NetSuite OneWorld Offers Multinational Companies Unique Tax and Audit Trail Features for Financial Management in Germany
NetSuite Brings Cloud Computing to German Companies and Subsidiaries
SAN MATEO, Calif. — June 29, 2009 — NetSuite Inc. (NYSE: N), a leading vendor of cloud computing and integrated business software suites, today announced that NetSuite and NetSuite OneWorld have become the first generally available Software as a Service (SaaS) business management suites to be certified by the German Institute of Auditors (Institut der Wirtchaftsprüfer in Deutschland e.V.). The certification validates NetSuite suitability for use in regional divisions of multinational companies with operations in Germany, or for use by companies headquartered in Germany. NetSuite OneWorld is a complete business application with capabilities that span business functions across the enterprise from Customer Relationship Management (CRM) to Enterprise Resource Planning (ERP) and Ecommerce , and offers businesses the opportunity to lower operating costs and eliminate capital expenditures associated with on-premise systems by moving key business processes to the Cloud.
The certification of NetSuite and NetSuite OneWorld for Germany is based on the German Auditing Standard 880, "Issue and Use of Software Attestation Reports" (IDW PS 880) issued by the Institute of Public Auditors in Germany (IDW), ensuring compliance with Commercial Code (Handelsgesetzbuch), tax regulations defined in the Fiscal Code (Abgabenordnung), IDW Accounting Principles and generally accepted EDP-supported accounting and bookkeeping systems (GoBS). In principle, the Standard requires systems to provide controls, audit trail and reporting capabilities sufficient for a business to deploy Sarbanes-Oxley–like policies and procedures. The audit also covered the extraction of defined master data and transactional data from the system database into external files, allowing data relevant for taxation to be analyzed outside of NetSuite with standardized audit software routinely used by the German tax authority.
Software certification audits in Germany can only be carried out by certified public accountants or auditing firms (known locally as "Wirtschaftsprüfungsgesellschaft"). The law requires these firms to have formal approval from Germany's National Chamber of Accountants ("Wirtschaftsprüferkammer") and be majority owned by a firm of chartered accountants. NetSuite's certification was carried out by IT AUDIT, a qualified chartered accountants firm that specializes on controls in IT Systems and Processes. Its engagement by NetSuite is governed by the General Engagement Terms by which all audit firms must abide.
"NetSuite performed very well against all of our evaluation criteria, based on the legal requirements, and we're happy to certify it for use in Germany," said Heiko Jacob, Partner at IT AUDIT GmbH.
"The rigorous audit certification represents an important, independent test of NetSuite OneWorld and further establishes NetSuite as the leading choice for companies seeking a complete cloud-based business suite for their companies in Germany and across Europe," said Zach Nelson, CEO of NetSuite."
More than 40 NetSuite customers, either with headquarters located in Germany or whose subsidiaries are based in Germany, are already enjoying the benefits of NetSuite and NetSuite OneWorld.
YouGov plc is a professional research and consulting organization, pioneering the use of the Internet and information technology to collect high quality, in-depth data for market research and stakeholder consultation; providing companies with a rounded view of their staff, customers, brands and investors, as well as assessing opinion amongst the general public and the media. Psychonomics GmbH is its German subsidiary, and YouGov has a number of other subsidiaries around the world. With NetSuite OneWorld, the company is able to manage end-to-end business processes across its global subsidiaries with a single consolidated view in real-time.
Alan Newman, Chief Financial Officer at YouGov plc, parent company of Psychonomics GmbH said, "We are delighted that NetSuite has achieved certification in Germany. A significant benefit is that it will enable us to consolidate our German financial reporting into the overall global YouGov operations. We will be able to take full advantage of NetSuite OneWorld's multi-country, multi-currency functionality."
Warmup plc is the UK's leading manufacturer of electric underfloor heating products. Founded in 1994, Warmup plc provides underfloor heating to thousands of homes and businesses in Europe and the US. Warmup® Underfloor Heaters have been designed with simplicity in mind, using the latest technology to deliver a quality product at exceptional value. As a global company, Warmup plc utilizes NetSuite OneWorld to manage end-to-end business processes of its global operations for accounting and financial management, light manufacturing, advanced shipping/receiving, multi-location inventory, quotes, partner relationship management, and email marketing.
"As a Worldwide Supplier of underfloor heating, Warmup is no stranger to the challenge of ensuring compliance with local regulation," said Damon Read, Finance Director, Warmup Plc. "Each territory has its own particular requirements and Germany is no exception. With NetSuite's new German Certification we should now be able to maintain accounting and tax compliance internally, thus reducing our requirement for costly external advisors. This is good news for us and other NetSuite users who operate in Germany." |
