Senior VP, Corporate Communications
NETSUITE UNVEILS NEW TAX ENGINE FEATURES AND FRENCH LANGUAGE AVAILABILITY FOR CANADA
New Additions Support Multi-Province Mid-Market Companies for Effective Tax Management and Faster Filing
French Language Available Now for Quebec-Based and Other French-Speaking Businesses
San Mateo, CA — June 8, 2006, — NetSuite, Inc., the leader in on-demand business software suites, today announced a set of new tax engine features and additions, allowing NetSuite to meet the sophisticated needs of multi-province mid-market companies for more efficient tax management and faster tax filing in Canada. The newly-released functionality adds substantial enhancements to the existing tax engine already built in NetSuite for Canada which has been successfully used by growing companies in Canada for more than 5 years. Additionally, NetSuite has also unveiled the option to select French as the base language in all product offerings for Canada, allowing Quebec-based companies and other French-speaking businesses to conduct business in both English and French. For more information about the new functionality for Canada visit www.netsuite.com/canada
Designed specifically for the accounting and tax environment in Canada, NetSuite is the only on-demand business software suite to offer Canadian businesses the full capabilities they need for tax management and filing. With the new functionality announced today, businesses have greater control over the charging, tracking and reporting of the applicable Goods and Services Tax (GST), Harmonized Services Tax (HST) and Provincial Sales Tax (PST) for their activities. Importantly, these new capabilities allow businesses operating in multiple provinces with tax liabilities in each to eliminate the guess work, and manual intervention required in other systems by automatically selecting the appropriate tax codes based on a customer's shipping address.
In addition, NetSuite users in Quebec and French-speaking businesses can now choose French as their base language when first setting up their NetSuite account. Users can also choose their own user interface language as appropriate for them allowing businesses that operate in French-speaking and English-speaking provinces simultaneously to support the linguistic needs of their employees. Moreover, businesses can also communicate with their customers in any language they choose using the multi-language capabilities of NetSuite and entering translated item names and descriptions for inclusion on printed documents, e-mail and faxes.
"We are delighted to be able to offer our existing Canadian customers the enhanced GST/HST and PST management capabilities they have been asking for," said Craig Sullivan, senior director of product management at NetSuite." "Accurate tax management is a vital part of running any business and with these new features, NetSuite is perfectly placed to be the business suite of choice for the many thousands of mid-market companies operating in multiple provinces throughout Canada."
"We are a Montreal-based consulting firm serving corporate clients in English and French, so we really look forward to NetSuite's new French language capabilities," said John Mavridis, President of legal and business consulting services firm, Newhouse Strategic Counsel. "While we have been able to send invoices and statements to French-speaking clients, the new functionality will help Newhouse grow locally in Québec by providing a seamless interface to staff for time and accounting. And on the tax-side, this will create efficiencies that will make my accountant happy."
"One of the reasons we're a NetSuite partner and customer is that NetSuite continues to focus on the local markets and evolve their product accordingly; not all software companies do this," said Tony Bone, Managing Partner of zeroedin inc., an ERP reseller based in Toronto. "With the new tax engine, companies can manage all tax requirements across North America, which makes NetSuite more marketable to our customers and prospects. The release of the new functionality demonstrates NetSuite's continued commitment to the Canadian market, which will further their Software as a Service (SaaS) market leadership in Canada."
"We only sell and use what we know is the best on the market, and that is why we're a partner and customer of NetSuite," said Robert Warwick, sales director at Toronto-based Kuspide, an IT consulting boutique. "Yet again, NetSuite has filled the gap of what our customers have been requesting with its latest tax engine functionality. This will consequently allow us to secure more customers across Canada."
The new tax engine features announced today are included in NetSuite Version 11.0 which is in a phased roll-out throughout June. The details of the new functionality include:
- Multiple Tax Control Accounts — In order to help a business organize its financial statements and provide maximum visibility of its tax liabilities, it is now possible to create multiple tax control accounts. GST/HST and PST on transactions will be posted to these accounts automatically based upon the Tax Codes selected.
- Separate Tax Items and Tax Groups — NetSuite now supports the creation of separate tax items (for GST/HST and PST) which are then combined to form tax groups for selection on transactions. Tax agency and control accounts can be specified separately on each tax item to allow more granular tracking of taxes charged and paid.
- Tax Code Lookup Based on Province — To make the entry of transactions and the selection of the correct tax code even easier, NetSuite will now automatically look up the appropriate tax code based on the province being shipped to. For businesses that have a physical presence (nexus) in more than one province, they simply need to create a tax group for each province and NetSuite will select the corresponding tax code, charge the correct tax and allow you to pay it over to the appropriate tax agency at the end of the reporting period.
- Customer PST Exemption — To remove one extra concern when entering sales transactions, it is now possible to identify specific customers as PST Exempt and enter their corresponding PEC for reference purposes. NetSuite will always use the Tax Code the user creates for PST Exempt sales when entering transactions for these customers.
- GST34 Form — Submitting the GST34 Form to the Customs and Revenue Agency has never been easier. Now NetSuite will automatically generate a draft of the form with all the appropriate boxes filled in directly from a business data. In addition, the user can enter adjustment and other information directly in to the worksheet and print a copy for their records after they have copied the information from each field over to the form provided by the Customs and Revenue Agency.
Availability and Pricing:
Available now in NetSuite 11.0 which is in a phased roll-out throughout June 2006, the new tax engine functionality is free with NetSuite.