NetSuite Unveils New Financial Edition

NetSuite, a vendor of on-demand, integrated business management software suites for mid-market companies and divisions of large enterprises, has announced NetSuite Financials, a new edition of its on-demand accounting and enterprise resource planning (ERP) software.

NetSuite Financials gives businesses access to NetSuite’s on-demand financial and accounting functionality in a modularised format that provides flexibility and value as they seek to lower operating costs and eliminate capital expenditures by moving key business processes to the cloud. For a limited time, NetSuite Financials is available at a 30 percent discount from the list price for any company switching to NetSuite from Microsoft Great Plains or any Sage ERP product.

Key Features and Functions

* Financial Management: Tools that allow a business to control all its financial data and processes, including: general ledger/ accounts receivable/ accounts payable, budget management, multi-currency transactions and reporting, revenue recognition, recurring revenue management, allocations and financial reporting.

* Order Management: The link between the sales organisation, financial management and order fulfillment, NetSuite Financials streamlines the order-to-cash business process, minimising paperwork for the finance and sales teams, increasing accuracy of orders and ensuring that customers get deliveries on time, boosting customer satisfaction and long-term loyalty.

* Inventory and Supply Chain: A complete set of inventory management, manufacturing and procure-to-pay process management features that give a business control of supply chain activities across the organisation and beyond with partners, vendors and customers.

* Billing Process Management: NetSuite Financials’ billing logic lets companies tailor customer billing processes to their specific business needs. With NetSuite Financials, a business can bill customers based on complex criteria such as usage; bill one time or on a recurring basis; manage different payment terms - monthly, quarterly or annually; bill in advance, in arrears or pro-rate partial months.

* Revenue Recognition: Revenue management capabilities, closely coupled with billing and driven directly from the order, ensure companies can handle changing revenue recognition policies, or even recognise revenue over the term of the contract if necessary.

* Services Resource Planning (SRP): Specifically designed for the needs of enterprise-class services organisations, NetSuite Financials delivers the capabilities needed to integrate the services project lifecycle into one workflow - from marketing and sales to project management, services delivery, billing, revenue management and driving repeat business.

* Human Capital Management (HCM): NetSuite Financials give organisations employee resource management tools for streamlining payroll operations, employee compensation, as well as self-service capabilities to enable collaboration and reduce administrative overhead.

* Business Intelligence and Analytics: NetSuite Financials includes SuiteAnalytics for real-time business intelligence that drives faster decision-making. No data warehouse or expensive data analysts are needed thanks to embedded role-based dashboards, which enable employees at all levels of the company to turn data into knowledge with pre-built key performance indicators, trend graphs, scorecards, graphical report snapshots etc.