Localised and Designed to Meet Business Requirements, Regulatory and Tax Compliance
Meeting the Rising Demand for #1 Cloud ERP among Regional Businesses
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. Localised 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 organisations 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:
- Global currency and accounting with localised capabilities including support for local charts of accounts.
- Country-specific indirect tax support for the Netherlands’ Omzetbelasting (BTW).
- Local bank and payment support for credit card, debit card and alternative payment methods in the region like iDEAL and Sofort.
- Local language support for Dutch and also for 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 customisable forms.
- Robust Development Platform that provides a vibrant partner ecosystem that has strong regional and vertical industry partners with domain expertise and local knowledge such as ERP FastForward with their Dutch bank reconciliation tool.
For Belgium-Headquartered Companies, NetSuite OneWorld delivers country-specific features and functionality such as:
- Global currency and accounting with localised capabilities including support for local charts of accounts – the Plan Comptable Minimum Normalise (PCMN).
- Country-specific indirect tax support for Belgium’s Belasting over de Toegevoegde Waarde (BTW).
- Country-specific reporting with support for Belgium’s Jaarlijkse Lijst Van De Btw – Belastingplichtige Afnemers – a unique reporting requirement in which it is mandatory for all companies registered in Belgium to submit a list of all sales invoices issued in prior years.
- Local bank and payment support for credit card, debit card and alternative payment methods in the region like Mister Cash.
- Local language support for French in Belgium and also for 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 customisable forms.
- Robust Development Platform that provides a vibrant partner ecosystem that has strong regional and vertical industry partners with domain expertise and local knowledge such as Deloitte to provide implementation, customisation and integration services.
For Luxembourg-Headquartered Companies, NetSuite OneWorld delivers country-specific features and functionality such as:
- Global currency and accounting with localised capabilities including support for local charts of accounts – the Plan Comptable Normalise (PCN).
- Country-specific indirect tax support for Luxembourg’s Taxe sur la Valeur Ajoutée (TVA).
- Local language support for French in Luxembourg and also for 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 customisable forms.
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 customisable 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 optimised screens to enable on-the-move executives and field staff.
Robust development platform. The SuiteCloud development platform enables businesses in the region to customise 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 organisations 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 cloud-based financials/enterprise resource planning (ERP) and omnichannel commerce software 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 software to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
ECB launches small climate-change unit to lead Lagarde’s green push
FRANKFURT (Reuters) – The European Central Bank is setting up a small team dedicated to climate change to spearhead its efforts to help the transition to a greener economy in the euro zone, ECB President Christine Lagarde said on Monday.
Lagarde has made the environment a priority since taking the helm at the ECB, taking a number of steps to include climate considerations in the central bank’s work as the euro zone’s banking watchdog and main financial institution.
She is now creating a team of around 10 ECB employees, reporting directly to her, to set the central bank’s agenda on climate-related topics.
“The climate change centre provides the structure we need to tackle the issue with the urgency and determination that it deserves,” Lagarde said in a speech.
She said that climate change belonged in the ECB’s remit as it could affect inflation and obstruct the flow of credit to the economy.
The ECB said earlier on Monday it would invest some of its own funds, which total 20.8 billion euros ($25.3 billion) and include capital paid in by euro zone countries, reserves and provisions, in a green bond fund run by the Bank for International Settlement.
More significantly, ECB policymakers are also debating what role climate considerations should play in the institution’s multi-trillion euro bond-buying programme.
So far the ECB has bought corporate bonds based on their outstanding amounts but Lagarde has said the bank might have to consider a more active approach to correct the market’s failure to price in climate risk.
“Our strategy review enables us to consider more deeply how we can continue to protect our mandate in the face of (climate) risks and, at the same time, strengthen the resilience of monetary policy and our balance sheet,” Lagarde said.
(Reporting by Balazs Koranyi; Editing by Francesco Canepa and Emelia Sithole-Matarise)
What to expect in 2021: Top trends shaping the future of transportation
By Lee Jones, Director of Sales – Grocery, QSR and Selected Accounts for Northern Europe at Ingenico, a Worldline brand
The pandemic has reinforced the need for businesses to undergo digital transformation, which is pivotal in the digital economy. In 2020, we saw the shift to online and cashless payments accelerated as a result of increased social distancing and nationwide restrictions.
