New Features Give EMEA Companies Access to Country-Specific
Business Requirements to Succeed in the Cloud
LONDON, Oct. 16, 2017
/PRNewswire/ -- NEXT READY BUSINESS TOUR 2017 — Oracle
NetSuite, one of the world's leading providers of cloud-based
financials / ERP, HR, Professional Services Automation (PSA) and
omnichannel commerce software suites, today announced more NetSuite
OneWorld features localised for EMEA headquartered companies. The
new features unveiled today deliver the global financial
capabilities to allow businesses to gain greater financial control
over intercompany accounting across multiple jurisdiction
countries, improve auditing processes, reduce financial close time,
and provide businesses with an exceptional experience when
conducting bank reconciliation. NetSuite additionally announced
today new localised features in Spain and Portugal, to help meet country-specific
business requirements and tax and regulatory compliance.
Already in use by more than 3,000 subsidiaries and legal
entities of global companies running businesses across EMEA,
NetSuite OneWorld, winner of the 2017 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.
EMEA Companies Receive More Global Financial Features for
Operational Efficiency
Companies with headquarters in EMEA and local subsidiaries
continue to confront challenges managing accounting across multiple
countries while maintaining auditability. The new features released
in NetSuite OneWorld give organisations across EMEA rich new
capabilities, including book-specific intercompany journal entries,
cross book reporting, deferred expense roll forward report, and GL
audit numbering in searches and reports to fulfill Storno
requirements for reversing transactions. The new features also
improve auditability, giving companies even greater financial
controls.
"With these new OneWorld features, companies in EMEA are reaping
the benefits of NetSuite's ongoing commitment to the region, now
backed by the resources of Oracle," said Craig Sullivan, Group Vice President of Product
Development for NetSuite. "From dealing with the complexities of
acting global in operating across multiple jurisdictions, to easier
bank reconciliation, to being local and keeping up with the latest
taxation and regulatory changes, NetSuite customers know they have
a platform and partner that is ready to support their needs now for
their next."
Other features include country-specific support depreciation for
Benelux companies and support for the EU Sales Listing for
Belgium. For Middle East headquartered countries, NetSuite
OneWorld includes new country-specific features, including support
for the new Unified Value Added Tax (VAT) Agreement, set to take
effect for Saudi Arabia and the
United Arab Emirates (UAE) in 2018
with more Gulf Cooperation Council (GCC) countries expected to
follow.
Additionally, NetSuite OneWorld has made significant additions
to its bank reconciliation and transaction matching capabilities.
As EMEA-based companies see increasing utilisation and
modernisation of electronic banking systems and more complex
reconciliation requirements, NetSuite OneWorld has delivered
support for: industry-standard commercial banking statement formats
including BAI2 and MT940 using ISO20022 (CAMT053.006.001); a new UI
and side-by-side matching; an advanced transaction matching engine;
and user-defined rules to support additional matching criteria. The
new bank reconciliation provides an exceptional, modern user
experience and is just the first in a number of advancements
planned over the next few releases.
NetSuite Extends Localisations for Spain and Portugal
Leveraging Oracle's global resources, NetSuite has accelerated
business expansion into more and more countries throughout EMEA.
Following recent announcements of new operations in the United Arab
Emirates and South Africa, NetSuite has extended its product
localisations and support for Spain and Portugal, where it currently has an expanding
partner network, to include:
Country-specific indirect tax
support for Spain
– support for the new VAT management system (the SII)
that went into effect in Spain
1 July, 2017. The new system requires
companies to submit the VAT register books through the tax
administration's online platform on a real-time basis.
Country-specific indirect tax
support for Portugal
– support for the updated SAFT-PT requirement for Portugal. The latest release of NetSuite
OneWorld includes localised features for Nordics-headquartered
companies across indirect tax reports for EU Sales listing and
Intrastat reports in Denmark and
Finland, and support for the
Swedish Svenska Enskilda Banken (SEB) payment format.
NetSuite OneWorld delivers a real-time, unified global business
management platform for companies that manage multinational and
multi-subsidiary operations and provides real-time visibility at
the local, regional and headquarter levels. With NetSuite OneWorld,
companies can easily manage multiple subsidiaries, business units
and legal entities all from a single cloud-based ERP system, while
seamlessly handling different currencies, taxation rules,
compliance and reporting requirements. To learn more about NetSuite
OneWorld, visit
www.netsuite.com/portal/products/global-business-management.shtml.
About Oracle NetSuite
Oracle NetSuite pioneered the
Cloud Computing revolution in 1998, establishing the world's first
company dedicated to delivering business applications over the
internet. Today, it provides a suite of cloud-based financials /
Enterprise Resource Planning (ERP), HR and omnichannel commerce
software that runs the business of companies in more than 100
countries. For more information, please visit
http://www.netsuite.com.
Follow NetSuite's Cloud blog, Facebook page and @NetSuiteEMEA
Twitter handle for real-time updates.
About Oracle
The Oracle Cloud offers complete SaaS
application suites for ERP, HCM and CX, plus best-in-class database
Platform as a Service (PaaS) and Infrastructure as a Service (IaaS)
from data centers throughout the Americas, Europe and Asia. For more information about Oracle
(NYSE:ORCL), please visit us at oracle.com.
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their respective owners.
Contact:
Sarah Heinz
Public Relations
OracleNetSuite@cmgrp.com
+44 (0) 208 118 6013
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