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A Winning Combination: Software-as-Services Plus Business Consulting and Process Services
By Laurie McCabe
January 30, 2004

NetSuite, Inc. today launched a pair of new advanced Enterprise Resource Planning (ERP) modules that, when combined with NetSuite, provide enhanced accounting and financial functionality to mid-sized companies while also aiding in corporate regulatory compliance laws such as Sarbanes-Oxley.

The new NetSuite Revenue Recognition Module provides GAAP-compliant revenue recognition within a single system, making it easier for companies to flexibly recognize revenue according to customer contracts and to maintain accounting control within GAAP and other reporting standards, while the NetSuite Advanced Financials Module offers an array of sophisticated financial tools to help mid-sized firms manage their ever-growing operating and reporting complexity.

Delivered as an on-demand service, NetSuite’s “real-time dashboard” technology ties ERP, CRM, and e-commerce together in a single application, with easy-to-view role-specific portal displays of the application.

The Advanced Financial Module adds to this system powerful new financial features that run in synch with NetSuite’s real-time financial and accounting backbone. Features in the module include the ability to allocate costs by GL account, class, department, or location; enhanced budgeting tools with multiple budgets support for tracking different scenarios; support for multi-currency bank accounts and expense reporting capabilities; advanced billing capabilities for automating billing schedules and commission payments; and, through a partnership with Coastal Software, the ability to pay vendors and taxes via EFT (Electronic Funds Transfer) directly from NetSuite.

“With this release of advanced ERP, we’re taking companies off the near abacus-like financial tools they’re using and putting the more sophisticated tools they need in their hands to manage the complexities of their businesses,” said Zach Nelson, CEO of NetSuite, Inc, in a statement.

“Now they can manage their business with the confidence that they’re in control, they’re compliant, and they’re managing the business for greater profit. The best part is that it is simpler to buy, implement, and manage the tools from the backbone of the One System that manages their entire business.”

The new ERP modules are available immediately. Pricing has been set at $199 per month for the Advanced Financials Module (billing schedules, multiple budgets, allocations) and $449 per month for the Revenue Recognition Module.

In other NetSuite news, the San Mateo, Calif.-based company continues its crusade against the competition, announcing that the reduced cost, ease of use, and advanced functionality of its all-in-one NetSuite hosted application have played large roles in leading more and more mid-sized companies to migrate from Microsoft Great Plans to NetSuite.

Numerous companies from a wide variety of industries, including manufacturing, wholesale/distribution, and eCommerce, have made the switch recently, according to the company. Among the companies identified by NetSuite for making the move from Great Plains to NetSuite are Glass Dimensions, Inc., Cotton Systems Ltd., and New England Arbors. Additional information on the new customer wins is available at www.netsuite.com/greatplainscantdothis.


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