NetSuite Partners with GovReports to Streamline Taxation Reporting for Businesses Operating in Australia

SYDNEY, June 15, 2015 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that it has partnered with GovReports, a leading provider of government reporting lodgement solutions in Australia, to enable businesses registered with the Australian Taxation Office (ATO) to report important tax information to the ATO directly from NetSuite using single sign-on. Leveraging the NetSuite SuiteCloud development platform, the new GovReports SuiteApp has achieved Built for NetSuite verification and is now integrated into NetSuite's cloud-based business management suite to provide complete visibility into an organisation's tax reporting and payment obligations, which can be accessed from anywhere and at any time.

Founded in 2010, GovReports is Australia's leading Standard Business Reporting (SBR) product and service provider, lodging between 5,000 and 12,000 Business Activity Statement (BAS) submissions to the ATO every month on behalf of Australian businesses and accounting professionals. As the ATO moves to replace its ageing portal technology, the Australian Government will be decommissioning its Electronic Lodgement Service (ELS) in June 2016 and is currently replacing it with the SBR approach to online or digital record-keeping to simplify business reporting obligations.

Benefits:

• This move by the Government provides a channel for businesses to report electronically to the ATO directly from NetSuite, rather than having to switch over to the tax department portal for lodgement.
• The GovReports SuiteApp automatically aggregates the sales, expense and Goods and Services Tax (GST) required for tax reporting purposes from within NetSuite, prefills this data into the relevant Business Activity Statement (BAS) report and securely transmits the reports directly to the ATO at the appropriate reporting times, using the highest levels of encryption.
• The GovReports SuiteApp also offers NetSuite users a queuing facility for peak demand times or, in case of an ATO system outage, enables reports to be lodged automatically once the system is available again.

"Our partnership with NetSuite significantly streamlines the preparation and submission of BAS reporting and compliance submission to the ATO, as there is no need to create electronic files of reports or log into a separate portal to lodge them," said Tiana Tran, director of GovReports. "It made a lot of sense for us to partner with NetSuite, one of the most innovative cloud management solutions in the Australian market, to provide efficient taxation lodgement capabilities, making it much easier for businesses to meet tax reporting and payment obligations."

One of the key features of the GovReports SuiteApp is the ability for organisations to add additional users in NetSuite to enable them to work collaboratively on taxation reporting to the ATO, enabling anyone with approved access rights to review and operate from the single unified cloud platform. The multi-user facility enables the allocation of roles and tasks to staff to ensure compliance requirements are met and that there is appropriate oversight on the work in progress. This feature is particularly beneficial for organisations where there may be multiple employees responsible for financial reporting. The app also provides an audit trail within NetSuite, with a record of preparation and lodgement details allocated to specific users if required. This capability can significantly reduce duplicate processes and double data entry as well as lower turnaround times for compliance tasks.

"This is a huge benefit to organisations," said Ms. Tran. "Previously, if accountants used the ATO portal directly, only one machine within an accounting organisation could have access to the portal. This limitation caused challenges and delays because often the person entering the data may not be the same person who then oversees the submission to the ATO."

The GovReports SuiteApp is also able to extract payroll data from NetSuite SDN partner Infinet Cloud to complete the Instalment Activity Statement (IAS)/ Business Activity Statement (BAS) reporting and lodgement for NetSuite customers which will be available later in the year. The Infinet Cloud Payroll SuiteApp provides all the functionality that companies registered with the ATO need to fulfil their payroll responsibilities – from time and leave management, through to tax and superannuation calculations, employee salaries and posting to NetSuite.

"Organisations today demand financial management solutions that are flexible enough to accommodate dynamically changing business needs," said Mark Troselj, vice president and general manager for ANZ at NetSuite. "To meet these demands, we have partnered with the leading taxation reporting experts to introduce a fully integrated solution so our customers can securely, efficiently, and accurately report into the ATO and meet its compliance obligations. The GovReports SuiteApp will help our customers keep fully up-to-date with any changes to taxation reporting requirements in Australia, and is therefore a truly advantageous addition to our cloud platform."

Built for NetSuite is a program for NetSuite SuiteCloud Developer Network (SDN) partners that provides them with information, resources and a method to verify that their applications and integrations, built using the SuiteCloud Computing Platform, meet NetSuite's standards and best practices. The Built for NetSuite program is designed to give NetSuite customers additional confidence that SuiteApps have been built to meet these standards.

The GovReports SuiteApp is now available to NetSuite's Australian customers on the NetSuite SuiteCloud Computing Platform. For information about Built for NetSuite SuiteApps, please visit www.netsuite.com.au/BuiltforNetSuite.

About GovReports

GovReports is dedicated to providing government reporting lodgement solutions for businesses and/ or accounting professionals. As the only vendor today offering the complete Standard Business Reporting (SBR) lodgement portal using cloud technology, GovReports delivers a more reliable, faster, and cheaper way of compliance reports lodgement. Australia's leading XBRL (eXtensible Business Reporting Language) and SBR product and solutions provider since 2010, GovReports aims to provide a reliable and easy-to-use cloud-based tax and compliance reporting solution for accountants, tax practitioners, businesses of all sizes, and individual tax payers. For more information, please visit www.govreports.com.au

Today, approximately 24,000 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-class cloud financials/ERP suites for divisions of large enterprises and mid-sized organizations seeking to upgrade their antiquated client/server ERP systems. NetSuite continues its success in delivering the best cloud ERP/financials suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud is accelerating.

For more information about NetSuite please visit www.netsuite.com.au.

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