Cloud software company NetSuite has added new customisation capabilities to its general ledger, giving finance directors and CFOs the agility to ‘disrupt’ the market.
Speaking at the SuiteWorld conference in San Jose, California, CTO Evan Goldberg unveiled some of the new capabilities being added to NetSuite’s ERP application.
Goldberg said it was about making NetSuite great for the accounting and finance department, delivering advance functionality, and giving businesses the ability to “slice and dice” information in the general ledger.
NetSuite’s SuiteGL, or ‘disruption-ready general ledger' recently got its first update with the release of custom GL Lines. It eliminates the need for manual journal entries by letting users apply a configurable SuiteScript plug-in to add custom GL impact lines to transactions such as invoices or vendor bills, and should prove helpful for companies doing business in nations where the GL impact of a transaction differs from what is expected in other countries.
Next up is Custom GL Transactions, which is currently in beta, and available later this year. It will enable users to design transaction types specific to their companies or industries, along with corresponding capabilities such as transaction numbering, roles and permissions, custom forms, and financial custom reports, all tied to the specific transaction type.
Finally Custom GL Segments will give finance teams the ability to define unlimited custom GL segments, improving accuracy and saving time by ensuring that GL financial impact follows double-entry accounting principles and balances across all segment combinations. Custom GL Segments is going into beta later this year and will be available next year.
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On how custom segments with the new SuiteGL can help, Goldberg said businesses should be asking themselves the following questions:
- Which types of projects are most profitable?
- What line of business should I invest more in next year?
- Which product lines should I retire?
- What brands do my customers prefer?
- In what region’s ad demographics is my business most successful?
- Do my customers prefer to shop online or in-store?
Goldberg said greater reporting, business intelligence and analytics functions would integrate with new billing capabilities that NetSuite is preparing for launch next year.
In addition, Goldberg said some of the new capabilities will help businesses deal with new revenue recognition rules being introduced later this year.
Goldberg said: “It’s not just for software companies anymore. You need to be aware of these new standards.”
The NetSuite platform features a management console designed for revenue recognition work and allows users to build custom recognition arrangements.