Oracle NetSuite Corporate Communications
Localized and Designed to Meet Business Requirements, Regulatory and Tax Compliance
LONDON—13 April 2016—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced NetSuite OneWorld for Benelux (The Netherlands, Belgium and Luxembourg) headquartered businesses. Localized and designed to meet the business needs, regulatory and tax compliance of regional businesses, NetSuite OneWorld brings an agile and flexible cloud software application that can run mission-critical business processes with global financial capabilities unmatched in the industry. Already in use by more than 850 subsidiaries and legal entities of global companies running business in the Benelux region, NetSuite OneWorld can give today’s businesses the ability to expand and transform their organizations and reinvent their business models to meet the ever changing demands of their markets and the expectations of their customers.
Businesses seeking to gain business efficiency, grow revenues, expand globally and enter new markets often find themselves held back by software systems siloed by department, geography or legal entity structures, leaving them unable to deliver an optimal customer experience and gain insights into their operations. These disparate software systems not only cannot scale with business growth, but also introduce excessive costs and potential errors, while also restricting businesses’ ability to respond to their changing markets and the needs of their customers. While on-premise software such as SAP or Microsoft Dynamics GP requires costly maintenance and disrupts the business with every product upgrade, forcing companies into version lock, other available cloud financial software solutions only offer basic product functionality that cannot scale and support business needs and growth. The agility, flexibility and scalability that NetSuite OneWorld provides is difficult to achieve by businesses running legacy on-premise software, or immature ERP cloud solutions, such as Exact cloud ERP in The Netherlands, that are years behind NetSuite and only offer rudimentary functionality.
NetSuite OneWorld, a Game-Changer for Benelux Businesses
NetSuite OneWorld, winner of the 2015 Software & Information Industry Association (SIIA) CODiE Award for Best Financial Management Solution and the 2015 UK Cloud Award for ERP Product of the Year, 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, to help today’s B2B and B2C businesses with omnichannel commerce, NetSuite OneWorld delivers commerce-ready capabilities that can help both B2B and B2C commerce businesses to move from siloed online, in-store and phone consumer shopping channels to an integrated commerce solution, connecting ecommerce and in-store POS to order management, inventory, merchandising, marketing, financials and customer service, while delivering a seamless brand experience and exceeding customer expectations.
For The Netherlands-Headquartered Companies, NetSuite OneWorld delivers country-specific features and functionality such as:
For Belgium-Headquartered Companies, NetSuite OneWorld delivers country-specific features and functionality such as:
For Luxembourg-Headquartered Companies, NetSuite OneWorld delivers country-specific features and functionality such as:
In Summary, NetSuite OneWorld for Benelux-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 meet local norms and support for over 190 currencies, including all 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, EU Intracommunity Sales reporting, Intrastat declarations and Tax Audit File generation in various formats, including SAF-T, NetSuite OneWorld can bridge the gap between traditional ERP and external tax engines and provides seamless access to the key data required to satisfy those tax authorities that are increasingly adopting standards-based eGovernment and audit methodologies particularly for cross-border trading.
Country-specific indirect tax support. With support for the Netherlands’ Omzetbelasting (BTW), Belgium’s Belasting over de Toegevoegde Waarde (BTW) and Luxembourg’s Taxe sur la Valeur Ajoutée (TVA), along with other regional and global variants of Value-Added Tax, Sales Tax and Withholding Tax, NetSuite OneWorld can be easily configured to calculate, track and report on the indirect tax obligations of businesses regardless of country, materially simplifying 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 in addition to Mini-One-Stop-Shop (MOSS) tax calculation and reporting obligations for companies delivering electronic services to European customers.
Country-specific reporting. NetSuite OneWorld provides reporting capabilities for EU Sales (EU intra-community sales covering both goods and services), Intrastat for EU movement of goods, cross-border trading and Tax Audit File generation in various formats, including SAF-T, bridging the gap between traditional ERP and external tax engines, to provide seamless access to the key data required to satisfy those tax authorities that are increasingly adopting standards-based eGovernment and audit methodologies.
Local bank and payment support. NetSuite OneWorld offers a highly configurable payment solution with more than 90 bank formats predefined 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 Dutch and French for Benelux. 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 that is available anywhere at any time with an Internet connection, and 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 meet their specific needs and integrate with other 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.
“NetSuite is already providing Benelux businesses with the No. 1 cloud ERP and these country-specific capabilities are a signal of our ongoing commitment to the success of companies headquartered in the region,” said Craig Sullivan, Senior VP of Enterprise and International Products for NetSuite. “With NetSuite OneWorld, these organizations are getting a world-class, global solution that can offer an unmatched opportunity for expansion, with the tax, currency and accounting support they need for operations in their specific country.”
Today, more than 30,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-ready cloud business management suites of enterprise resource planning (ERP), customer relationship management (CRM), and ecommerce applications for businesses of all sizes. Many FORTUNE 100 companies rely on NetSuite to accelerate innovation and business transformation. NetSuite continues its success in delivering the best cloud business management suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
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