NetSuite Announces New OneWorld Features for Businesses Across Europe
Businesses in Europe face a number of challenges including evolving political landscapes, emerging regulatory requirements, and rapidly advancing technology leading to constantly-evolving customer expectations. Additionally, increased pressures from global competition require companies to take their 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 technological constraints. Legacy software systems siloed by department, geography or legal entity, leave them unable to deliver an optimal customer experience and gain insights into their operations. On-premise software such as Sage, Microsoft AX or SAP requires costly maintenance and disrupts the business with every product upgrade, forcing companies into version lock. These legacy software systems not only are difficult to scale with business growth, but can also introduce excessive costs and potential errors, while also restricting businesses’ ability to respond to their changing markets and the needs of their customers. Other available cloud financial software solutions only offer basic product functionality that has difficulty scaling and supporting business needs and growth.
NetSuite OneWorld, already in use by more than 3,000 Europe-headquartered companies, subsidiaries and legal entities, and deployed in over 160 countries around the world, 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 while enabling unprecedented efficiency, consistency and visibility across their global operations. European-headquartered businesses like Secrid, Pret A Manger and PageGroup and multinational companies such as Transavia and Misys 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 Europe 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, managing vendors and reaching customers wherever they may be in the world.
The new NetSuite OneWorld features announced today include:
For Europe-Headquartered Companies:
Enhanced Support for Non-deductible Input Tax, available to businesses across Europe, making the process of tracking and recording VAT for indirect taxes much easier and more straightforward, allowing for easier audits and compliance reporting. In Europe, a VAT registered business can usually reclaim VAT on their purchases and payments made to VAT registered suppliers. However, there are some expenditures that are disallowed for VAT purposes or only partially recoverable such as Input VAT on the purchase of motor cars. Other examples of expenses on which input taxes are not reclaimable are business entertaining expenses. NetSuite OneWorld can automate the VAT administration process so that the user no longer has to think of what percentage is deductible or ever has the need to make any changes manually. Users now simply enter the item and NetSuite OneWorld does the rest.
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. The system will automatically create a credit memo to record the tax adjustment needed so that businesses don’t pay taxes over and above what is needed for compliance.
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.