Oracle NetSuite today announced a series of new innovations to help organizations across the world achieve the visibility and control needed to navigate change and accelerate growth. The latest innovations within the NetSuite solution include new global financial management capabilities that streamline currency and trade management and localizations to support customers in some of the world’s largest economies, including China, France, Germany, India, Japan, Mexico, Singapore and the UK.
“The pace of change around the world is increasing and organizations need to be agile in order to stay ahead of the competition and meet changing customer expectations,” said Evan Goldberg, EVP, Oracle NetSuite. “To help our customers manage increasing demands and reach new heights in every market they operate in, we are committed to making the most complex business processes simple through continued global enhancements to NetSuite.”
New Global Trade Management Capabilities
Help customers streamline the management of multi-subsidiary operations, support global compliance and gain real-time global insight.
Global trade enablement: Customers can simplify and streamline intercompany trade business processes within NetSuite including transactions, reconciliations and netting.
SuiteTax API: Customers can now streamline compliance with different tax requirements across the globe by eliminating the need to manually monitor tax rate changes across more than 100 countries. The new tax API also supports compliance with U.S. sales tax.
Foreign currency expense report: Customers can now automatically reimburse employees in their local currency instead of the currency of the company’s headquarters.
Installments: Customers can now set and manage scheduled payment due date arrangements with both their customers and suppliers with new capabilities that allow them to adhere to the local expectations of customers in Latin American countries and beyond.
New localized product capabilities empower NetSuite customers headquartered, or operating subsidiaries in some of the largest economies in the world, to quickly and easily leverage an integrated suite of modern business applications to drive growth, reduce costs and achieve the benefits of cloud computing.
India: New tax management capabilities help customers comply with local GST and TDS tax requirements for India. Customers can also leverage localized reports by generating the data required for E-Way Bill documents and filing tax returns in the format specified by the Indian government.
Japan: NetSuite now supports the Zengin XML file format, the new requirement from the Japanese Bankers Association (Zengin-Kyo). Customers are now able to increase efficiencies by generating an invoice summary using saved search capabilities and adding transaction fields to the invoice summary.
Mexico: Customers are now enabled to comply digitally with governmental requirements by allowing all information required by the Mexico Tax Authority, including electronic invoicing and electronic accounting, to be within NetSuite.
UK: NetSuite is now compatible with Making Tax Digital (MTD), a government initiative that became mandatory on April 1st, 2019, which requires UK businesses to submit tax returns and payments online while also keeping digital records of taxes. NetSuite can help customers instantly comply with the new regulations by enabling the International Tax Reports SuiteApp.
China, France, Germany, India, Japan and Singapore: SuiteSuccess Financials First is now available for customers in these countries. With Financials First, customers can automate financial and operational processes, improve reporting and gain real-time visibility into key business metrics that support all local tax calculation, reporting and filing requirements.