Short answer is you are correct. Just replace local host in the URL with your fully qualified domain name (eg. machine_name.company.com).
If all is well on your local server, your sever URL for other users is the following:
where your_computer_name is your machine name from "My Computers" Properties on the windows machine you have installed the server.
domain is whatever your domain is.
port : if using default, leave it out. If you've setup anything other than port 80 (default) type in the port number here. Example 8080
If all of this is on a VM, the same still applies.