NetSuite unveils new OneWorld features for EMEA Companies
Oct 17, 2017
New Features Give EMEA Companies Access to Country-Specific Business Requirements to Succeed in the Cloud
NEXT READY BUSINESS TOUR 2017, London—Oct 16, 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 localized 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 localizations 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.
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