SVP, Corporate Communications
NetSuite Cloud Computing Software Manages GST Rate Change Smoothly; No Complex Software to Upgrade and Test
New Tax Reports Reduce Administration Time and Effort
SYDNEY AND AUCKLAND — 30 September 2010 —NetSuite Inc. (NYSE: N), the industry’s leading provider of cloud-based financials / ERP software suites, today announced new functionality added to its core software suite that delivers hassle-free compliance with the 1 October 2010 GST changes in New Zealand.
Thanks to the flexibility of the NetSuite Tax Engine, built into the NetSuite business management software suite, and the power of Cloud Computing delivery, NetSuite customers in New Zealand can comply with the GST change without worrying about updates or applying software patches themselves. NetSuite’s highly configurable, mid-market Software-as-a-Service (SaaS) business management software allows companies to respond rapidly to reflect the correct tax rate on their sales and purchase transactions, while maintaining the integrity of their historical GST and accounting records.
In addition, NetSuite has made New Zealand-specific GST101A tax reports available free of charge for all customers in New Zealand. This new functionality further extends NetSuite’s support for New Zealand-based businesses, providing improved background information and reduced administration time by automatically populating the GST 101A form with the data being tracked throughout the tax period in NetSuite.
Craig Sullivan, Vice President and General Manager, International for NetSuite, said: "The ability of on-demand business systems, such as NetSuite, to respond quickly to changing business conditions in near real-time and communicate a single, best-practice message directly to customers is just the latest example of how SaaS-based solutions trump older generation, on-premise packaged software."
Through a multi-channel communication approach that includes an online User Group, direct email communication and trained Customer Support representatives, NetSuite has provided clear and simple guidelines for customers to follow. Utilizing standard mass-editing tools, or the graphical, easy-to-use Import Assistant if a large number of items are involved, even customers with many thousands of items should be able to complete the process in less than half an hour.
"We are pleased to be able to help our customers in New Zealand manage the transition smoothly and efficiently, minimizing any disruption to their business," Sullivan said.
The Tax Engine solution should be particularly popular with wholesale and retail customers, including those with Web stores. The automatic update of customers' tax codes lists and items also includes any open sales and purchase orders that they may have as of 30 September. Customers can apply the changes at any time and then the system will update itself automatically on 1 October.
New Zealand businesses commended NetSuite for rapidly communicating the impact of the GST change to them, as well as for the ease with which they were able to accommodate compliance with the change within their business operations.
Janet Kerr, Director of Floorsafe (Auckland) Ltd, said: "We have found that the flexibility of the NetSuite software has enabled us to comply with the new tax codes so much more easily than we would ever have imagined. Being able to go into the GST reports at any time during the month to see what GST is owed to the IRD is also very helpful. We found the download of the bundle very easy to do – even for those, like us, who are not hugely computer literate!!!"
In the last two years NetSuite has proven its expertise having generated localized Tax Engines to accommodate rate changes in the UK, Canada and Spain.
About NetSuite — www.netsuite.com
NetSuite Inc. is the industry’s leading vendor of cloud-based financials/ERP software suites. NetSuite enables companies to manage core key business operations in a single system, which includes Enterprise Resource Planning (ERP), Accounting, Customer Relationship Management (CRM), and Ecommerce. NetSuite’s patent-pending "real-time dashboard" technology provides an easy-to-use view into up-to-date, role-specific business information.
NOTE: NetSuite and the NetSuite logo are registered service marks of NetSuite Inc.