16 Jun, 2022

NetSuite Tax Management

Suite Tax, an indirect tax management solution of NetSuite, is a customizable tax engine that manages global tax from end to end. Finance teams may produce thorough reports quickly and easily, evaluating transactions down to line-item tax data. Suite Tax automates worldwide tax compliance, saving time, money and removing the need for human computations. The built-in tax logic in NetSuite automates taxability decisions and computations on every transaction, right down to the individual item level. 

Any Tax Anywhere 

NetSuite maintains historical tax rate changes and offers updates tax rates for 110 countries on a monthly basis. As a result, Suite Tax applies the correct rate on every transaction, every time. 

Advantages of NetSuite Tax Management 

Facilitates Numerous Kinds of Taxes. Manage local taxes across affiliates, from GST to VAT to restraining and U.S. sales and use taxes. 

No Further Speculations. Make sure that the correct rate is applied to each and every transaction. The accounting, buying, and sales departments can securely handle taxes in compliance with local regulations.  

Single Solution. Integrate transaction tax computation and tax reporting abilities into a suite utilized by enterprises for sales, invoicing, revenue recognition, payment processing, and other functions.   

Characteristics of NetSuite Tax Management 

Suite Tax has the adaptability to suit country-specific requirements and maintains current with tax calculation and reporting legislation changes. Finance departments can effortlessly handle in-country transactions – sales tax, VAT, or GST — and negotiate peculiar tax scenarios and laws, such as intra-EU transactions, third-party logistics (3PL), reversal charges, and more. Use the appropriate tax computing engines for nexuses involving U.S. sales and use taxes, and outweigh transaction tax information. And visibility into your indirect tax status in real-time helps cash flow. 

Automated VAT/GST calculation  

Eliminating the Need for Human Computation: NetSuite’s in-built tax logic evaluates taxability and performs computations for every transaction, item in your account, and tax jurisdiction. NetSuite verifies all of your customer and vendor VAT registration numbers, ensuring that all cross-border products and services inside the EU are taxed correctly. 

U.S. Sales Tax 

Sales tax compliance across the United States frequently necessitates full-time attention from the whole tax team. Suite Tax automates monthly tax rates for all countries, lowering the significant expenses involved with monitoring compliance. You obtain Zip+4 for better accuracy as well as maintenance of exemption certificates. You may also create your own item taxability criteria, making it easy to handle.  

Audit capabilities 

Details concerning auditors. Invoices incorporate tax computations per line item, with each explanation and country-specific compliance information in any language. Only authorized users may make changes, such as overriding the tax jurisdiction, thanks to NetSuite's adjustable roles and permissions. All rate adjustments, as well as changes to client and vendor information, are tracked. 

Flexible Reporting 

Attain an instantaneous view of your sales tax and VAT position. Faster and easier tax reporting is made possible through automated overviews, transaction-level subsidiary rollups, and unconventional localized reports for many countries. With NetSuite's configurable reports, you may specify and deploy each tax code and transaction form to any section on the tax form and utilize a template to create your own report for any country. 

Tax Service Partners

The Suite Tax API allows you to connect with the best-of-breed tax service providers. You are not restricted either: Suite Tax allows finance teams to connect with various tax service providers, allowing them to choose the best partner for each area, even within the same subsidiary. 

Issues that are solved through NetSuite Tax Management 

Manual Tax Calculations. Tax collection is automated in more than 110 countries.  

Compliance. Check whether your organization is in adherence with universal tax demands by jurisdiction. 

Reporting. Flexible reporting features make it simple to fill out tax forms and pass audits. 

Looking for a better way to improve your business? Connect with Jobin & Jismi for better assistance.