Business Software

Cloud-based business software provider NetSuite (News - Alert) recently unveiled its Advanced Revenue Recognition software -- the first revenue recognition product designed to help companies automate the processes required in order to comply with the new Financial Accounting Standards Board (FASB) rules for multi-element sales, known as EITF 08-01 and EITF 09-03. The new rules go into effect in 2011 but companies in applicable industries must be in compliance beginning June 15, 2010.

 

As per a release, key elements of NetSuite Advanced Revenue Recognition solution include:

 

--Ensures compliance with AICPA, FASB and SEC (News - Alert) regulations which include SOP 81-1, SAB 101, EITF 00-21, EITF 08-01 and EITF 09-03

--Offers better productivity via reduced calculation time and decreased reliance on spreadsheets

--Makes sure clear visibility and nonstop monitoring of all aspects of the revenue recognition process including reporting on key data such as Estimated Selling Prices

--Provides support for revenue recognition schedules on all sales transactions, irrespective of channel

--Offers the ability to allocate flexible and customizable recognition schedules on a per-item basis

--Provides instant warning when revenue is due to be recognized

--Offers strong templates that allow revenue recognition methods to be quickly assigned to all saleable items and effortlessly customized when required

--Can be built-in to NetSuite Financials or integrated with third-party ERP systems including Oracle Financials and SAP (News - Alert) R/3.

 

The new offering is exclusively targeted for companies operating their financial and accounting processes on enterprise resource planning (ERP) systems provided by SAP, Oracle (News - Alert) and Microsoft Dynamics GP. For current NetSuite customers, the new multi-element revenue recognition facilities are made available as an add-on module.

 

Since the solution is cloud-based, it does not require installation of new servers or maintain any additional software. Irrespective of the ERP system a company uses, NetSuite Advanced Revenue Recognition offers full support for all important revenue recognition standards, automates revenue recognition calculation, and provides dashboards and reporting for continual revenue recognition monitoring.

 

For more, check out the release.