Cloud Company NetSuite Helps Organisations in France Scale and Grow

To help organisations operating in France take advantage of the cloud to grow, scale and adapt to change, Oracle NetSuite today announced new localized product capabilities and an expanded in-country team for France. NetSuite provides a suite of cloud-based business applications that help organisations scale and adapt to change. With new local capabilities and certifications, including NF203 and GL Account Reconciliation (Lettrage), NetSuite is enabling organisations operating in France to standardize business operations, support global compliance and deliver real-time visibility across global operations. NetSuite already has more than 130 HQ-based and 1,100 subsidiaries of customers in France.

To address increasing competition, shifting customer expectations and constantly changing regulations, organisations operating in France are starting to rethink their traditional technology platforms. In fact, according to MARKESS, the French cloud computing market grew by 27 percent in 2017 as organisations increasingly adopted cloud-based technologies to streamline core business processes, accelerate growth and drive innovation. To help organisations in France embrace the latest in cloud technologies and manage the complexity of a highly-regulated market, NetSuite is expanding its presence in France.

“It is getting harder for businesses to drive growth both locally and internationally,” said Nicky Tozer, EMEA VP, Oracle NetSuite. “We are focused on removing the barriers to growth for our customers across the world and with the latest release of NetSuite OneWorld, we are providing a complete solution with language, currency, tax compliance and local support teams for the French market.”

With new localized product capabilities and an expanded in-country team, NetSuite enables French businesses or international subsidiaries operating in France to quickly and easily leverage an integrated suite of modern business applications to drive growth, reduce costs and achieve the benefits of cloud computing. With the latest release of NetSuite OneWorld, NetSuite has achieved the following local certification standards and features:

In-Country Auditing Standards and Processes

• NF 203 Certification: A standard that customers in France recognize as an important element showing compliance with French regulations. NetSuite OneWorld is compliant with the software design requirements of ISO 9001 standards, for a quality organisation, and ISO IEC 25051, for the functional characteristics of the product.
• FEC File Generation: Updates help customers ensure compliance with FEC File Generation, a mandatory reporting requirement.
• Numbering of accounting documents: Unique and sequential transaction numbering updates help customers ensure compliance with reporting requirements and Standard Audit File (FEC).
• Reconciliation of general accounts: New “GL Transaction Matching” or “Lettrage” enables users to match balance sheet transactions of G/L accounts with unique lettering codes. This extends reconciliation capabilities and is part of current accounting practices in France.

Bank and Cash Management Enhancements

• In-transit payments and bank file import (ISO20022 MX CAMT053.001.01, BAI2): Help customers achieve greater control over cash balances by recognizing accounts payable at the point at which it clears on the bank statement.
• Automated cash management: Empowers users to automate payments from bank statement and automatically apply payments against open accounts receivable transactions.

Reporting Improvements

• Period End Closing Journal: Enables customers to automate the creation of period end journals to record consolidation of child subsidiaries at period end and income statement (P&L) closing at year end, including CTA.
• Country-specific reports: Provides customers with French specific financial reporting to meet the financial reporting rules specific to France.
• French Chart of Accounts - Plan Comptable and French Legal Names: The ability for customers to run a French chart alongside any other group or statutory chart and also to maintain legal account names for specific French accounts for reporting.

“We have built up the NetSuite team in France over the last 9 months to deliver customer support, services, sales and marketing, and we are still growing”, said Eric Liard, head of sales in France, Oracle NetSuite. “To help growing customer demand, we are also recruiting channel partners and systems integrators.”

With customers now operating in 203 countries and dependent territories around the world, NetSuite is the proven cloud financials / enterprise resource planning (ERP) platform of choice for organisations operating and growing internationally.