Contact

MEI LI

SVP, Corporate Communications
650-627-1063
Email

NetSuite announces OneWorld for Nordics-headquartered companies

Localized and Designed to Meet Business Requirements, Regulatory and Tax Compliance

SUITEWORLD 2017, LAS VEGAS, Nev.—April 26, 2017—Oracle NetSuite Global Business Unit (GBU), one of the industry's leading provider of cloud financials / ERP, HR and omnichannel commerce software suites, today announced NetSuite OneWorld for Nordics-headquartered businesses. NetSuite OneWorld is now localized for Nordics-based businesses. With over 730 subsidiaries and legal entities of global companies already running businesses in Sweden, Norway, Denmark and Finland, the new localized OneWorld offering will bring more global cloud ERP capabilities for the region. Nordic companies will benefit from the combination of NetSuite’s increased product investment and Oracle’s localization capabilities.

“NetSuite’s commitment to the Nordic region was a compelling factor in our decision to go with NetSuite OneWorld,” said Tomi Holmberg, Director Sales Operations at Napa Ltd., a Helsinki-based company providing software solutions and services for the maritime industry. “We’re eager to learn more on the new and existing features of NetSuite to further improve our internal end-to-end process. I’m looking forward to meeting NetSuite professional personnel as well as other NetSuite users from different companies to have fruitful discussions on how we can utilize this great system to its full extent.”

“NetSuite is already providing Nordic businesses with one of the industry’s leading cloud ERP and these country-specific capabilities are a signal of our continued commitment to the success of companies headquartered in the region and across Europe,” said Craig Sullivan, Group Vice President of Product Development for NetSuite. “NetSuite OneWorld delivers the local tax, currency and accounting support to help Nordic companies continue to drive growth, expand and prepare for whatever comes next.”

NetSuite OneWorld, a Game-Changer for Nordic Businesses
NetSuite OneWorld 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, NetSuite OneWorld delivers omnichannel commerce capabilities to enable both B2B and B2C businesses to move from siloed online, in-store and call center shopping channels to an integrated commerce solution. Connecting ecommerce to order management, inventory, merchandising, marketing, financials and customer service gives NetSuite users the seamless brand experience needed to exceed customer expectations across the business.

NetSuite OneWorld for Nordics-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 help meet local norms and support for more than 190 currencies, including the 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, Intracommunity Sales and Purchase reporting, Intrastat declarations and Tax Audit File generation in various formats, including SAF-T, NetSuite OneWorld bridges the gap between traditional ERP and external tax engines and provides seamless access to key data required to satisfy those tax authorities.

Country-specific indirect tax support. NetSuite OneWorld supports the Nordics’ indirect VAT reports, including Skatt (DK), Skatteverket (SE), VERO Skatt (FI) and Skatteetaten (NO), along with other regional and global variants of Value-Added Tax, Sales Tax and Withholding Tax. It can be easily configured to calculate, track and report on the indirect tax obligations of businesses regardless of country, which can materially simplify 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. It also supports Mini-One-Stop-Shop (MOSS) tax calculation and reporting obligations for companies delivering electronic services to European customers.

Local bank and payment support. NetSuite OneWorld offers a highly configurable payment solution with more than 90 predefined bank formats 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 Danish, Swedish, Finnish and Norwegian for the Nordics. 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 customizable forms.

Cloud-based architecture. NetSuite OneWorld frees businesses from the hassles and expenses of managing on-premise software and associated hardware with a system able to be available anywhere at any time with an internet connection with mobile access from iPhone and Android devices with optimized screens to enable on-the-move executives and field staff.

Robust development platform. The SuiteCloud development platform enables businesses in the region to customize the software to their specific needs and integrate with 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.

For Nordics-Headquartered Companies, NetSuite OneWorld can deliver country-specific features and functionality such as:

  • Global currency and accounting
  • Country-specific indirect tax support
  • Local language support in Danish, Swedish, Finnish and Norwegian
  • Robust development platform with a vibrant partner ecosystem that has strong regional and vertical industry partners with domain expertise and local knowledge such as Staria Oyj and Accountor Enterprise.

For Denmark-Headquartered Companies, NetSuite OneWorld can deliver country-specific features and functionality such as:

  • Global currency and accounting
  • Country-specific indirect tax support
  • Flexible reporting engine that provides country-specific reporting
  • Local bank and payment support
  • Local language support
  • Robust Development Platform

For Sweden-Headquartered Companies, NetSuite OneWorld can deliver country-specific features and functionality such as:

  • Global currency and accounting
  • Country-specific indirect tax support
  • Local language support
  • Flexible reporting engine that supports country-specific reporting
  • SIE compliance and local payment processing for Bankgiro, Plusgiro, and SEPA
  • Swedish invoice layout
  • Robust Development Platform

For Norway-Headquartered Companies, NetSuite OneWorld can deliver country-specific features and functionality such as:

  • Global currency and accounting
  • Country-specific indirect tax support
  • Local language support
  • Flexible reporting engine that supports country-specific reporting
  • Robust Development Platform

For Finland-Headquartered Companies, NetSuite OneWorld can deliver country-specific features and functionality such as:

  • Global currency and accounting
  • Country-specific indirect tax support
  • Local language support
  • FAS reporting
  • Payroll integration
  • E-invoicing / Finnish invoice layout
  • Banking integration including Finnish invoice numbering and SEPA payment format
  • Robust Development Platform

About Oracle NetSuite Global Business Unit
Oracle NetSuite Global Business Unit pioneered the Cloud Computing revolution in 1998, establishing the world’s first company dedicated to delivering business applications over the internet. Today, Oracle NetSuite Global Business Unit provides a suite of cloud-based financials / Enterprise Resource Planning (ERP), HR and omnichannel commerce software that runs the business of companies in more than 100 countries. For more information, please visit http://www.netsuite.com.

Follow Oracle NetSuite Global Business Unit’s Cloud blog, Facebook page and @NetSuite Twitter handle for real-time updates.

About Oracle
Oracle offers a comprehensive and fully integrated stack of cloud applications and platform services. For more information about Oracle (NYSE:ORCL), visit www.oracle.com.

Trademarks
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.