Enabling Global Enterprises to Transform their Businesses with Agility of a Start-up on #1 Cloud ERP
NetSuite Inc. (NYSE: N), the industry’s leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced the release of a host of new product enhancements to NetSuite OneWorld designed to provide global enterprises with the agility and flexibility of a start-up, while meeting their complex industry, regulatory and tax requirements at global scale. The new, enterprise-ready capabilities extend NetSuite’s leadership position as the #1 cloud ERP provider as it continues to rapidly deliver financial management capabilities for multi-national organizations that are unmatched in the industry. Building on the momentum of enhancements to NetSuite OneWorld announced in December 2015, this new release delivers deep global financial capabilities, global control, governance, risk and compliance (GRC) features and enhanced financial reporting. In conjunction with all the global enterprise-ready capabilities available in NetSuite OneWorld 16, this new release further helps global companies increase operational efficiency, streamline financial reporting, deepen local and global compliance, localize business processes and deliver peace of mind for CFOs, controllers and finance users.
“The robust functionality and flexibility of NetSuite OneWorld makes it the last ERP system you’ll ever need,” said NetSuite CEO Zach Nelson. “Whether they’re a fast-growing start-up or a multinational enterprise, NetSuite continues to meet customer demands with features that enable them to confidently expand into new markets, launch new products or services and adapt to customer and market demands with a unified and agile cloud-based platform.”
Start-up Agility and Flexibility for Enterprise Companies
The pace of modern business is quickly accelerating, forcing companies to compete more fiercely than ever before. In order to stay competitive, businesses must continue to innovate with new product introductions and business models, packaging and pricing changes, new geographies, and even acquisitions. NetSuite OneWorld helps businesses to adapt and change with complete control over all aspects of global operations. Enhancements to NetSuite OneWorld that deliver ground-breaking agility include:
- Secondary books consolidation and financial reporting, allowing companies that are required to keep multiple sets of auditable financial results to satisfy specific GAAP (Generally Accepted Accounting Principles) requirements across their global business operations, and enabling accountants and controllers to optimize financial period closing at a global level. For example, companies can maintain accounting records according to their corporate or headquarter accounting policies in parallel with local accounting rules that may have different recognition timing or classification.
- Electronic invoicing framework, which helps customers to create country-specific electronic invoices, comply with local legal and cultural operational requirements, such as Factura Electrónica in Mexico and PEPPOL in Europe, as well as further automate the order to cash process while decreasing costs associated with manual paper invoice processing and improving collections with faster payments.
- NetSuite SuiteBilling & Unified Revenue Recognition, the industry’s first and only cloud order-to-billing-to-revenue solution, unifies both the billing and revenue recognition processes for global businesses regardless of business model with complete controls and auditability, helping businesses with global compliance requirements to reduce risks. SuiteBilling can enable global businesses to evolve their business model, product or service offerings with confidence that NetSuite OneWorld can support their needs.
Global Business Efficiency
The impact of the Internet, evolving labor markets and expanding supply chains have combined to force all businesses to become global businesses. Organizations need a system that can quickly respond to these changes, whether it’s the possibility of the UK leaving the EU, an evolving global economy or a shifting regulatory environment. Whether a business is adding a new subsidiary, launching a new sales channel or acquiring a company, NetSuite OneWorld can quickly and easily manage the complex operational and financial impact of business processes, creating a seamless experience for thousands of organizations.
Today NetSuite OneWorld supports more than 100 countries with configurable tax calculation and reporting in order to meet local government compliance obligations, supports 20 different languages natively along with any language of communication for Customer and Vendor interactions. Further, with support for 190 currencies, over 120 payment methods and multi-subsidiary management, enabling NetSuite customers to transact in more than 200 countries and dependent territories around the world.
This incredible global footprint of capabilities and deployments is testament to NetSuite’s focus on ensuring customers can recognize opportunities and rapidly expand to new countries with confidence. New OneWorld features supporting global operations include:
- Global vendor management, enabling multi-company users to centralize and manage their global vendor relationships, including credit limits, across multiple companies and to clean up duplicate vendor data from legacy systems by merging vendor records across subsidiaries.
