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 organisations that are unmatched in the industry, according to a media release issued by the comany.
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 chief executive 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.”
1. 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.
2. 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.
3. 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.
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.
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.
David M. Williams is attending SuiteWorld 2016 as a guest of NetSuite.