Firm offers ‘cloud solution’ for RP accounting system-A A +A
By Mia A. Aznar
Thursday, October 14, 2010
WITH the Philippines’ “complex” tax processes, a cloud-based financial and enterprise resource planning (ERP) software company has created a program specifically for businesses in the Philippine setting.
NetSuite yesterday unveiled OneWorld PH, a software suite fully localized for the Philippine market.
The program is designed for the country’s accounting rules and regulatory requirements of the Philippine government, including tax reporting mandated by the Bureau of Internal Revenue (BIR).
Zach Nelson, CEO of NetSuite Inc., believes using NetSuite’s OneWorld PH will make it easy for businesses to comply with the government’s tax requirements.
And because they are using cloud computing or Internet-based computing where resources are provided on demand, Nelson said businesses also reduce the cost of maintaining business solution software.
Rather than spend on software maintenance and upgrades, Nelson said all companies had to do was subscribe to NetSuite and their company does everything, including host the servers.
He said this saves on the cost of maintenance and the hiring of IT personnel to maintain the different software needed for different functions.
With their program, he explained that all companies need is a web browser and internet access and they can access all their data.
And because it is specially designed for doing managing business in the Philippines, the program automatically includes the correct tax codes.
It also makes it easier for businesses to fill up their certificate of creditable tax withhold at source and vat declarations. They don’t have to fill up each form individually either, as the suite allows them to print the forms directly.
Nelson is confident that the officials of the BIR will embrace the technology, saying the country is stepping up its tax collection schemes. He added that they had the BIR certify their product first before offering it.
“The Philippines, by far, is the most complex I’ve seen,” he said.
However, he said he understands why the government has so many steps and brackets for different businesses, saying it has valid reasons and needs to give the necessary incentives.
Nelson said that complying with the requirements is the challenge but it will all be easy with the software they are providing.
Published in the Sun.Star Cebu newspaper on October 15, 2010.