SAN JOSE, Calif., May 18, 2016 /PRNewswire/ -- NETSUITE SUITEWORLD
- NetSuite Inc. (NYSE: N), the industry's leading provider of
cloud-based financials / ERP and omnichannel commerce software
suites, today announced a multitude of new features targeting the
software industry, including billing, revenue recognition,
Governance, Risk and Compliance (GRC) and global capabilities.
These new features are designed to help software companies adapt to
any business model by unifying billing with revenue recognition and
expand globally by increasing operational efficiency, streamlining
financial reporting, deepening local and global compliance and
localizing business processes. The enhancements announced today
demonstrate NetSuite's accelerated product innovation across all
industries and for software in particular, at an unstoppable
pace.
Software companies today face enormous pressure to innovate,
both in their product and business model, where changes to
traditional billing practices have forced the industry to adopt
subscription- and usage-based billing. Meanwhile, many software
companies are struggling to account for new service practices
they've added to their business. Additionally, with software
companies undergoing rapid growth and carrying high market
valuations, managing that growth and maintaining compliance and
auditability becomes a significant challenge.
NetSuite provides a scalable system that supports software
companies in start-up mode, through rapid growth stages beyond
their IPOs with a single system that can grow with the business,
providing the first and last business system a software company
will ever need. With NetSuite, software companies are well
positioned for global expansion. Additionally, NetSuite's
robust internal controls and strong track record of businesses
running NetSuite that have taken their companies public in recent
years helps pave the way for companies as they march towards IPO.
Robust financial reporting capabilities help businesses execute
through a smooth auditing process, creating a win-win for both the
businesses and their auditors.
"NetSuite has a long track record of supporting software
companies throughout their evolution, from start-up, to
fast-growth, to global enterprises," said NetSuite Co-Founder, CTO
and Chairman of the Board, Evan
Goldberg. "These latest enhancements are a testament to our
continued innovation and support for businesses in the software
industry. With NetSuite, they can adapt and grow, knowing their
business software will evolve with them and with the industry."
Future-Proofing Billing Functionality for Any Business
Model
Perhaps more than in any other industry, software companies
confront rapid evolution in billing and revenue recognition.
Today's announcement of SuiteBilling enables software companies to
make billing, traditionally a standardized task, into a strategic
business function with:
- A Core Framework, allowing for internal NetSuite
subscription management, project and fulfillment modules to
directly leverage core billing, revenue recognition and financial
elements and processes via billing accounts and charge
records.
- Enhanced Order to Revenue, NetSuite's superior and
highly scalable order management functionality can process orders
coming in from multiple channels and centralize them within one
single system while advanced revenue management capabilities
support multi-element arrangements.
- Subscription Management, supporting subscription- and
usage-based pricing models and rating (simple and advanced).
- Unified, but Independent Approach, allowing invoicing
and revenue recognition processes to work seamlessly together while
meeting the specific independent needs of each process.
- Rich, Customizable Customer Billing Portals, based on
NetSuite's industry-leading ecommerce platform, enable companies to
deepen and expand customer relationships.
Reducing Risk, Easing Compliance
Rapid growth in the software industry demand rigid controls
around accounting practices and risk management. The enhancements
announced today deliver key benefits and features that expand on
NetSuite's Governance, Risk and Compliance (GRC) GRC capabilities
with a focus on ensuring companies of all sizes have the ability to
define role-specific access controls across their global
organizations, track activity and configuration changes at a
granular level and report on that activity, including proactive
alerting related to business-specific exception criteria. Key
improvements within NetSuite OneWorld that benefit software
companies include:
- Additional audit trails and searchability across all
financially-relevant account setup pages.
- Revenue recognition plan changes (within the Advanced Revenue
Management module).
- Custom financial layouts.
- Enhanced security around the password reset process.
Managing Global Growth
As software companies expand across the globe, they confront new
challenges with managing local currencies, languages and taxation
rules while establishing multiple subsidiaries. The new
enhancements announced today provide software companies with new
features and functionality that address:
- Global vendor management, enabling multi-company users
to centralize and manage their global vendor relationships,
including credit limits, across multiple companies and cleaning up
duplicate vendor data from legacy systems by merging vendor records
across subsidiaries.
- Country-specific localizations, expanding on support for
more than 100 countries tax calculation and reporting requirements,
encompassing Czech Republic VAT Control Statement and Slovak
Republic VAT Ledger Statement, which will allow global companies to
meet the tax requirements of the countries in which they operate.
Through NetSuite's support for local tax calculation and reporting,
changes in VAT transaction details in Belgium and Portugal, and similar upcoming changes in
Spain and Hungary, are managed seamlessly, as NetSuite
cloud ERP allows global companies to cope with such changes without
business disruption.
- Secondary books consolidation and financial reporting,
allowing companies that are required to keep multiple sets of
auditable financial results to satisfy specific GAAP (Generally
Accepted Accounting Principles) and international reporting
requirements across their global business operations, enabling
accountants and controllers to optimize financial period closing at
a global level. For example, companies can maintain accounting
records according to their corporate or headquarter location
accounting policies in parallel to local accounting rules that may
have different recognition timing or classification.
Today, more than 30,000 companies and subsidiaries depend on
NetSuite to run complex, mission-critical business processes
globally in the cloud. Since its inception in 1998, NetSuite has
established itself as the leading provider of cloud-based
financials/enterprise resource planning (ERP) and omnichannel
commerce software applications for businesses of all sizes. Many
FORTUNE 100 companies rely on NetSuite to accelerate innovation and
business transformation. NetSuite continues its success in
delivering the best cloud business management software to
businesses around the world, enabling them to lower IT costs
significantly while increasing productivity, as the global adoption
of the cloud accelerates.
Follow NetSuite's Cloud blog, NetSuite's Facebook page and
@NetSuite Twitter handle for real-time updates.
For more information about NetSuite, please visit
www.netsuite.com.
NOTE: NetSuite and the NetSuite logo are service marks of
NetSuite Inc. Third-party trademarks mentioned are the property of
their respective owners.
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SOURCE NetSuite Inc.