- Country-specific localizations, expanding support for tax calculation and reporting requirements in more than 100 countries, including support for Czech Republic VAT Control Statement and Slovak Republic VAT Ledger Statement, which will allow global companies to meet the tax requirements of the countries they operate in. Through NetSuite’s support for local tax calculation and reporting, changes in VAT transaction details in Belgium and Portugal, and similar upcoming changes in Spain and Hungary can be managed seamlessly, as NetSuite cloud ERP can allow global companies to cope with such changes with minimized business disruption.
Efficient Compliance Reducing Risks
- Enhanced governance, risk and compliance, expanding NetSuite’s existing GRC capabilities with a focus on ensuring companies of all sizes have the ability to define role-specific access controls across their global organizations, track activity and configuration changes at a granular level and report on that activity, including proactive alerting related to business-specific exception criteria. Key improvements to NetSuite OneWorld which are part of this release include additional audit trails and searchability across all financially-relevant account setup pages; revenue recognition plan changes (within the Advanced Revenue Management module); custom financial layouts; and more comprehensive information about changes made to workflow definitions. Improvements also include significantly enhanced security around the password reset process.
Also available with this latest release of NetSuite OneWorld is the Administration and Controls Toolkit (ACT) SuiteSolution, which provides a powerful set of new tools for managing access, security, and audit controls. The ACT SuiteSolution contains extensible modules for tracking (and preventing) record deletion, managing employee terminations (pre-dating terminations as well as automated access removal from non-production environments), enhanced security around SuiteScript file management, and a robust audit and change management dashboard for at-your-fingertips, real-time, visibility into key configuration and controls changes.
Organizations investing in ERP need a system that supports not just the needs of today, but the needs of tomorrow, no matter what it might bring. The NetSuite SuiteCloud development platform provides robust customization capabilities for customers and partners, helping companies to future-proof their business.
While NetSuite is one of the most powerful global end-to-end solutions in the marketplace, many organizations have either heavily invested in enterprise point applications, require specific vertical functionality or have unique needs based on geography. A series of specialized, purpose built APIs in the SuiteCloud platform enable strategic partners to plug in their unique value add solutions so as to meet the needs of customers in existing markets and help to open up new market opportunities for NetSuite and our customers.
SuitePayments and SuiteTax
Leveraging the powerful and flexible SuiteCloud development platform, SuitePayments and SuiteTax are two components of NetSuite OneWorld 16. SuitePayments allows payment partners to build extensible payment solutions that will be consumed by all current and future modules in NetSuite’s omnichannel commerce product portfolio. For the first time merchants can enable credit card payments, manage complex alternative payments, offer fraud solutions and conduct EMV card-present solutions globally over a single interface delivered entirely in the cloud, which can drive down costs, consolidate providers and create an unbeatable customer experience. SuiteTax centralizes all tax functions within the NetSuite modules eliminating the need for tax partners to create page by page extensions within NetSuite to calculate taxes. This architecture creates greater stability, compatibility and compliance for NetSuite customers as they calculate, remit and manage compliance in an ever-changing tax regulation environment while massively simplifying the integration requirements for partners.
“Having pioneered ERP in the cloud, NetSuite continues to innovate in meeting the demands of fast-growing global enterprises with capabilities that enable them to confidently expand into new markets, launch new products or services and adapt to customer and market demands with a unified and agile cloud-based platform,” said Craig Sullivan, Senior Vice President of Enterprise and International Products for NetSuite. “These latest features demonstrate our clear commitment to extending our lead as the #1 Global Financials system and helping our global, enterprise customers operate wherever opportunity takes them and succeed at the pace of modern business.”
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 and automated tax calculation, reporting and compliance in more than 100 countries, and transactions in more than 200 countries.
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.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements relating to expectations, plans, and prospects including expectations relating to the deployment of NetSuite OneWorld 16. These forward-looking statements are based upon the current expectations and beliefs of NetSuite’s management as of the date of this release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements including, without limitation, risks associated with material defects or errors in our software. All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and NetSuite disclaims any obligation to update these forward-looking statements.