NetSuite Continues European Expansion
This week NetSuite have just announced a new headquarters in the Benelux region. Illustrating the growth of NetSuite alongside the Amsterdam and Dublin data centres opened in 2015. For all European customers and potential customers, this is an exciting milestone in NetSuite’s year. With hopefully, more data centres to open and many more country specific features that we can all take advantage of.
Now some of you may be think, “how does this benefit me as a Non-NetSuite user?”. The honest answer to that question at the moment is, it doesn’t. The potential benefits though, could make NetSuite that little bit more appealing than your current ERP provider. The opening of more data centres means local support and service’s in more areas. Even Zac Nelson (NetSuite’s CEO) himself stated;
“Unless you have people on the ground, you don’t get headquarters, you get the subsidiaries attached to where you are. So now we’ll have service sales and support on the ground.”
Not only will you have solution providers in your area, you will also have NetSuite’s specific team there too. We all understand the benefits of being closer to the source.
The benefits to existing NetSuite customers are similar, and are benefits that everyone can avail of. If you are in Belgium, this means country specific reporting and tax support made easier, For Holland, tax support for the Netherlands Omzetbelasting. And for Luxembourg, you guessed it, country specific indirect tax support for Luxembourg's Taxe sur la Valeur Ajoutee. So all in all, tax and reporting will be significantly better managed. Tax reporting isn’t the only benefits to the new Benelux headquarters and data centres. When NetSuite complies with more euro security regulations, meaning more secure data in your local data centres.
So let’s look at some of the benefits in more detail…
- Global currency and accounting with localised capabilities, including support for local charts of accounts - configuration to support IFRS, local GAAP and legal requirements, flexible revenue recognition rules, depreciation and costing methods to meet local norms and support for more than 190 currencies.
- Tax compliance - triangulation reporting for business engagements that span three countries, EU intra-community sales reporting, Intrastat declarations and tax audit file generation in various formats.
- Country-specific indirect tax support - along with other regional and global variants of VAT, sales tax and withholding tax. Within the EU, NetSuite Global Tax handles triangulation reporting requirements for business engagements that span three countries or more in addition to VAT MOSS calculation and reporting obligations for companies delivering electronic services to European customers
- Country-specific reporting - reporting capabilities for EU sales, Intrastat for EU movement of goods, cross-border trading and tax audit file generation in various formats
- Local bank and payment support - configurable payment solution with more than 90 bank formats predefined and a payment partner program that offers strong coverage for credit card, debit card and alternative payment methods in the region
- Local language support - 20 languages including Dutch and French for Benelux
(source of data from accountingweb.co.uk)
Very few ERP systems can give you the scalability and flexibility that NetSuite offers. Because of the high demand for a cloud based ERP that is feature rich and develops your business, it’s no surprise that NetSuite continues to meet the needs and growth of small to large companies, worldwide. Opening more data centres not only backs this up, but increases the integrity of the previous facts.
At 3EN, we get to benefit from all of the features that have now been released because of these data centres. With our Offices in Dublin, Ireland, and Bonn, Germany, we a strategically placed to impact European Businesses. Our current European clients reap the benefits too, with the knowledge of their data being safely handled in local data centres, NetSuite’s commitment to Europe, business stability, and all new features.
This is an exciting time for European Business, for NetSuite and for 3EN, we believe that this growth is only a drop in the ocean of the impacted the cloud will have on European Businesses.