SINGAPORE, May 30, 2016 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced NetSuite OneWorld for Hong Kong and Singapore. Localised and designed to meet the business, regulatory and tax compliance needs of regional businesses, NetSuite OneWorld brings an agile and flexible cloud software application that can run mission-critical business processes with global financial capabilities unmatched in the industry. Already in use by more than 200 subsidiaries and legal entities of global companies running business in Singapore and more than 150 in Hong Kong, NetSuite OneWorld can give today's businesses the ability to expand and transform their organisations and reinvent their business models to meet the ever changing demands of their markets and the expectations of their customers.
Businesses seeking to gain business efficiency, grow revenues, expand globally and enter new markets often find themselves held back by software systems siloed by department, geography or legal entity structures, leaving them unable to deliver an optimal customer experience and gain insights into their operations. These disparate software systems not only cannot scale with business growth, but also introduce excessive costs and potential errors, while restricting businesses' ability to respond to their changing markets and the needs of their customers. While on-premise software such as SAP or Microsoft Dynamics GP requires costly maintenance and disrupts the business with every product upgrade, forcing companies into version lock, other available cloud financial software solutions only offer basic product functionality that cannot scale and support business needs and growth. The agility, flexibility and scalability that NetSuite OneWorld provides can be difficult to achieve by businesses running legacy on-premise software, or immature ERP cloud solutions that are years behind NetSuite and only offer rudimentary functionality.
NetSuite OneWorld, a Game-Changer for Singapore and Hong Kong Businesses
Singapore is widely seen as the hub for Southeast Asia, which has a tremendous opportunity for growth with the establishment of the ASEAN Economic Community (AEC) in 2015, creating a regional economic force. With AEC, the borders of member states (Singapore, Malaysia, Indonesia, Philippines, Thailand, Vietnam, Brunei, Cambodia, Laos, and Myanmar) were officially opened to the free flow of trade, labour and capital, creating an enormous market: the region has over 622 million people, and when combined has a GDP of USD $2.6 trillion, making it the third largest economy in Asia (behind China and Japan) and the world's seventh largest. The lowering of trade barriers and tariffs creates a more competitive environment for local players as nimble new entrants or well capitalized multinationals enter the market.
Hong Kong is viewed as a gateway to China. It has been the ASEAN region's largest trading partner since 2009, while ASEAN has been China's third-largest trading partner, thanks to a Free Trade Agreement between the two. The combination of a unified AEC and growing demand from the Chinese market, creates a huge opportunity for businesses in the region.
To fully capitalise on this opportunity and expand business across borders, businesses need a modern, flexible and global financial system, with support for local language, currencies and tax and regulatory requirements.
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, automated tax calculation and reporting in more than 100 countries, and customer transactions in more than 200 countries.
Further, to help today's B2B and B2C businesses with omnichannel commerce, NetSuite OneWorld delivers commerce-ready capabilities that can help both B2B and B2C commerce businesses to move from siloed online, in-store and phone consumer shopping channels to an integrated commerce solution, connecting ecommerce and in-store POS to order management, inventory, merchandising, marketing, financials and customer service, while delivering a seamless brand experience and exceeding customer expectations.
For companies headquartered in Singapore and Hong Kong, NetSuite OneWorld delivers country-specific features and functionality such as:
- Global currency and accounting with localised capabilities such as support for local currency and date/number formatting conventions.
- Country-specific indirect tax reporting capabilities that are certified compliant with Inland Revenue Authority of Singapore (IRAS) technical guidelines and requirements such as the ability to automatically generate an IRAS Audit File (IAF) and GST reports (GST F5 report) in Singapore.
- Local language support for Simplified and Traditional Chinese and also for businesses to trade with customers, suppliers and partners anywhere in the world in the language of their choice while meeting local compliance standards and cultural expectations through easily customisable forms.
- Local bank and payment support for accepting payments online locally or across the region whether via VISA, MasterCard, JCB, China UnionPay, American Express, or through China's AliPay, TenPay, WeChat Pay, Octopus, or Singapore's eNETs and other alternative payment methods through payments partner AsiaPay; or electronically through banks with support for GIRO, DBS – IDEAL, and UoB - BIB-IBG.
- Robust Development Platform that provides a vibrant partner ecosystem that has strong regional and vertical industry partners with domain expertise and local knowledge such as CuriousRubrik—which has developed HCM and Payroll for Singapore; and Hitpoint, Shearwater and Trigger Asia which have built localization solutions not only for Hong Kong but Mainland China as well.
NetSuite OneWorld also Enables Multinationals to Do Business across Asia.
For businesses that seek to go to new markets and expand business across the border, NetSuite OneWorld delivers:
- Global currency and accounting with localised capabilities such as the support for local currency and date/number formatting conventions.
