LONDON and SAN MATEO, Calif/PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading
provider of cloud-based financials / ERP software suites, today
announced that NetSuite customers doing business in the UK will once
again continue to enjoy full business systems compliance with the
upcoming changes in the value-added tax
(VAT) rate without having to lift a finger. NetSuite's cloud computing
model and the flexible, powerful NetSuite Tax Engine inside NetSuite's
financial/accounting software ensure that NetSuite customers in the UK
immediately benefit from this update. While companies using antiquated,
on-premise products will be installing patches, mulling over extensive
checklists and manually updating their accounting records, NetSuite
customers will be enjoying the season to be jolly with their families
and friends. For more information about the plan, please visit: www.netsuite.co.uk/vat-rate.
Following the Chancellor's Emergency Budget, UK businesses will be
experiencing business continuity challenges for the third time in a
little over two years as the standard rate of VAT is increased to 20
percent, effective on 4th January 2011. As in previous years, these changes mean that businesses are challenged in terms of adjusting their accounting software
and Ecommerce systems timely and accurately in order to be compliant.
This is particularly important because any under-charging of VAT can
directly impact the bottom-line as the business itself will be deemed
liable for any shortfall. Thanks to NetSuite's highly flexible and
customisable cloud-based business management software, UK companies can
respond rapidly to maintain the integrity of their VAT and accounting
records. The ability of on-demand business systems such as NetSuite to
respond quickly to changing business conditions and then communicate a
single, best-practice message directly to customers via the on-demand
platform demonstrates another advantage that cloud-based solutions have
over previous generation, on-premise software.
As of December 17th, new tax codes will
automatically be available in NetSuite's customers' accounts and
customers will be able to set the system to automatically update any
open sales and purchase orders they may have as of 3rd January 2011.
Just as with the rate change last year, the NetSuite application will
guide customers through the process and allow them to select the precise
time to make the transition to the new VAT rate; something that is
particularly important for eCommerce and other companies doing business
around the clock.
"This latest change in the UK VAT rate, once again during one of the
busiest times of the year, presents a particular challenge to
businesses' efforts to maintain compliance," said Craig Sullivan,
VP & GM, International, NetSuite. "Fortunately, we are able to
utilize the benefits and flexibility of the Cloud Computing model to
allow customers to prepare early, enjoy their Christmas and New Year
celebrations to the fullest and be refreshed and ready to face new
challenges and thrive in 2011."
NetSuite takes a multi-channel approach to providing its customers
with information on the change and on supporting them through the
process every step of the way. As in previous years, this includes a
dedicated micro-site accessible from the NetSuite Web site, postings
within the NetSuite user group online forum, and email communications.
NetSuite Customer Support is also staffed with accounting compliance
specialists to provide guidance and address customers' questions.
"NetSuite has been delivering a powerful, seamless Ecommerce platform
to our business for seven years now, so we are not at all worried about
the forthcoming VAT change. Having gone through previous VAT changes
with NetSuite we found the whole process to be child's play," said Tim James-Parker, Partner of Suffolk-based retailer and distributor Justoffbase (www.justoffbase.co.uk).
"Thanks to NetSuite, we spend our time enhancing value for customers
and increasing our marketing effectiveness, rather than the overhead of
these frustrating changes."
"The ease of compliance with HMRC VAT rate changes allows us to focus
on our business and clients rather than non-productive statutory
matters. NetSuite once again has applied the principles of simplicity to
a complex issue without creating changes in workflow or extra work for
our core finance team. We literally were able to set it up and have it
taken care of while we slept," said James Pegum, CEO of Richmond, Surrey, UK-based Parrimark Technology, whose global finance team is based in Sydney, Australia.
For more information about NetSuite Inc., please visit www.netsuite.com.
NOTE: NetSuite and the NetSuite logo are registered service marks of NetSuite Inc.
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SOURCE NetSuite Inc.
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