NetSuite Customers Made VAT Compliant While They Sleep

0
12

Share on LinkedIn

NetSuite Cloud Computing Software Automatically Adjusts for Upcoming VAT
Rate Change; No Complex Software to Upgrade and Test

LONDON – 17 December 2009 – NetSuite Inc. (NYSE: N), a leading vendor of

c=NLCORP&__r=53079704&__h=ad1d1e5967dfff51e244&_od=aHR0cHM6Ly9mb3Jtcy5uZXRzd
Wl0ZS5jb20*&url=https://forms.netsuite.com/app/crm/marketing/campaignlistene
r.nl?__lstr=__cl&c=NLCORP&__r=-2147483648&__h=9af0a2a759773a444aa4&url=http:
//www.netsuite.co.uk/portal/uk/platform/main.shtml> cloud computing

c=NLCORP&__r=53079704&__h=ad1d1e5967dfff51e244&_od=aHR0cHM6Ly9mb3Jtcy5uZXRzd
Wl0ZS5jb20*&url=https://forms.netsuite.com/app/crm/marketing/campaignlistene
r.nl?__lstr=__cl&c=NLCORP&__r=-2147483648&__h=9af0a2a759773a444aa4&url=http:
//www.netsuite.co.uk/portal/uk/products/oneworld/main.shtml> business
management software suites, today announced that NetSuite customers doing
business in the UK will enjoy full business systems compliance with new
changes in the

c=NLCORP&__r=53079704&__h=ad1d1e5967dfff51e244&_od=aHR0cHM6Ly9mb3Jtcy5uZXRzd
Wl0ZS5jb20*&url=https://forms.netsuite.com/app/crm/marketing/campaignlistene
r.nl?__lstr=__cl&c=NLCORP&__r=-2147483648&__h=9af0a2a759773a444aa4&url=http:
//www.netsuite.co.uk/portal/uk/landing/uk-vat-rate.shtml> 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 stone-age,
on-premise products will be huddling around the warmth of their servers
praying the patches they have to install to address the

c=NLCORP&__r=53079704&__h=ad1d1e5967dfff51e244&_od=aHR0cHM6Ly9mb3Jtcy5uZXRzd
Wl0ZS5jb20*&url=https://forms.netsuite.com/app/crm/marketing/campaignlistene
r.nl?__lstr=__cl&c=NLCORP&__r=-2147483648&__h=9af0a2a759773a444aa4&url=http:
//www.netsuite.co.uk/portal/uk/landing/uk-vat-rate.shtml> VAT change
actually work, NetSuite customers will be worrying about which party to
attend on New Year’s Eve. For more information about the plan, please visit:

c=NLCORP&__r=53079704&__h=ad1d1e5967dfff51e244&_od=aHR0cHM6Ly9mb3Jtcy5uZXRzd
Wl0ZS5jb20*&url=https://forms.netsuite.com/app/crm/marketing/campaignlistene
r.nl?__lstr=__cl&c=NLCORP&__r=-2147483648&__h=9af0a2a759773a444aa4&url=http:
//www.netsuite.co.uk/vat-rate> www.netsuite.co.uk/vat-rate.

The UK’s Chancellor of the Exchequer Alistair Darling announced the return
to the 17.5% VAT rate in his pre-Budget report on 9th December. The move
means that businesses face a challenge to adjust their

c=NLCORP&__r=53079704&__h=ad1d1e5967dfff51e244&_od=aHR0cHM6Ly9mb3Jtcy5uZXRzd
Wl0ZS5jb20*&url=https://forms.netsuite.com/app/crm/marketing/campaignlistene
r.nl?__lstr=__cl&c=NLCORP&__r=-2147483648&__h=9af0a2a759773a444aa4&url=http:
//www.netsuite.co.uk/portal/uk/products/oneworld/global-accounting-erp.shtml
> accounting software and Ecommerce systems timely and accurately in order
to be compliant. 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 in near real-time 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.

The decision to temporarily reduce the VAT rate from 17.5% to 15% was made
last year as part of government’s economic stimulus package. The change back
to 17.5% is due to come into effect on 1st January 2010, leaving little time
for companies to prepare themselves for the change. NetSuite has developed a
SuiteBundle that automatically updates customers’ tax codes lists and items,
as well as open sales and purchase orders that they may have as of 31st
December 2009. Customers can apply the bundle at any time and then the
system will update itself automatically on 1st January.

“The change in the UK VAT rate presents a challenge to businesses to ensure
compliance, especially during the busy Christmas period,” said Steve Sydes,
Managing Director of EMEA for NetSuite. “The NetSuite tax engine was
designed to allow such changes to be made quickly and at the appropriate
time. Thanks to the SuiteCloud platform, customers can prepare now and relax
for the remainder of the festive season.”

NetSuite has taken 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. This includes a dedicated micro-site on 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 address customers’ questions.

For more information about NetSuite Inc., please visit

c=NLCORP&__r=53079704&__h=ad1d1e5967dfff51e244&_od=aHR0cHM6Ly9mb3Jtcy5uZXRzd
Wl0ZS5jb20*&url=https://forms.netsuite.com/app/crm/marketing/campaignlistene
r.nl?__lstr=__cl&c=NLCORP&__r=-2147483648&__h=9af0a2a759773a444aa4&url=http:
//www.netsuite.co.uk/portal/uk/products/oneworld/global-accounting-erp.shtml
> www.netsuite.com.

NOTE: NetSuite and the NetSuite logo are registered service marks of
NetSuite Inc.

News Editor
CustomerThink offers a free news posting service for press releases relevant to our community. To submit your press release to our news editor, send an email to [email protected] with the press release headline and main content in the email subject line and body, respectively. That's it! Approved press releases will appear in our news category within one business day of submission.

ADD YOUR COMMENT

Please use comments to add value to the discussion. Maximum one link to an educational blog post or article. We will NOT PUBLISH brief comments like "good post," comments that mainly promote links, or comments with links to companies, products, or services.

Please enter your comment!
Please enter your name here