, SVP, Enterprise and International Products. "With
the latest enhancements to the No. 1 cloud ERP, businesses in
Singapore, Hong Kong and the rest of the region are
getting a world-class global solution to capitalise on the area's
growth with the local tax, currency and accounting support they
need."
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 enterprise-ready
cloud business management suites of enterprise resource planning
(ERP), customer relationship management (CRM), and ecommerce
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 suites to businesses around the
world, enabling them to lower IT costs significantly while
increasing productivity, as the global adoption of the cloud
accelerates.
For more information about NetSuite, please visit
www.netsuite.com.sg and www.netsuite.com.hk.
Follow NetSuite's Cloud blog, NetSuite's Facebook page and
@NetSuiteAPAC Twitter handle for real-time updates.
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. 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.