NETSUITE ANNOUNCES NEW ADVANCED ERP MODULES
Advanced Financials Manages Midsize Businesses’ Accounting Complexities
SAN MATEO, CA (January 27, 2005) – NetSuite, Inc., today announced a pair of new advanced Enterprise Resource Planning (ERP) modules furthering the company’s leadership in delivering sophisticated financial application software via the Internet. The new modules announced today include NetSuite Revenue Recognition Module and NetSuite Advanced Financials Module. For more information about the new functionality, please go to www.netsuite.com/advancedfinancials. NetSuite’s products include NetSuite, NetSuite Small Business, NetCRM, NetERP and NetCommerce.
Not only do these new modules provide rich back-office functionality to midsized customers, when combined with NetSuite, they also aid in corporate regulatory compliance laws such as Sarbanes-Oxley. Data fragmentation has always been a challenge for businesses. Most companies run their business using disparate software packages — one for financials, one for sales, one for customer service and support, and one for inventory management. Because data resides in silos it is usually time consuming to aggregate data, and the costs associated with tying all the data together are typically high. Such data fragmentation is an obstacle in complying with Sarbanes-Oxley.
Because NetSuite ties ERP, CRM and ecommerce together in a single, hosted application, midsized businesses don’t waste time and money integrating disparate applications. With NetSuite’s architecture as a single data repository, the compliance issues raised by fragmented data and stored in multiple systems is naturally addressed. NetSuite is also delivered as an on-demand Web-based service, eliminating all the ongoing cost of maintaining and upgrading the application.
NetSuite Revenue Recognition Module Eases Accounting and Reporting with Flexibility, Increases Integrity and Confidence with GAAP Compliance
NetSuite is the first hosted application to bring revenue recognition management to midsize companies. NetSuite makes it easier for companies to flexibly recognize revenue according to customer contracts and to maintain accounting control within GAAP and other reporting standards. NetSuite provides GAAP compliant revenue recognition within one system, so there’s no more offline manipulation and juggling among multiple spreadsheets and accounting systems. NetSuite Revenue Recognition provides a system of checks and balances for review, approval and execution of revenue due to be recognized. There’s robust in-line reporting with NetSuite standard and custom financial reports.
NetSuite Advanced Financials Module Brings Robust Features to Mid-sized Businesses
NetSuite is the first to bring sophisticated financial tools to midsize and growing businesses to manage their ever-growing operating and reporting complexity. These tools, running in synch with NetSuite’s real-time financial and accounting backbone, give businesses the tools they need to confidently manage the business at the lowest cost for maximum profit with regulatory compliance — and it’s all made simpler because they operate within a single, auditable system.
oAllocations — NetSuite gives users the ability to allocate costs by GL account, class, department or location. Users can choose weight by dollar or percentage and can even set up a recurring allocation schedule within the system.
oMulti-currency — In response to the increasing number of its customers that trade overseas, NetSuite now supports multi-currency bank accounts and expense reporting capabilities; both capabilities being key to seamless international commerce and accurate financial management.
oBudgeting — Business applications sold to midsize businesses rarely provide budgeting tools for the real-world financial planning complexities they face. NetSuite has enhanced its budgeting tools to address those needs with the addition of multiple budgets for tracking different scenarios, the ability to easily create new budgets from existing budgets or even from actual results and more customizable budget reports. And in order to provide maximum flexibility, companies can now work on their budgets offline in a spreadsheet and import the results into NetSuite.
oAdvanced Billing — NetSuite’s Advanced Billing capabilities automate billing schedules and commission payments so they are processed faster, more conveniently, and at a lower cost to the business. In addition, revenue forecasting of these scheduled payments is projected accurately rather than in one lump sum at the time of order placement. Advanced Billing is a strong complement to NetSuite Recognition for companies requiring the financial tools.
oAccounts Payable and Sales Tax payments via Electronic Funds Transfer (EFT) — Now companies can pay their vendors and taxes via EFT directly from NetSuite through a partnership with Coastal Software, further streamlining business processes and removing the need for manual checks to be printed and signed.
For Better Reporting:
Additionally, the new features complement NetSuite foundation financial management and reporting tools including real-time, role based dashboards with Key Performance Indicators (KPIs), online and e-mail-based reminders and notifications, robust financial reporting and NetSuite’s File Cabinet which lets you post and publish content, policies and procedures for internal control.
For Better Control:
NetSuite offers powerful user-activity auditing and controls to help businesses determine who has access to their core business data and what changes are being made and by whom. System-generated notes provide an audit-trail of sorts identifying changes that were made at the individual level and highlighting who made the change, when it was made and the before and after values of the fields. All users of the NetSuite application are assigned roles that allow enormous control over what records and what types of changes they have access to. NetSuite allows you to limit certain types of access to business data from specific locations. Such controls allow you to control changes that are made in addition to helping ensure critical business data doesn’t leave your company.
“With this release of advanced ERP, we’re taking companies off the near abacus-like financial tools they’re using and putting the more sophisticated tools they need in their hands to manage the complexities of their businesses,” said Zach Nelson, CEO of NetSuite, Inc. “Now they can manage their business with the confidence that they’re in control, they’re compliant, and they’re managing the business for greater profit. The best part is that it is simpler to buy, implement and manage the tools from the backbone of the One System that manages their entire business.”
“Midsize businesses need more sophisticated financial tools to keep up with more complex business management and ever more rigorous reporting and compliance requirements,” said John Van Decker, Senior Vice President & Practice Lead of Meta Group. “The challenge to date has been accessing tools with the sophistication they require and usability they can manage. Both are critical to implementation and proper use.”
Source: NetSuite