- Easy configuration to support International Financial Reporting Standards (IFRS), local Generally accepted accounting Practices (GaaP) and legal requirements, flexible revenue recognition rules, depreciation and costing methods to meet local norms.
- Country-specific indirect tax reporting capabilities whether for GST, VAT or Withholding Taxes, are available for the Philippines, Malaysia, Indonesia, Thailand, and Vietnam.
- Comprehensive tax compliance providing the ability to automatically generate a summary of indirect tax obligations in multiple jurisdictions and mandatory Tax Audit Files in various formats.
- Online payments with support for credit card, debit card, online debit payments and other alternative payment methods in the region whether via VISA, MasterCard, JCB, China UnionPay, or American Express; or via country-specific payment methods such as SCB and Bay in Thailand; OnePay in Vietnam; CIMB Clicks, MayBank M2U, and revPAY in Malaysia; Gcash and Smart Money in the Philippines; and other popular payment methods in more than 10 countries throughout Asia with AsiaPay.
- Local language support for Thai, Simplified and Traditional Chinese and also for businesses to trade with customers, suppliers and partners anywhere in the world in the language of their choice while meeting local compliance standards and cultural expectations through easily customisable forms.
- Robust Development Platform that provides a vibrant partner ecosystem that has strong regional and vertical industry partners with domain expertise and local knowledge – covering various country-specific accounting, taxation, and payroll requirements.
In Summary, NetSuite OneWorld for Singapore and Hong Kong delivers:
- 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.
- Multi-subsidiary management. NetSuite OneWorld's support for businesses with multiple subsidiaries, business units, and legal entities provides real-time access to subsidiary and parent operational data through detailed reports that can drill down to specific country-level data.
- Global currency and accounting. NetSuite OneWorld offers easy configuration to support International Financial Reporting Standards (IFRS), local Generally Accepted Accounting Practices (GAAP) and legal requirements, flexible revenue recognition rules, depreciation and costing methods to meet local norms and support for over 190 currencies, including all ISO standard currencies with automated feeds to maintain exchange rates between currencies from a choice of providers.
- Comprehensive tax compliance. By providing the ability to automatically generate a summary of indirect tax obligations in multiple jurisdictions and mandatory Tax Audit Files in various formats, NetSuite OneWorld can bridge the gap between traditional ERP and external tax engines and provides seamless access to the key data required to satisfy those tax authorities that are increasingly adopting computer-based audit methodologies.
- Country-specific indirect tax support. With support for GST in Singapore and Malaysia, as well as VAT in the Philippines, Thailand, Indonesia and Vietnam, along with other regional and global variants of Value-Added Tax, Sales Tax and Withholding Tax, NetSuite OneWorld can be easily configured to calculate, track and report on the indirect tax obligations of businesses regardless of country, materially simplifying tax management, tax compliance, filing and audit accountability.
- Local bank and payment support. NetSuite OneWorld offers a highly configurable payment solution with more than 90 bank formats predefined and a payment partner program that offers strong coverage for credit card, debit card and alternative payment methods in the region.
- Local language support. NetSuite OneWorld supports 20 languages including Thai, Simplified and Traditional Chinese. Further, NetSuite OneWorld enables businesses to trade with customers, suppliers and partners anywhere in the world in the language of their choice while meeting local compliance standards and cultural expectations through easily customisable forms.
- Cloud-based architecture. NetSuite OneWorld frees businesses from the hassles and expenses of managing on-premise software and associated hardware with a system that is available anywhere at any time with an Internet connection, and mobile access from iPhone and Android devices with optimised screens to enable on-the-move executives and field staff.
- Robust development platform. The SuiteCloud development platform enables businesses in the region to customise the software to meet their specific needs and integrate with other third-party applications. NetSuite's SuiteCloud Development Network provides a vibrant partner ecosystem that has strong regional and vertical industry partners with domain expertise and knowledge.
"Businesses like Scoot Airlines, Hong Kong Express and Treknology 3 are already benefiting from the flexibility, scalability and support for local requirements that NetSuite OneWorld provides," said Craig Sullivan, SVP, Enterprise and International Products. "With the latest enhancements to the No. 1 cloud ERP, businesses in Singapore, Hong Kong and the rest of the region are getting a world-class global solution to capitalise on the area's growth with the local tax, currency and accounting support they need."
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 enterprise-ready cloud business management suites of enterprise resource planning (ERP), customer relationship management (CRM), and ecommerce 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 suites 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. 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.
NOTE: NetSuite and the NetSuite logo are service marks of NetSuite Inc. Third-party trademarks mentioned are the property of their respective owners.
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SOURCE NetSuite Inc.