Australia’s #1
Global Cloud ERP

110+ countries
190+Currencies
50+ tax jurisdictions
1 cloud ERP instance

NetSuite OneWorld International Capabilities


Increasing regulatory challenges, compliance risk, financial penalties and additional frequent system-based tax audits is leading to companies being encumbered with ever more complex tax compliance regulations. As Australia's #1 global cloud ERP solution, NetSuite OneWorld's tax and compliance management capabilities delivers a robust foundation for transparency, automation, simplicity and control in managing your global tax and compliance obligations, empowering you to grow your business globally with ease.

A global ERP solution used in over 110 countries with support for a wide variety of languages, NetSuite's 'out-of-the-cloud' comprehensive indirect tax management and reporting abilities cover over 90% of Global Gross Domestic Product (GDP) making sure your business system is able to handle your international footprint in any country your company operates.

Benefits

  • Increases productivity by localising each employee’s experience
  • Drives global growth by supporting transactions across multiple currencies with ease
  • Minimises risk by supporting local accounting regulations and country-level financial and indirect tax reporting
  • Reduces errors with automated tax calculations
  • Scales with real-time currency conversion and financial consolidation
  • Supports your international operations within one complete global ERP system

Key Features

Indirect Tax Compliance

Mismanagement of your tax management processes can lead to heavy penalties and interest charges. Regardless of how you look at it, the administration of indirect taxes is becoming a costly overhead.

All over the world, indirect tax requirements continue to change regularly and this creates an increasing load on businesses, rather than the government, to monitor and report on their compliance obligations. A global ERP solution can help you address these challenges through:

  • Transparency—decreases audit risk with an always-on audit trail, access logs for both external and tax auditors and full drill-down from summary tax forms and reports to underlying transactional data displaying the source of calculations
  • Automation—provides standardised workflow across all international operations with tax calculation happening as part of standard business processes
  • Control—Validation of data entry based on in internal standards and centrally defined configurable approval processes and exception reporting deliver assurance in system administration
  • Simplicity—one complete global ERP system architecture means no re-keying of transactional or tax data, avoiding manual errors and traceability gaps found in traditional point solutions

Financial & Accounting Regulations

NetSuite OneWorld is used in more than 110 countries andincludes comprehensive indirect tax management and reporting capabilities in order to meet some of the most stringent local accounting regulations, empowering you to go global with confidence. NetSuite OneWorld:

  • Delivers accounting regulations across multiple countries including US, UK, Germany, Japan, Australia, Singapore, Hong Kong and more
  • Is accredited by multiple bodies including the American Institute of CPAs (AICPA, the Institute of Chartered Accountants in England and Wales (ICAEW) and in Singapore by IRAS as complying with GST and Audit Files.
  • Is certified in Germany under IDW AuS 880 and GoBS, Philippines by Philippines Bureau of Internal Revenue, Portugal by DGPC under the Computerized Invoicing software certification (Portugal Decree 363/2010), Japanese J-GAAP compliant and many more

Configurable Tax Engine

NetSuite OneWorld has a built-in tax engine that is customisable to your exact business needs. It provides:

  • Out-of-the-Cloud pre-configuration of tax codes and localised reporting for over 50 countries
  • Flexible indirect tax engine automates calculation of Canadian HST, Mexican IVA, German Mwst, Philippines VAT, Australian GST and more
  • Cross border sales and Intrastat reporting across all 27 EU countries, including online capabilities for many countries

Comprehensive Currency Management

NetSuite multi-currency management provides 190+ currencies and exchange rates allowing you to conduct business with both customers and vendors globally and providing a wide variety of payment options. It delivers real-time currency conversion and financial consolidation for all your global business operations.

Audit and Compliance Reporting

  • Electronic audit is now common practice in many countries for both external auditors and Government tax auditors. NetSuite supports audit files formats for SAF-T (all OECD countries), GDPdU (Germany), IAF for Singapore and many more
  • Always-on audit trail, built-in analytics, access logs and workflow
  • Full drill-down from summary reports to underlying transaction detail delivers transparency to aid demonstration of on-going compliance with local statutory and regulatory requirements
  • One global ERP system architecture simplifies Sarbanes-Oxley (SOX) and similar compliance obligations by ensuring standardisation and consistent reporting across your global operations

Payment Processing

NetSuite Electronic Payments aids you to pay your vendor bills and employee expenses all over the world directly from NetSuite, as well as take payments directly from customers.

NetSuite Electronic Payment Processing places the payments or direct debits into each bank's predefined file format ready to import into banking software or submit to the bank online, thus lowering payment processing expenses by removing checks, postage and envelopes and saves time.

Comprehensive Currency Management

Translated in 19 languages including Chinese, Japanese, French, German and many more NetSuite OneWorld allows each employee to choose his or her language of choice