NETSUITE DELIVERS FIRST CLOUD ERP SUITE FOR THE PHILIPPINE MARKET
NetSuite OneWorld PH Puts Philippine Local and Global
Business Management in the Cloud
Localized for Creditable Withholding Tax, VAT Reporting, and BIR Requirements
MANILA AND SAN MATEO, Calif. — October 18, 2010 — NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP software suites, today announced NetSuite OneWorld PH, the first cloud-based ERP suite for the Philippine market. NetSuite OneWorld PH is a localized version of NetSuite OneWorld, the first and only on-demand system to deliver real-time global business management and financial consolidation to mid-sized companies with multinational and multi-subsidiary operations. This powerful cloud technology for complex, multi-national companies is currently in use at some of the Philippine's leading companies including Jollibee Foods Corp., ABS-CBN and Antech, makers of Dr. Edwards Water. For more information about NetSuite PH, please visit www.netsuite.com/NetSuiteOneWorldPH.
NetSuite OneWorld PH has been localized for the accounting rules, usage conventions, statutory and regulatory requirements of the Philippine market, including tax reporting requirements mandated by the Bureau of Internal Revenue (BIR). NetSuite OneWorld PH is the perfect solution for Philippine businesses to manage their domestic and global businesses in the cloud, whether they are locally headquartered or a division of a larger, multi-national enterprise.
NetSuite has long been the industry leader in cloud-based ERP suites enabling mid-sized companies and divisions of large enterprises to manage key business processes from financial consolidation to ERP to CRM and Ecommerce with unparalleled flexibility, ease of use, and cost efficiency. The unique power of NetSuite OneWorld is fueling NetSuite's global growth. According to a report published in April 2010 by Gartner, from 2007 to 2009 NetSuite grew market share faster than any other ERP vendor, amongst the top 10 financial management solutions across North America, and in key markets in Europe and Asia-Pacific.
The introduction of NetSuite OneWorld PH is perfectly timed in response to growing demand for cloud solutions in the Philippines and throughout the region. Companies in the Asia/Pacific region (APAC) are abandoning traditional, archaic ERP systems that are among the most time-consuming and expensive technology investments in the business world in favor of efficient and cost-effective cloud computing solutions. According to Springboard Research, APAC companies will spend nearly US$2.3 billion on cloud solutions by 2012. In fact, 45 percent of APAC companies already use, or plan to use, cloud solutions—a figure which doubled in just one year.
"NetSuite OneWorld PH represents the perfect opportunity for companies operating in this market to streamline their path to compliance with BIR requirements, and gain greater control over both their local and multi-national operations," said Craig Sullivan, Vice President and General Manager, International for NetSuite.
NetSuite OneWorld PH Introduces Several Important Capabilities
- Recently, as a result of BIR Revenue Regulation number 09-2009, the top 20,000 corporations in the Philippines are required to use a Computerized Accounting System or CAS. NetSuite OneWorld PH provides the perfect solution for companies struggling to comply in time with this requirement by enabling them to roll out an integrated system for accounting and financial reporting quickly and cost-effectively.
- NetSuite OneWorld PH's innovations include support for Philippine Withholding Tax, specifically Expanded or Creditable Withholding Tax. This includes automating the process of tracking, and the creation of crucial forms and reports such as the Certificate of Creditable Tax Withheld at Source, as well as the Monthly Alphalist of Payees (MAP) and the Summary Alphalist of Withholding Agents (SAWT).
- In addition, Philippine VAT tracking and reporting is now supported. Philippine VAT tax codes are now included by default for customers operating in the Philippines, as well as reports needed for the generation of monthly company VAT declarations and quarterly VAT returns, including supplementary VAT reports such as the Quarterly Summary List of Sales (SLS) and Quarterly Summary List of Purchases (SLP).
Philippine Companies Already Benefit from NetSuite
Companies headquartered or with significant presence in the Philippines are enjoying success with NetSuite. These companies have chosen NetSuite over disparate business management applications to grow their businesses and have embraced NetSuite for its integrated suite which delivers ERP/accounting, CRM, and Ecommerce capabilities in a single cloud application.
Business leaders already using NetSuite in the Philippines include:
Jollibee Foods Corporation (www.jollibee.com.ph), based in Manila and one of the world's largest fast food chains with over 1,800 stores, turned to NetSuite OneWorld to power its global expansion. Jollibee first selected NetSuite for its Vietnamese operations, as a lower-cost alternative to extending Oracle into that market. Strengthened by the success of NetSuite in Vietnam, Jollibee has extended the solution to hundreds of stores across the Asia/Pacific region. "NetSuite provides all the capabilities we need internationally, in a time frame and at a cost that supports our continued growth and development," said Ysmael Baysa, Jollibee CFO.
Institute of Culinary Arts and Food Service at Far Eastern University (www.icf.com.ph), based in Makati City, is a new degree program and skills training culinary school, operated as a joint venture between Pancake House Group and Far Eastern University. ICF@FEU selected NetSuite to manage its operational needs, avoiding the costly purchase of enterprise servers and saving the ongoing costs of several hires which would have been necessary for IT maintenance and inventory management. Because ICF@FEU has the needs of both a school and a restaurant, NetSuite's broad-spectrum capabilities were a perfect match. "NetSuite meets all of the requirements for a school, and automates many of the processes we would normally have to perform manually," said Evelyn Misola, ICF@FEU registrar.
Antech Inc. (www.dr-edwards.com), based in Manila, is a pediatric nutrition specialist best known for Dr. Edwards Sterilized Drinking Water. When Antech needed to expand the quality and reliability of its home delivery service, the company turned away from a hairball of disparate systems to NetSuite. Antech eliminated double-entry, errors, delays and inventory troubles by selecting NetSuite, and gained the benefit of industry-standard accounting controls and process flow. "NetSuite has a best-in-class system with controls that are tested and proven in the real world. A patchwork system doesn't give you that, and creates a lot of potential for mistakes," said Chris Feist, Antech president and COO. "On the integrated ERP system NetSuite provides, all of our accounting controls are built-in."
SQL*Wizard (www.sqlwizard.com), based in MakatiCity, is a leader in business intelligence and data warehousing solutions. Moving from on-premise systems to NetSuite provided efficient monitoring of sales and consulting activities, faster reporting, full integration of sales and accounting activities, and substantial time savings for all of the company's users. SQL*Wizard was able to reduce one administrative FTE and can monitor and grow business from anywhere. "With NetSuite, information recorded once serves many functions, and everyone has access to the system on a 24x7 basis," said Dinah Salonga, managing director of SQL*Wizard. "NetSuite offered us more functionality for the same price as our old system, and the cloud delivery fits well with our business model."
Pricing and Availability
NetSuite OneWorld PH will be available beginning November 15, 2010 as part of a subscription to NetSuite at no additional charge.
NetSuite Inc. is the industry's leading provider 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 "real-time dashboard" technology provides an easy-to-use view into up-to-date, role-specific business information. For more information about NetSuite Inc., please visit www.netsuite.co.uk.
NOTE: NetSuite and the NetSuite logo are registered service marks of NetSuite Inc.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements relating to expectations, plans, and prospects including expectations relating to the future growth of the cloud solution market in the APAC region. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the market for on-demand services may develop more slowly than expected or than it has in the past; or continued adverse and unpredictable macro-economic conditions or reduced investments in on-demand applications and information technology spending. For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the U.S. Securities and Exchange Commission ("SEC"), including but not limited to the Company's most recently filed Form 10-Q and 10-K available at the Company's website or from the SEC.