Financials manages midsize businesses' accounting complexities; revenue recognition provides GAAP compliance
San Mateo, CA January 27, 2005 NetSuite Inc. is now offering a pair of enterprise resource planning (ERP) modules, which include NetSuite Revenue Recognition Module and NetSuite Advanced Financials Module.
NetSuite said the new modules tie together ERP, customer relationship management (CRM) and e-commerce in a single hosted application, addressing compliance issues raised by fragmented data and also the integration of disparate applications.
NetSuite is also delivered as an on-demand Web-based service, eliminating the ongoing costs of maintaining and upgrading the application.
John Van Decker, senior vice president and Practice Lead of Meta Group, said, "Midsize businesses need more sophisticated financial tools to keep up with more complex business management and ever more rigorous reporting and compliance requirements," said "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."
NetSuite claims its software makes it easier for companies to 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 in-line reporting with NetSuite standard and custom financial reports.
NetSuite also brings financial tools to midsize and growing businesses to manage their operating and reporting complexity. The tools, which run in synch with NetSuite's real-time financial and accounting backbone, allow companies to manage their business with regulatory compliance, operating within a single, auditable system.
"One of the primary reasons we chose NetSuite was to automate our financials, and now our billing is so much easier," said Randee Papush, sales manager at TMP Medical Listings, based in Atlanta, Ga., and a unit of TMP Worldwide, a division of Monster Worldwide Inc. "We are a subscription-based small division of a larger company, and NetSuite's advanced features have automated what was previously a manual process for our division. This has made it easier for TMP Medical Listings to recognize revenue according to our customer contracts, and made the division's credit card processing and sales invoicing a faster and more convenient process."