NetSuite Offers Canadians Tax Help
TMCnet Contributing Editor
NetSuite, Inc., a vendor of on-demand CRM and business software suites, has announced a set of new tax engine features and additions, pitched towards Canadian multi-province mid-market companies for more efficient tax management and faster tax filing.
The newly-released functionality adds enhancements to the existing tax engine already built in NetSuite for Canada, which has been on the market in Canada for more than five years. Additionally, NetSuite has also unveiled the option to select French as the base language in all product offerings for Canada, allowing Quebec-based companies and other French-speaking businesses to conduct business in both English and French.
Designed specifically for the accounting and tax environment in Canada, the NetSuite product offers Canadian businesses capabilities for tax management and filing. The new functionality announced today was designed in large part to give businesses capabilities in charging, tracking and reporting of the applicable Goods and Services Tax (GST), Harmonized Services Tax (HST) and Provincial Sales Tax (PST) for their activities.
Features NetSuite’s particularly proud of are the Multiple Tax Control Accounts, which lets users create multiple tax control accounts, and the Separate Tax Items and Tax Groups, which supports the creation of separate tax items (for GST/HST and PST) which are then combined to form tax groups for selection on transactions.
This means tax agency and control accounts can be specified separately on each tax item to allow more granular tracking of taxes charged and paid.
There’s also a Tax Code Lookup Based on Province, which automatically looks up the appropriate tax code based on the Province being shipped to.
Importantly, these new capabilities allow businesses operating in multiple provinces with tax liabilities in each to eliminate the guess work, and manual intervention required in other systems by automatically selecting the appropriate tax codes based on a customer’s shipping address.
In addition, NetSuite users in Quebec and French-speaking businesses can now choose French as their base language when first setting up their NetSuite account. Users can also choose their own user interface language as appropriate for them allowing businesses that operate in French-speaking and English-speaking provinces simultaneously to support the linguistic needs of their employees.
Moreover, businesses can also communicate with their customers in any language they choose using the multi-language capabilities of NetSuite and entering translated item names and descriptions for inclusion on printed documents, e-mail and faxes.
David Sims is contributing editor for TMCnet. For more articles please visit David Sims’ columnist page.
The new tax engine features announced today are included in NetSuite Version 11.0 which is in a phased roll-out throughout June.
[ Back To TMCnet.com's Homepage ]