Advanced Financials with Revenue Management and Revenue Recognition

Advanced Financials with Revenue Management and Revenue Recognition. Financials are complex in any industry, and they are arguably the most complex in the software industry. The stumbling block for most software companies is managing revenue recognition and billing schedules — and ensuring compliance. Few financial packages provide these tools, forcing companies to manage these complexities offline in spreadsheets or in third party standalone packages. With NetSuite you have one financial system that manages accounting, complex billing and revenue recognition — so there's no more double entry.

Revenue Recognition
Percent Complete Revenue Recognition allows companies to recognise revenue in conjunction with the completion of a project. Software companies can even manage both GAAP revenues and billings separately—a critical operation for most software companies.

Deferred Revenue Management
NetSuite lets you recognise deferred payments within regulations and guidelines, all within NetSuite financials. Deferred revenue reports deliver detailed data on both posted and forecasted revenue. NetSuite gives you easy access to detailed historical and future views for more accurate business management and planning.

Renewals Management
NetSuite allows you to maintain your revenue stream and ensure that customers will receive uninterrupted service. NetSuite uses a single repository for customer management, facilitating the tracking and renewal of contracts including subscription licenses as well as maintenance and support.

Advanced Billing
NetSuite allows Finance departments to automate billing processes and eliminates the manual work typically associated with billing customers, reducing errors and saving the company time and money. Software companies can create highly customised billing schedules and templates easily and quickly to automate the creation of invoices based on the related license agreement and service contract to meet their exact needs. Milestone billing schedules let software companies bill as work is completed according to the service contract. Billing schedules can be applied to an entire sales order or to each specific item on an order and indicate what is to be invoiced and when, providing more granular visibility into cash flow from period to period. Powerful reporting capabilities provide accurate billing forecasts.

Pricing Management
NetSuite makes it easy to manage sophisticated pricing models. NetSuite supports a variety of pricing mechanism including standard, volume, promotional, customer, industry specific pricing, and more in an easy to manage matrix.

Revenue Forecasting
NetSuite takes the guess work out of revenue forecasting. With all aspects of revenue management managed in NetSuite, and not offline in spreadsheets and third party systems, your revenue forecasts will be based on consolidated, real-time data for accurate, confident forecasting. Unlike standalone CRM solutions, NetSuite lets you see revenue from both your sales pipeline and existing customer base.

GAAP & Regulatory Compliance
With a complete set of audit trails, NetSuite makes it simpler to maintain compliance with GAAP and other regulations and standards. NetSuite facilitates regulatory compliance by supporting internal controls, providing accurate, timely reporting and supporting individual accountability through a complete audit trail of all processes and every transaction.

Complete Financials
NetSuite accounting includes full General Ledger, Accounts Payable and Receivable, multiple budgets, multi-currency, online bill pay, allocations, and multi-company consolidations all with real-time reporting.

Full Application Integration
NetSuite has been built from the ground up as a single, integrated application that is highly modular to meet the specific needs of software companies large and small. NetSuite is a process-centric application that operates in real-time.

Reduced Overhead
NetSuite's integrated financial management has been proven to enable significant reduction in the size of finance departments in software companies. Greater productivity from integration, real-time tracking and reports, and auditing tools reduce the overhead that typically burdens software companies.