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NetSuite unveils software features exclusive to ANZ businesses

By Sam Worthington, 29 Sep 2016
FYI, this story is more than a year old

NetSuite is a leading provider of cloud financials, ERP and omnichannel commerce software suites. Today, the software provider has unveiled new additions to its cloud management offering - OneWorld.

The benefits

For Australian and New Zealand businesses, the new capabilities allow for greater flexibility and control in regards to meeting regulatory and tax compliance.

NetSuite also highlights that the features enable faster financial close, more flexible tax compliance tools, new payment options for both B2B and B2C businesses, and better control of audit and compliance to meet local statutory requirements.    

Strong footprint in ANZ

NetSuite OneWorld is already in use by close to 1,600 ANZ-headquartered companies, subsidiaries and legal entities. This 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. 

The software provider also highlights the fact that ANZ businesses like Mons Royale, Kitchenware Direct and Seeing Machines are realising the transformative power of NetSuite.

With NetSuite OneWorld, 190 currencies and 20 languages are supported, with reporting in more than 100 countries, and customer transactions in more than 200 countries. 

For ANZ businesses, the software also offers the leading cloud ERP system with robust global financial functionality on a single system.

The new NetSuite OneWorld features for ANZ-Headquarted companies include:  

  • Enhanced support for Non-deductible Input Tax 
  • Tax on Prompt Payment Discounts 
  • Expanded Online and In-store Payments Capabilities for Australian businesses 

And for Multinational Companies in Australia and New Zealand the features include:

  • Enhanced Support for Statutory Chart of Accounts
  • Quick Close Enhancement
  • Cumulative Translation Adjustment (CTA) Balance Audit Report 
  • Advanced Revenue Management enhancements

Craig Sullivan, senior vice president of International Products at NetSuite, says that with its strong base of innovative and rapidly growing customers in ANZ, NetSuite can continue to meet the needs of local businesses.

“Companies that run their business on NetSuite take comfort in knowing they may be running the last ERP system they will ever need.”

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