New Release of NetSuite OneWorld Makes it Even Easier for Global Enterprises to Manage Business Processes in the Cloud

Worldwide Leader in Cloud-Based ERP Introduces More Multi-Company Functionality to Power Modern Global Businesses

New Multi-National Inventory, Taxation, and Accounting Features Combine with Advanced User Interface and Embedded Google Apps Integration

News provided by

NetSuite Inc.

Sep 30, 2010, 10:30 ET

SAN MATEO, Calif., Sept. 30 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP software suites, today unveiled the newest version of NetSuite OneWorld, the world's first and most powerful cloud ERP solution for complex, multi-national companies. NetSuite OneWorld 2010 now makes it even easier for global enterprises to manage complex processes in the cloud, further raising the bar for global ERP solutions with deeper functionality and advanced ease-of-use. New features include complex multi-subsidiary inventory management, deeper support for country- and local-specific tax codes, expanded certification for the European market, greater control of foreign currency amortization and revaluation, an advanced user interface, and Google Apps integration. For more information about NetSuite OneWorld 2010, please visit http://www.netsuite.com/oneworld.

The unique power of NetSuite OneWorld is fueling NetSuite's global growth. According to a market share report published in April 2010 by Gartner, NetSuite grew market share faster than any other ERP vendor, amongst top 10 financial management solutions across North America, and key markets in Europe and APAC. Between 2007 and 2009, NetSuite grew market share by more than 80% in North America, more than 88% in the UK and more than 83% in Australia. By comparison, in the same period, in each of these countries, SAP was stricken by declining market share.

"NetSuite OneWorld has shattered the myth that complex processes can't be run in the cloud. Companies are using OneWorld to run their most complex processes around the world with an ease that has to be seen to be believed," said Zach Nelson, CEO of NetSuite. "And not only is it easy to run a global company with OneWorld, the solution is fast and easy to deploy. Most of our customers are live in three to six months, as contrasted with the years that it takes to roll-out traditional non-cloud software offerings."

"We have been able to switch several full-time employees to a true analyst role," said Nestor Zwyhun, chief technology officer at TradeCard (www.tradecard.com), an international supply chain collaboration platform for brands, retailers and their trading partners, and based in New York, NY. "NetSuite OneWorld seamlessly integrates the general ledgers of our five international subsidiaries, each with its own currency. It is a huge improvement in visibility and SOX compliance to have our books on a single system now."

This latest version of NetSuite OneWorld incorporates a number of leading features, including:

Enhanced Global Inventory Management Eases Fulfillment -- NetSuite OneWorld 2010 introduces sophisticated inventory management for businesses with the most complex subsidiary structures, making it easy to transfer inventory between any subsidiary anytime, anywhere – through just a web browser. It introduces a new easy to use multi-step inventory fulfillment approach for moving items between subsidiaries, and enables global businesses to easily track the price of products moved between across subsidiaries.
Simplified Tax Reporting in More Countries Than Ever -- Businesses with local operations that straddle multiple tax boundaries gain even more comprehensive automated country specific tax reporting and automated tax calculation with NetSuite OneWorld 2010 and deeper support for German, Netherlands, New Zealand, Canadian, and Philippine Taxes. Canadian operations can now submit their GST/HST tax file directly using GST/HST Internet File Transfer (GIFT). NetSuite is the first software company to receive CRA approval for GIFT.
Multi-National Accounting Standards Compliance in Europe -- Global cloud computing momentum and adoption increases the importance of compliance with global accounting standards, and NetSuite OneWorld 2010 rises to the challenge. NetSuite OneWorld is now certified for Austria and Switzerland accounting standards, after passing a stringent audit process conducted by IT Audit, independent software auditors. Certification against Austrian and Swiss accounting standards complements NetSuite's existing certifications against German accounting standards (German Auditing Standard PS 880), accreditation in the UK by the Institute of Chartered Accountants in England and Wales, and support for Japanese accounting standards.
Expanded Global Currency Options -- NetSuite OneWorld Version 2010 provides even deeper support for multiple currencies than ever before, with flexible foreign currency amortization, enabling greater control over the revaluation of amortized foreign denominated balances.
Integration with Google's Cloud Productivity Suite -- NetSuite OneWorld now integrates with the world's #1 cloud productivity suite—Google Apps. This presents businesses the tantalizing opportunity to take their entire business to the cloud, offering tremendous savings and usability advantages, particularly for remote subsidiaries. NetSuite incorporates Google OpenID's trusted authentication system, and NetSuite administrators can control OpenID access via role-based permissions. Complimentary partner applications extend this native cloud-to-cloud integration to provide deep integration between NetSuite and Google Calendar, Gmail and other components of Google Apps.
Advanced User Interface -- NetSuite OneWorld Version 2010 introduces a cutting edge streamlined user experience, enabling users to become productive more quickly. The new, streamlined look and feel and simplified navigation make common tasks easy and require fewer clicks. It starkly contrasts with legacy ERP systems which employ aging interfaces from the pre-Internet era. The ease of use advantages of NetSuite OneWorld 2010 translates to a substantial productivity competitive advantage for global businesses.