The biggest challenge on all businesses into 2021 will be how they continue to adapt and react to the ever changing new normal we are all experiencing. In this context, what should we expect this year and beyond, in terms of developments across key sectors, including transport, parking and electric vehicle (EV) charging?
Mobility as a service (MaaS) and the future of transportation
Social distancing and lockdown measures have brought about a real change in public habits when it comes to transportation. In the last three months alone, we have seen commuter journeys across the globe reduce by at least 70%, while longer-distance travel has fallen by up to 90%. With it, cash withdrawals for payment has drastically reduced by 60%.
Technological advancements, alongside open payments, have unlocked new possibilities across multiple industries and will continue to have a strong impact. Furthermore, travellers are expecting more as part of their basic service. Tap and pay is one of the biggest evolutions in consumer payments. Bringing ease and simplicity to everyday tasks, consumers have welcomed this development to the transport journey. In-app payments are also on the rise, offering customers the ability to plan ahead and remain assured that they have everything they need, in one place, for every leg of their journey. Many local transport networks now have their own apps with integrated timetables, payments, and ticket download capabilities. These capabilities are being enabled by smaller more portable terminals for transport staff, and self-scanning ticketing devices are streamlining the process even further.
Ultimately, the end goal for many transport providers is MaaS – providing an easy and frictionless all-encompassing transport system that guides consumers through the whole journey, no matter what mode of travel they choose. Additionally, payment will remain the key orchestrator that will drive further developments in the transportation and MaaS ecosystems in 2021. What remains critical is balancing the need for a fast and convenient payment with safety and data privacy in order to deliver superior customer experiences.
The EV charging market and the accelerating pace of change
The EV charging market is moving quickly and represents a large opportunity for payments in the future. EVs are gradually becoming more popular, with registrations for EVs overtaking those of their diesel counterparts for the first time in European history this year. What’s more, forecasts indicate that by 2030, there will be almost 42 million public charging points deployed worldwide, as compared with 520,000 registered in 2019.
Our experience and expertise in this industry have enabled us to better understand but also address the challenges and complexities of fuel and EV payments. The current alternating current (AC) based chargers are set to be replaced by their direct charging (DC) counterparts, but merchants must still be able to guarantee payment for the charging provider. Power always needs to be converted from AC to DC when charging an electric vehicle, the technical difference between AC charging and DC charging is whether the power gets converted outside or inside the vehicle.
By offering innovative payment solutions to this market segment, we enable service operators to incorporate payments smoothly into their omnichannel customer experience that also allows businesses to easily develop acceptance and provide a unique omnichannel strategy for EV charging payments. From proximity to online payments, it will support businesses by offering a unique hardware solution optimized for PSD2 and SCA. It will manage both near field communication (NFC) cards and payments from cards/smartphones, as well as a single interface to manage all payments, after sales support and receipt with both ePortal and eReceipts.
Cashless options for parking payments
The ‘new normal’ is now partly defined by a shift in consumer preference for cashless, contactless and mobile or embedded payments. These are now the preferred payment choices when it comes to completing the check-in and check-out process. They are a time-saver and a more seamless way to pay.
Drivers are more self-reliant and empowered than ever before, having adopted technologies that work to make their life increasingly efficient. COVID-19 has given rise to both ePayment and omnichannel solutions gaining in popularity. This has been due to ticketless access control based on license plate recognition or the tap-in/tap-out experience, as well as embedded payments or mobile solutions for street parking.
These smart solutions help consider parking services more broadly as a part of overall mobility or shopping experience. Therefore, operators must rapidly adapt and scale new operational practices; accept electronic payment, update new contactless limits, introduce additional payments means, refund the user or even to reflect changing customer expectations to keep pace.
2021: the journey ahead
This year, we expect to see an even greater shift towards a cashless society across these key sectors, making the buying experience quicker and more convenient overall.
