For many companies, global expansion represents both the key to reaching their next stage of growth and the impediment keeping them from getting there.
As the internet and a global supply chain allow businesses of any size to design, sell and manufacture almost anywhere in multiple locations at once, organizations also face increased complexity from tax and regulatory requirements at the regional, national and state level, to say nothing of the requirements around multiple currencies and languages.
At its SuiteWorld19 conference this week, NetSuite unveiled a line up of new features that allow businesses to act global while remaining local.
Chief among the enhancements was the SuiteTax API. With it, customers no longer need to monitor tax rate changes across more than 100 countries, because the API does it for them within NetSuite. Additionally, a new expense report feature allows customers to automatically reimburse employees in their local currency instead of the currency of the company’s headquarters. Finally, new trade enablement features simplify intercompany trade business processes within NetSuite including transactions, reconciliations and netting.
NetSuite also revealed a number of added features that simplify compliance with local regulations as well. NetSuite now supports the following:
India Local GST and TDS tax requirements for India and localized reports that generate the data required for E-Way Bill documents and filing tax returns in the format specified by the Indian government.
Japan Zengin XML format file as well as current fixed length format, the new requirement from the Japanese Bankers Association (Zengin-Kyo).
Mexico All information required by the Mexico Tax Authority, including electronic invoicing and electronic accounting, is stored within NetSuite.
UK NetSuite is now compliant with Making Tax Digital (MTD), a government initiative that became mandatory on 1st April, 2019, requiring UK businesses to submit tax returns and payments online while also keeping digital records of taxes. NetSuite customers can instantly comply with the new regulations by enabling the International Tax Reports SuiteApp.
NetSuite has also developed local editions of SuiteSuccess Financials First, NetSuite’s NetSuite unique set of processes, activities and systems specifically designed to deliver value from the beginning. It provides customers with a strong foundation to transform their business with a pre-configured solution and methodology. There are now local editions for China, France, Germany, India, Japan and Singapore.