NetSuite, Inc., has unveiled a set of groundbreaking Enterprise Resource Planning (ERP) features furthering the company's leadership in delivering advanced back-office application software via the Internet.
The new features include revenue recognition, allocations, advanced budgeting, and advanced billing and substantial multi-currency capabilities.
Additionally, new features including lot tracking, advanced inventory commitment, inventory re-ordering, and special orders extend NetSuite's leadership in the wholesaler and distributor markets. For details about the new functionality, please go to www.netsuite.com/adverp.
ERP applications have traditionally only been available to large enterprises with correspondingly large IT budgets. Typical ERP implementations require lengthy, expensive consulting projects to perform initial installation and require substantial ongoing maintenance. In addition, to automate a business completely, companies often spend more than the cost of software license to integrate ERP applications with CRM systems and Web systems.
Small and midsized companies need to automate similarly complex business processes, but have far fewer resources available to address these issues. They have, therefore, had to live with multiple disparate systems in which data is maintained in separate silos for each department and which is brought together periodically in order to prepare financial statements.
"During the years we have been with NetSuite, we have been able to cut back our full-time accounting staff, and have not had to worry about data backup, security and other client-server headaches, because NetSuite takes care of everything," said Ash Thapar, managing director at Sansar Solutions (www.sansarsolutions.com), a London-based distributor of electronic components who procures products from around the world.
"The best thing about NetSuite is its ability to be customised for distributors like us. For instance, once we had a subcontractor who required the parts to be broken out into multiple invoices, though shipped in a single shipment to keep costs down. Custom invoicing with NetSuite is so easy that we were able to quickly meet this demand."
"With this summer's release of NetSuite, we match and surpass the functionality of traditional, stone-age mid-market ERP applications. There really is no comparison when you take into consideration that NetSuite is much less expensive, requires no software installation or maintenance and is much easier to use than out-dated client server offerings," said Zach Nelson, CEO of NetSuite, Inc. "The icing on this ERP cake is that with NetSuite you get CRM integration and instant ecommerce for free."
Building on NetSuite's on-demand architecture that uses a single database to bring together separate applications like customer relationship management, financials, inventory management, order management and ecommerce, the new advanced ERP features provide midsized businesses with a system as powerful as large enterprise systems, but with a much lower cost of ownership. The features announced are "firsts" for an on-demand application and include the following:
Revenue recognition - NetSuite is the first hosted application to bring revenue recognition management to midsize companies. NetSuite makes it easier for companies to flexibly recognise revenue according to customer contracts and to maintain accounting control within GAAP and other reporting standards.