NetSuite Financials Enables Businesses to Rapidly Move Key Operational Processes from Stone-Age, On-Premise Software to the Industry's Leading On-Demand Accounting and ERP System; Add New Applications With a "Flip of a Switch"
30% Off First-Year NetSuite License for Customers Switching to NetSuite From Microsoft Great Plains or Any Sage ERP Product
San Mateo, Calif. — May 21, 2009 — NetSuite Inc. (NYSE: N), a leading vendor of on-demand, integrated business management software suites for mid-market companies and divisions of large enterprises, today announced NetSuite Financials, a new edition of its leading on-demand accounting and enterprise resource planning ( ERP) software. NetSuite Financials gives businesses access to NetSuite's award-winning on-demand financial and accounting functionality in a modularized format that provides the highest degree of 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% discount from the list price for any company switching to NetSuite from Microsoft Great Plains or any Sage ERP product.
NetSuite Financials is especially designed for companies eager to trade their current legacy, on-premise accounting systems for NetSuite's modern, software as a service (SaaS)-based design, which leads the industry in offering all the major cost-saving and operational efficiency benefits associated with cloud computing. NetSuite Financials, built on NetSuite's unique integrated on-demand platform, enables companies to accelerate the move to cloud computing by starting with the migration of their most important financial and ERP processes. These companies can then easily add customer relationship management (CRM), Ecommerce or deeper ERP functionality as their operational needs change, a move NetSuite's integrated suite architecture makes as simple as "flipping a switch."
"Because of our unique, integrated suite architecture, NetSuite is the only on-demand business application vendor that can offer businesses tremendous costs savings and overall value whether they implement our full suite to run their entire business, or start with NetSuite Financials and add other applications and functionality as their needs require," said Mini Peiris, Vice President of Product Marketing at NetSuite. "The suite approach eliminates the high costs and complexity associated with integrating applications from multiple vendors. Even in the cloud, integration complexity is an issue that customers will have to address if their core applications were not initially designed to work together. Because we can provision new NetSuite functionality over the web, NetSuite customers can easily extend their investment with new applications and capabilities by sending an email, or making a phone call to the account representative."
Key Features and Functions
NetSuite Financials supports the key back-office operations and business processes of an organization. While other accounting software products deliver a few key workflows at best, NetSuite Financials is a comprehensive financial management and ERP suite that includes:- Financial Management: Comprehensive 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.
- OrderManagement: The key link between the sales organization, financial management and order fulfillment, NetSuite Financials streamlines the order-to-cash business process, minimizing 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 organization and beyond with partners, vendors and customers.
- Billing Process Management: NetSuite Financials' built-in flexibility and sophisticated 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. In addition, customer self-service capabilities provide faster service and increase customer satisfaction, turning billing into a competitive asset.
- Revenue Recognition: Complex revenue management capabilities, closely coupled with billing and driven directly from the order, ensure companies can handle changing revenue recognition policies—or even recognize revenue over the term of the contract if necessary—eliminating the risks that come with spreadsheet-based processes or immature financial systems.
- Services Resource Planning (SRP): Specifically designed for the demanding and global needs of enterprise-class services organizations, NetSuite Financials delivers the key capabilities needed to integrate the services project lifecycle into one seamless workflow — from marketing and sales to project management, services delivery, billing, revenue management and driving repeat business.
- Human Capital Management (HCM): NetSuite Financials give organizations powerful 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 built-in, real-time business intelligence that drives smarter, 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 and more.
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