It’s no secret that sales tax is complex for businesses. But many NetSuite users are unaware of capabilities within their ERP that could help reduce the risk and burden around organizational compliance.
SuiteTax was built to replace the legacy tax engine within NetSuite that supports basic client needs for compliance in multiple countries. The additional SuiteTax API layer allows customers to connect multiple tax engines and define separate nexuses for each subsidiary, as well as connections for other compliance tools related to EU VAT reporting, 1099 compliance and sales tax filings.
To help explain the functionality and benefits of the native tool, Sovos sat down with Kamlesh Rajyaguru, NetSuite’s global director of SuiteTax. Hear what Kamlesh has to say about the SuiteTax solution and read on to learn how you can take advantage of these capabilities.
How will SuiteTax improve my NetSuite experience?
The SuiteTax benefits can be realized relatively quickly once you have enabled the functionality in your NetSuite environment. In addition to allowing users to connect other essential business tools from technology providers through the SuiteTax API, you will discover the following:
- How to ensure compliance with indirect tax and transactional tax obligations without changing the configuration of your current environment.
- The flexibility to import transactions from multiple systems that have their own tax logic.
- Use tax partner engines to tailor a solution to geographic requirements, including the use of multiple tax jurisdictions per subsidiary.
What financial tools can connect to SuiteTax API?
Searching through SuiteApp.com will expose hundreds of ways you can extend your NetSuite capabilities. But there are three key Built for NetSuite listings that will help your teams efficiently manage global compliance and tax information reporting:
- The Sovos Filing Report for SuiteTax allows you to seamlessly populate sales tax returns for any jurisdiction where you have a filing obligation. Our team of dedicated preparers can help you spend less time on compliance by submitting returns to the respective departments of revenue on your behalf.
- Sovos is the preferred NetSuite partner for tax information reporting. With real-time data verification and a simple three-step process for 1099 submissions, this automated offering will reduce time spent on reporting and the likelihood of errors.
- Following the July 2021 changes for ecommerce regulations in the EU, B2C organizations using NetSuite and selling overseas can benefit greatly from Sovos’ EU VAT Reporting (OSS/IOSS) offering. The new VAT package does not hinder your international growth and includes a comprehensive managed service, covering all relevant schemes and acts as intermediary if required.
How can I take advantage of SuiteTax capabilities?
Natively built on the NetSuite platform, SuiteTax simplifies your basic tax processes by integrating tax calculations within the same system you already use for sales, billing, payment processing and other core business transactions. This functionality has been generally available since 2020 and is included with your NetSuite platform license.
Reach out to your NetSuite account executive for a qualifying questionnaire to enable the SuiteTax capabilities described in the sections above. It is important to note that enabling SuiteTax is optional for all customers at the present time, but users may find that their business complexities necessitate SuiteTax API tools as the organization grows.
As the first partner to integrate with NetSuite SuiteTax API, you can rely on Sovos’ Built for NetSuite offerings to keep your organization on a growth path without letting compliance get in your way. Whether your reporting needs are domestic or international, get in touch with the Sovos team today to learn more about how we can support your teams.
Have questions about our compliance solutions? Contact our team today to learn more about our integrations with SuiteTax API.