NetSuite OneWorld is aimed at internationally operating companies that want to handle all business processes with branches and subsidiaries in real time. By meeting the comprehensive certification requirements in Germany, multinational companies can be sure that the accounting standards of the NetSuite-OneWorld solution comply with German regulations.
«NetSuite has excellently fulfilled all evaluation criteria based on legal requirements. We are pleased to be able to certify the solution for use in Germany»; says Heiko Jacob, Partner at IT AUDIT GmbH. The certification of NetSuite was carried out by IT AUDIT GmbH, an auditing company specializing in the analysis of IT systems and processes. Your appointment by NetSuite was subject to the general obligations to which all auditing firms are subject.
Zach Nelson, CEO of NetSuite, said: «The rigorous audit process was an important independent test for our NetSuite OneWorld system and confirms that our solution is the first choice for companies in Germany looking for a cloud-based business suite».
The certification of NetSuite and NetSuite OneWorld for Germany is based on the auditing standard «Issue and Use of Software Certificates»; (IDW PS 880) of the Institute of Public Auditors in Germany (IDW). It also certifies Sarbanes-Oxley’s compliance with regulations and procedures for monitoring, accounting control, and reporting. As part of the audit process, data relevant for taxation were also extracted from NetSuite’s system database into external files and analysed using standard audit software – as usually used by German tax authorities.
NetSuite has more than 40 customers in Germany. These include companies with headquarters in Germany as well as subsidiaries of foreign companies that already rely on NetSuite and NetSuite OneWorld.
Founded in 2000, YouGov is a listed market research institute and one of the pioneers in the use of online surveys to provide high-quality data in the fields of market and social research. YouGov is represented in Germany by its subsidiary Psychonomics GmbH. Alan Newman, Chief Financial Officer of YouGov plc, said: «We are pleased that NetSuite has received certification in Germany. One of the main advantages is that the certification enables us to consolidate our German financial reporting in the global YouGov accounting system. We are now able to take full advantage of the multi-country and multi-currency functionality of NetSuite OneWorld. It’s also nice to see NetSuite meeting the growing needs of its customers.»
Founded in 1994, Warmup plc is the UK’s leading manufacturer of underfloor heating systems and operates worldwide. The company relies on NetSuite OneWorld for its end-to-end business processes. Damon Read, Finance Director of Warmup plc, says: «As a global supplier of underfloor heating, Warmup is well aware of the challenges of complying with local regulations. Each region has its own typical requirements, and Germany is no exception. NetSuite received certification for compliance with the accounting rules generally applicable in Germany. This means that we are now in a position to regulate compliance with accounting and tax regulations internally, which means that we are less dependent on expensive external consultants. That’s good news for us and other NetSuite users in Germany.»
About Oracle NetSuite
«We have strategically added NetSuite to our portfolio because we saw a gap in the market for REINE cloud ERP systems for small and medium-sized retail, service and manufacturing companies»; explains Urs Liechti. «I refer to companies with 10 to 500 users. These organizations today often have several systems linked together or have isolated solutions. And if these companies are international, growing, and multi-business, NetSuite is a highly appropriate, fully integrated, and scalable solution.»
Rich functionality for trading companies, service and production companies. The NetSuite, existing since 1998, is rich in functionality. It offers an extended range of modules. The integrated e-commerce, webshop and POS module supports wholesalers and retailers in their Omnichannel business. Needless to say, these modules are fully integrated with all other ERP modules such as Warehouse & Fulfilment. NetSuite also offers specific functionalities for service and production companies such as project business, production management, planning & scheduling, product data management and quality management, but also MES integration. The new Advanced Manufacturing module supports both discrete and process manufacturing.
Will Lowe, Channel Recruitment Manager at Oracle NetSuite, is pleased to have Full Speed Systems as a new partner: «When selecting a new partner, we primarily focus on the ERP experience of the potential partner in their market. With Full Speed Systems we have nothing to fear.»
Since the beginning of 2017, the Oracle NetSuite ERP solution has been part of the international product range of Full Speed Systems (FSS). With this ERP-CLOUD solution, FSS succeeds in offering every medium-sized company with all its customer-specific characteristics a modern and promising overall solution.