NetSuite Customers Make VAT Compliant Overnight
Yesterday, NetSuite announced that their customers doing business in the UK are going to enjoy full compliance with new changes to the value-added tax (VAT) rate, and without having to trouble with pesky upgrades. Thanks to NetSuite’s cloud computing model, and the flexibility of the Tax Engine in their financial and accounting software, NetSuite customers in the UK will have immediate compliance changes.
The change itself is due to UK Chancellor of the Exchequer Alistair Darling’s announcement of a return to the 17.5% VAT rate, which he detailed in his pre-budget report last week. That decision wasa part of the government’s stimulus package, and will be effective January 1, 2010. Companies operating accounting and e-commerce software are therefore racing to be compliant, and those with on-premise solutions are obviously having the roughest time.
NetSuite’s SuiteBundle is the product that automatically updates customer tax codes, and it can be applied at any time before the January deadline, and will be updated automatically. NetSuite is already a major player in many business software segments, and with cases like this one it’s patently obvious why. Their cloud-computing model is thrifty and timely, and this a prime example of the abilities offered by cloud computing—hopefully one that will get even more people hooked on this kind of deployment.
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