NetSuite Cloud Software Gives UK Customers Peace of Mind This ChristmasBy Netsuite Inc., PRNE
Monday, November 29, 2010
Leading Cloud ERP Suite Automates UK's Latest VAT Rate Change; No Manual Updates or Complex Software to Upgrade and Test
LONDON and SAN MATEO, California, November 30, 2010 - 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
NOTE: NetSuite and the NetSuite logo are registered service marks of
Mei Li of NetSuite Inc., +1-650-627-1063, meili at netsuite.com; or Patrick Yiu of Brands2Life, +44-207-592-1200, netsuite at brands2life.com, for NetSuite Inc.
Tags: california, London And San Mateo, NetSuite Inc., November 30, United Kingdom