New Features Enable Software Companies to Treat Billing as a Strategic Advantage, Expand Globally and Tighten Financial Controls
SAN MATEO, Calif.—May 18, 2016—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 standardised task, into a strategic business function with:
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 organisations, 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:
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:
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 enterprise-ready cloud business management suites of enterprise resource planning (ERP), customer relationship management (CRM), and ecommerce 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 suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
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