Growing regulatory challenges, compliance risk, financial penalties and more frequent system-based tax audits is leading to businesses being burdened with ever more complex tax compliance requirements. As the world's #1 global cloud ERP, NetSuite OneWorld's tax and compliance management capabilities provides a robust foundation for transparency, automation, simplicity and controls in the management of your global tax and compliance responsibilities, enabling you to grow your business globally with confidence.
Used in over 110 countries with support for the most widely used languages, NetSuite's 'out-of-the-cloud' comprehensive indirect tax management and reporting capabilities cover over 90% of Global Gross Domestic Product (GDP) ensuring your business system is ready to handle your international footprint wherever your company operates.
Mismanagement of your tax management processes can result in penalties and interest charges. Whichever way you look at it, the management of indirect taxes is becoming a costly overhead.
Around the globe, indirect tax requirements continue to change frequently and place an increasing burden on businesses, rather than the government, to monitor and report on their compliance responsibilities. Compliance responsibility is a major hidden cost of business operations. The 2010 study "The Impact of VAT Compliance on Business" by PricewaterhouseCoopers found that in many countries on average, it takes a company longer to comply with VAT, than to comply with corporate income tax.
Governments are regularly changing tax rates and laws in an effort to balance their budgets, placing an increasing burden on businesses in the management of the additional tax compliance. Deployed by organizations in over 110 countries, NetSuite can help you address these challenges through:
NetSuite OneWorld is used in more than 110 countries, includes comprehensive indirect tax management and reporting capabilities for some of the most stringent local accounting regulations and gives you the power to go global with confidence. NetSuite OneWorld
NetSuite OneWorld has a built-in tax engine that is configurable to your specific business needs.
NetSuite multi-currency management supports 190+ currencies and exchange rates enabling you to do business with both customers and vendors globally as well as a wide variety of payment options. It provides real-time currency conversion and financial consolidation for all your global operations.
NetSuite Electronic Payments enables you to pay your vendor bills and employee expenses across the globe directly from NetSuite, as well as take payments directly from customers.
NetSuite Electronic Payment Processing puts 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 eliminating checks, postage and envelopes and saving time too.
Translated in 19 languages including Chinese, Japanese, French, German and many more, NetSuite OneWorld enables each employee to select his or her language of choice.