SUITEWORLD 2018 | NetSuite empowers businesses in largest, fastest growing economies
NetSuite OneWorld adds localized product capabilities and expands in-country presence for businesses in Germany, France, China, Japan, Brazil and Mexico.
SuiteWorld 2018 expo at the Sands Convention Center in Las Vegas, Nevada on April 24, 2018. TechSabado file photo
LAS VEGAS, NEVADA — Extending its commitment to helping businesses across the world grow, scale and adapt to change, Oracle NetSuite today announced localized product capabilities and customer support for businesses in Germany, France, China, Japan, Brazil and Mexico. With the new local capabilities and in-country teams, NetSuite further empowers customers to take advantage of one unified business platform to streamline the management of multi-subsidiary operations, achieve consistent processes across countries, support global compliance and gain real-time global insight.
“With ever-changing regulations and evolving customer expectations, it is getting harder for businesses to drive growth both locally and internationally,” said Jim McGeever, executive vice president, Oracle NetSuite. “With new native localizations and customer support, we are giving our customers a complete solution with language, currency, tax compliance and local support teams in six of the world’s biggest and fastest growing economies.”
Germany, France, China, Japan, Brazil and Mexico are among the top 15 largest and fastest growing economies in the world, but increasing competition, shifting customer expectations and constantly changing regulations mean it is harder than ever to capitalize on the opportunities presented by these economies. With the new localized product capabilities and local in-country teams, NetSuite empowers businesses headquartered or operating subsidiaries in these economies to quickly and easily leverage an integrated suite of modern business applications to drive growth, reduce costs and achieve the benefits of cloud computing.
With customers now operating in 199 countries and dependent territories around the world, NetSuite is the proven cloud ERP business platform of choice for companies operating and growing internationally. The expanded global support further extends NetSuite OneWorld, a real-time, unified global business management platform that enables global businesses to streamline multi-subsidiary operations and achieve real-time visibility into key business metrics at the local, regional and headquarter levels. In addition, to help businesses across the world successfully grow, OneWorld supports 190 currencies, 24 languages, automated tax calculation and reporting in more than 100 countries.
Germany: NetSuite has achieved the local IDW PS 880 certifications necessary to validate NetSuite OneWorld for use by companies headquartered in Germany, and subsidiaries of multinational companies with operations in Germany. In addition, NetSuite OneWorld delivers country-specific features and functionality such automated period end closing entries, general ledger impact locking (Storno) and coming later this year, legal central bank reporting Z4/Z5a, fixed asset reporting – Anlagengitter, and bank and cash management updates.
France: NetSuite has achieved the first ever formal certification of NetSuite software in the market. OneWorld for French-based companies delivers period end close journals, FEC reporting, (Fichier d’écritures comptables), general ledger impact locking (Storno), Foreign Currency Gains/Losses variance postings (including custom rules), and coming in the next release support for Lettrage.
China: NetSuite customers can now open subsidiaries or new businesses in the world’s fastest-growing economy without the need for third-party products or extensive customization. Support for local Chinese requirements includes China-specific Reports and accounting as well as support for the China Golden Tax System.
Japan: NetSuite customers can now benefit from an improve user experience that includes enhanced Japanese summarized invoice support and automatic validation of closing and payment date. Summarized invoice support enables users to easily follow the general practice of sending a consolidated statement of all invoices, while automatic validation of closing and payment date capabilities enables users to automatically adjust the payment due dates on an invoice and credit memos if it falls on a weekend or holiday.
Brazil: NetSuite OneWorld can support services-based companies in Brazil, the largest economy in Latin America, with further plans to support product-based companies in the next 12 months. Support for local Brazilian requirements includes Brazilian-specific tax support, Nota Fiscal Eletrônica NFS-e (electronic invoices for services), electronic statutory reports and enabling Electronic Payments integrations to local banks.
Mexico: NetSuite customers can now benefit from native support for Mexican-based companies including the latest Electronic Invoicing requirements—CFDI 3.3—and Electronic Accounting 1.3.
