NetSuite Inc. has unveiled the newest version of its global services business-focused NetSuite OneWorld product, which boasts increased global financial consolidation capabilities, expanded support for international taxation and audit reporting, and advanced inventory costing capabilities.

OneWorld 2011 was designed for companies operating multiple subsidiaries with multiple tax jurisdictions and often running two-tier enterprise resource planning systems. The new release also comes with over 40 formatted tax compliance reports, up from seven last year. All formatted tax reports are automated from the ERP system, according to NetSuite senior director of product marketing Paul Turner.

In addition, OneWorld 2011 now has a fixed assets module and for wholesalers and manufacturers, OneWorld offers standard costing for inventory accounting in addition to LIFO, FIFO and average costing, said Turner.

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