Apr 24, 2018   SOURCE: PR NewsWire

NetSuite Empowers Businesses to Capitalize on Opportunities Presented by World's Largest and Fastest Growing Economies

NetSuite Empowers Businesses to Capitalize on Opportunities Presented by World's Largest and Fastest Growing Economies

NetSuite OneWorld adds localized product capabilities and expands in-country presence for businesses in Germany, France, China, Japan, Brazil and Mexico

LAS VEGAS, April 24, 2018 /PRNewswire/ -- SUITEWORLD18 -- Extending its commitment to helping businesses across the world grow, scale and adapt to change, Oracle NetSuite today announced localized product capabilities and customer support for businesses in Germany, France, China, Japan, Brazil and Mexico. With the new local capabilities and in-country teams, NetSuite further empowers customers to take advantage of one unified business platform to streamline the management of multi-subsidiary operations, achieve consistent processes across countries, support global compliance and gain real-time global insight.

"With ever-changing regulations and evolving customer expectations, it is getting harder for businesses to drive growth both locally and internationally," said Jim McGeever, executive vice president, Oracle NetSuite. "With new native localizations and customer support, we are giving our customers a complete solution with language, currency, tax compliance and local support teams in six of the world's biggest and fastest growing economies."

Germany, France, China, Japan, Brazil and Mexico are among the top 15 largest and fastest growing economies in the world, but increasing competition, shifting customer expectations and constantly changing regulations mean it is harder than ever to capitalize on the opportunities presented by these economies. With the new localized product capabilities and local in-country teams, NetSuite empowers businesses headquartered or operating subsidiaries in these economies to quickly and easily leverage an integrated suite of modern business applications to drive growth, reduce costs and achieve the benefits of cloud computing.

With customers now operating in 199 countries and dependent territories around the world, NetSuite is the proven cloud ERP business platform of choice for companies operating and growing internationally. The expanded global support further extends NetSuite OneWorld, a real-time, unified global business management platform that enables global businesses to streamline multi-subsidiary operations and achieve real-time visibility into key business metrics at the local, regional and headquarter levels. In addition, to help businesses across the world successfully grow, OneWorld supports 190 currencies, 24 languages, automated tax calculation and reporting in more than 100 countries.

    --  Germany: NetSuite has achieved the local IDW PS 880 certifications
        necessary to validate NetSuite OneWorld for use by companies
        headquartered in Germany, and subsidiaries of multinational companies
        with operations in Germany. In addition, NetSuite OneWorld delivers
        country-specific features and functionality such as automated period end
        closing entries, general ledger impact locking (Storno) and coming later
        this year, legal central bank reporting Z4/Z5a, fixed asset reporting -
        Anlagengitter, and bank and cash management updates.
    --  France: NetSuite has achieved the first ever formal certification of
        NetSuite software in the market. OneWorld for French-based companies
        delivers period end close journals, FEC reporting (Fichier d'écritures
        comptables), general ledger impact locking (Storno), Foreign Currency
        Gains/Losses variance postings (including custom rules), and coming in
        the next release support for Lettrage.
    --  China: NetSuite customers can now open subsidiaries or new businesses in
        the world's fastest-growing economy without the need for third-party
        products or extensive customization. Support for local Chinese
        requirements includes China-specific reports and accounting as well as
        support for the China Golden Tax System.
    --  Japan: NetSuite customers can now benefit from an improved user
        experience that includes enhanced Japanese summarized invoice support
        and automatic validation of closing and payment date. Summarized invoice
        support enables users to easily follow the general practice of sending a
        consolidated statement of all invoices, while automatic validation of
        closing and payment date capabilities enables users to automatically
        adjust the payment due dates on an invoice and credit memos if it falls
        on a weekend or holiday.
    --  Brazil: NetSuite OneWorld can support services-based companies in
        Brazil, the largest economy in Latin America, with further plans to
        support product-based companies in the next 12 months. Support for local
        Brazilian requirements includes Brazilian-specific tax support, Nota
        Fiscal Eletrônica NFS-e (electronic invoices for services), electronic
        statutory reports and enabling Electronic Payments integrations to local
        banks.
    --  Mexico: NetSuite customers can now benefit from native support for
        Mexican-based companies including the latest Electronic Invoicing
        requirements - CFDI 3.3 - and Electronic Accounting 1.3.

About Oracle NetSuite
Oracle NetSuite pioneered the Cloud Computing revolution in 1998, establishing the world's first company dedicated to delivering business applications over the internet. Today, it provides a suite of cloud-based financials / Enterprise Resource Planning (ERP), HR and omnichannel commerce software that runs the business of companies in more than 100 countries.

For more information, please visit http://www.netsuite.com.

Follow NetSuite's Cloud blog, Facebook page and @NetSuite Twitter handle for real-time updates.

About Oracle
The Oracle Cloud offers complete SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle (NYSE:ORCL), please visit us at oracle.com.

Trademarks
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.

Safe Harbor
The preceding is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release and timing of any features or functionality described for Oracle's products remains at the sole discretion of Oracle.

CONTACT: Michael Robinson, Oracle NetSuite Corporate Communications, Senior Director, Global Communications, 781-974-9401, Michael.s.robinson@oracle.com

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SOURCE Oracle NetSuite