NetSuite ERP was designed to support international growth companies. Companies with ambitions to grow internationally can gain a lot by starting to use NetSuite at an early stage. In other words, before the physical need to manage the complex processes encountered later on in a company’s development.
Getting things right from the start intensifies financial management processes and saves resources. It is vital for a growth-company. It’s always tough to change systems as these needs appear, instead of creating the right conditions from the start. Also, a lot of growth companies don’t have time to reflect on what is needed in this area before the needs become clear.
How does NetSuite support international localizations?
Based on our experiences, this article will describe how NetSuite manages international localizations. We will also give you an understanding of what to expect from a modern system when you as a growth company want to encourage effective business growth.
What is the difference between internationalization and localization?
Normally, internationalization means how a piece of software adapts in order to work in different business cultures and languages. Localization is more about how the system, based on a good foundation, is adapted to a specific local market. In order for adaptations to be made, a decision-making factor factor is that the system should have been designed to do this.
Internationalization in NetSuite involves:
- Country-specific data
- Currency management
Localization is more about:
- Data that needs to be based on legal requirements
- Specific local workflows and processes
- Specific reports
How NetSuite supports your localization needs
For the creation of specific solutions for local requirements, the NetSuite concept “SuiteApps” is important.
SuiteApps makes it possible for different NetSuite partners to develop applications that can be added to the standard system without affecting it. SuiteApps can be developed by different specialists and partners, and offer specific functions and solutions for localization.
Most SuiteApps are run as a part of the standard applications.
The following NetSuite solutions are important for localization:
- Adaptations and reports adapted for local requirements –NetSuite country-specific SuiteApps
- Knowledge of the implementation partner in the specific country
- SuiteApp Development Network partners.
- Other partners who developed add-ons based on local expertise.
Staria has developed NetSuite localization SuiteApps for such countries where NetSuite does not yet provide a ready solution. You can find more information on these later in this article.
Examples of important functions to create effective localizations in NetSuite:
- Management of multiple legal subsidiaries and business areas
- Manage accounting in multiple ways at the same time
- Different fiscal calendars for financial and tax reporting
- SuiteGL for flexible adaptation of the general ledger
- IFRS qualifying features
- Electronic payment solutions for different countries
- SuitePayments API for integration with payment gateways
- SuiteShipping API for integration with transport providers
- SuiteTax API for local tax rules calculations
- International address handling and different date formats
Specific rules to bear in mind when implementing NetSuite for different localization requirements
In general, we often talk about legal regulations and regulatory requirements. Legal requirements are specified by law, whereas regulatory requirements are determined by different types of authorities and industry agencies.
There are different types of regulations to be followed, particularly within the following areas:
- Local or industry-specific regulations for processes or reporting
- Accounting standards
- Currency controls and different standards for currency management
- Tax calculations
- Salary deduction management
- Tax reporting
- Tax declaration management
- Tax auditing files
- Layouts of different types of business documents
- Electronic payment management
- Regulations and processes for debt collection management
Staria’s NetSuite localizations
Staria has developed NetSuite localization SuiteApps for such countries where NetSuite does not yet provide a ready solution. The apps are designed to manage financial transactions and payment processes in accordance with local requirements.
Staria is constantly developing new localizations for our customers. Those are available to the following countries:
Please note that the Nordic localizations (Finland, Sweden, Norway and Denmark), developed by Staria, are managed bundles by NetSuite. For more information please contact your NetSuite Account Manager.
Read more about our SuiteApps here or contact us directly and we can go through how we can support your needs locally.