As a result, merchants and operators must make the consumer experience their top priority as trends shift towards simplicity and convenience, ensuring online and mobile payments processes are as secure as possible.
Opportunities and challenges facing financial services firms in 2021
By Paul McCreadie, Partner at ECI Partners, the leading growth-focused mid-market private equity firm
Despite 2020 being an enormously disruptive year for businesses, our latest Growth Index research reveals that almost three quarters (74%) of mid-market financial services companies remained resilient throughout the pandemic.
This is positive news, especially when taking into account the economic disruption that financial services firms have had to go through since the crisis began. No doubt 2021 will also hold its own challenges – as well as opportunities – for firms in this sector.
Unsurprisingly, the biggest short-term concern for financial firms for the year ahead involved changing pandemic guidance, with 42% citing this as a top concern. With the UK currently experiencing a third lockdown many financial services businesses will have already had to adapt to rapidly changing guidance, even since being surveyed.
Businesses will also be considering the need to invest in working from home operations, and there may be uncertainty over re-opening offices on a permanent basis. According to the research 30% of financial services firms are planning to adopt remote working on a permanent basis, so decisions need to be made now about whether they invest more in enabling staff to do this, or in their current office premises.
Due to Brexit, UK financial services firms are no longer able to passport their services into Europe, which may cause problems, particularly in the next 12 months as the Brexit deal is ironed out and the agreement is put into practice. Despite this, Brexit was only cited by 24% of financial firms as a short-term concern. While it’s comforting to see that UK financial firms aren’t hugely concerned about Brexit at this juncture, it is going to be vital for the ongoing success of the industry that the UK is able to get straightforward access to Europe and operate there without issue, otherwise we may see these concern levels rise.
Looking ahead to longer-term concerns for financial services businesses, the top concern was global economic downturn, of which 40% of firms cited this as a worry when looking beyond 2021.
Investing and adopting tech
Traditionally, the financial services sector has been slow to adopt digital transformation. Issues with legacy systems, coupled with often large amounts of data and a reluctance to undertake potentially risky change processes, have meant many firms are behind the curve when it comes to technology adoption. It’s therefore promising to see that so much has changed over the last year, with 45% of financial services firms having invested in AI and machine learning technology – making it the top sector to have invested in this space over the last 12 months.
One business that exemplifies the benefits of investing in machine learning is Avantia, the technology-enabled insurance provider behind HomeProtect. The business has undergone a large tech transformation in the last few years, investing in an underlying machine learning platform and an in-house data science team, which provides them with capabilities to return a quote to over 98% of applicants in under one second. This tech investment has allowed them to become more scalable, provide a more stable platform, improve customer service and consequently, grow significantly.
This demonstrates how this kind of tech can help businesses to leverage tech in order to offer a better customer experience, and retain and grow market share through winning new customers. This resilience should combat some of the concerns that firms will face in the next year.
Additionally, half (51%) of financial services firms have invested in cybersecurity tech over the last year, which allows them to protect the platforms on which they operate and ensure ongoing provision of solutions to their customers.
Clearly, there is a benefit of international revenues and profits on business resilience. In practice, this meant that businesses that weren’t internationally diversified in 2020 struggled more during the pandemic. In fact, the businesses considered to be the least resilient through the 2020 crisis were three times more likely to only operate domestically.
Perhaps an attribute towards financial services firms’ resilience in 2020, therefore, was the fact that 53% already had a presence in Europe throughout 2020 and 38% had a presence in North America. This internationalisation gave them an advantage that allowed them to weather the many storms of 2020.
Looking at how to capitalise on this throughout the rest of 2021, half (51%) of are planning overseas growth in Europe over the next 12 months, and 43% in North America. Further plans to expand internationally is not only a good sign for growth, but should further increase resilience within the sector.
While there are many concerns, the fact that financial services businesses are investing in technology like AI and machine learning, as well as still planning to grow internationally, means that they are providing themselves with the best chances of dealing with any upcoming challenges effectively.
In order to maintain their growth and resilience throughout the next 12 months, it’s imperative that they continue to put their customers first, invest in technology and remain on the front foot of digital change.
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