[UPDATED: January 2018]
"ERP is our largest and most important business application in the cloud" said Mark Hurd, Oracle's CEO as he commented on the significant increase in cloud-generated revenue at the end of the 3rd quarter of 2017.
His words highlight the importance that management systems play in today's businesses, the constant search for efficiency, flexibility and the ability to monitor and manage the business in real-time. (Learn how this Netsuite Italian accounting SuiteApp allows companies that operate in the Italian market manage the complex accounting and tax system of Italy by securing your FREE Nexil Demo now!)
Nexil: NetSuite Extended Italian Localization
The potential and importance of one of the most well-known Cloud ERPs wasn't just noticed by Oracle, which decided to acquire it at the beginning of 2017, but also by a growing number of Italian companies that have implemented NetSuite within their own organizations.
The benefits of NetSuite are many and the numbers confirm this, but this software isn't natively provided with features that help businesses operating in Italy to locally manage their accounts. This result in issues related to adjusting to the accounting requirements required by the Italian tax system.
Fortunately, SuiteApps come to the aid of anyone who needs a specific feature: SuiteApps are applications that extend NetSuite for industry and business needs. Extra Vision has decided to develop an Italian localization of NetSuite, Nexil, designed according to the dual accounting system of assets and income. In this way, companies operating in Italy can rely on a bundle module, certified by NetSuite "Build for NetSuite", that can be easily installed, directly configured, and used to cover all Italian tax requirements.
Technical and Functional Characteristics of Nexil
With a single integrated NetSuite package, companies can quickly configure all features required by Italian regulations. In addition, due to the constant updates (about 2 releases per year) made by Extra Vision's Italian accounting experts, users can easily follow and implement all changes to tax requirements.
Through Nexil, using Custom GL, you can follow the Italian revenue system while maintaining a balance sheet (according to Anglo-Saxon standards). This is useful for companies operating in different countries that have to present both financial results. Nexil also makes it easier to handle management accounts used in transactions, but will not be reflected in tax documents (such as inventory movements, ledger account, etc.).
All fiscal reporting is also available in one place: VAT Registry, VAT Summary, Journal Book, Periodic Summary VAT Declaration, Invoice List, Intrastat and Withholding Certification.
Number of Operations
Nexil allows you to define different numbering streams depending on the type of operation. This function is mandatory in order to maintain different sequences for sales and purchase transactions (National, EEC "European Economic Community", Non-EEC). It can also be used to handle different types of order and document sequences (Sales Order → Fulfillment → Sales Invoice).
Nexil allows you to correctly register the purchase invoices for both EU and non-EU, in full compliance with Italian requirements. The invoices will also be recorded and registered in the sales register, with the sole purpose of neutralizing VAT. It is also possible to print selfinvoce.
Customs Bills and Letters of Solicitation
Nexil allows you to register your Customs Bills correctly and quickly, in full compliance with Italian requirements. In the bundle, there is an extension of NetSuite for managing multiple senders that take into account multiple deadlines on individual invoices.
Accounts Closure and Openings
There is an automatic feature that automatically closes the accounts at the end of the year and generates the opening of accounts for the new year. It also includes the appropriate Key Performance Indicators (KPIs).
Release September 2017
Nexil is in constant transformation and evolution to provide better functionalities, both in terms of regulatory adaptations and ease of use. In September 2017, the release of Nexil was distributed, featuring two new features:
- Invoices Issued and Received: this is the new register of income and expenses;
- Income Statement and Balance Sheet: these are the Financial Statements in accordance with the Fourth EEC Directive.
Extra Vision, a NetSuite Solution Provider, is fully available to provide support in compiling and monitoring these mandatory reports, as well as for configuration or technical training to allow easy configuration the above mentioned reports.
New Release January 2018
In January 2018, the latest release of Nexil was distributed, including three new features:
- Insertion by default of the Numbering Flow in the Customer / Vendor data: this is the feature that allows to set for each customer / supplier the default numbering flow that will be automatically inserted in the transactions;
- Automatic generation of the Periodic liquidation: this is the function that allows the generation of the periodic liquidation to be generated at the time of the creation of the settlement in a definitive state;
- Alert in case of change of fiscal document inserted in Definitive VAT Registers: it is the functionality that displays a non-blocking alert in case of change of a fiscal document inserted in a Definitive VAT Register.
Extra Vision is available to support companies in activating the above mentioned features.
If you want to see how it works, you can request a free demo of Nexil, no strings attached. Take full advantage of the ERP Cloud # 1 potential in the world, even in Italy. Book your FREE Nexil demo now!