LAS VEGAS, April 2, 2019 /PRNewswire/ -- SUITEWORLD
2019 -- 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 Localizations
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.
About Oracle NetSuite
For more than 20 years, Oracle
NetSuite has helped organizations grow, scale and adapt to change.
NetSuite provides a suite of cloud-based applications, which
includes financials / Enterprise Resource Planning (ERP), HR,
professional services automation and omnichannel commerce, used by
more than 16,000 customers in 203 countries and dependent
territories.
For more information, please visit http://www.netsuite.com.
Follow NetSuite's Cloud blog, Facebook page and @NetSuite
Twitter handle for real-time updates.
About Oracle
The Oracle Cloud offers a
complete suite of integrated applications for Sales,
Service, Marketing, Human Resources, Finance, Supply Chain and
Manufacturing, plus Highly Automated and Secure Generation 2
Infrastructure featuring the Oracle Autonomous Database. For
more information about Oracle (NYSE: ORCL), please visit us
at oracle.com.
Trademarks
Oracle and Java are registered trademarks
of Oracle and/or its affiliates.
Safe Harbor
The preceding is intended to outline our
general product direction. It is intended for information purposes
only, and may not be incorporated into any contract. It is not a
commitment to deliver any material, code, or functionality, and
should not be relied upon in making purchasing decisions. The
development, release, timing, and pricing of any features or
functionality described for Oracle's products may change and
remains at the sole discretion of Oracle Corporation.
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SOURCE Oracle NetSuite