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NetSuite reveals accounting enhancements

26th Apr 2017
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Cloud software company Oracle NetSuite has unveiled a batch of enhanced accounting features at its SuiteWorld conference.

The new functionality to its core ERP suite spans global financials, revenue recognition, billing, supply chain management and more.

Craig Sullivan, group vice president for product management at NetSuite, urged customers on the second day of the conference to “act global, be local”.

Discussing NetSuite's global capabilities he explained how the accounting enhancements will benefit customers entering new markets.

Warmly received by conference attendees, NetSuite OneWorld now delivers advanced intercompany journal entry capabilities which allow accountants flexibility and control when booking intercompany transactions.

NetSuite has also introduced new functionality to help customers meet the accounting and compliance requirements of countries around the world. The enhancement improves support for governance risk and compliance mandates, such as Sarbanes-Oxley, internal controls, enhanced general ledger audit numbering, and more visible changes to financial records.

Revealing more “accounting magic behind the scenes”, Sullivan unveiled the platform’s next generation revenue management.

With new revenue recognition regulations coming in over the next couple of years NetSuite's Advanced Revenue Management automates revenue forecasting, allocation, recognition, reclassification, and auditing through a rule-based event handling framework and is designed to support compliance with the ASC 606 revenue standard.

'Billing Price Books' will also allow for multiple pricing schemes to be available for each subscription plan by currency or region.

Further enhancements include optimisation of complex supply chains and automation for services companies.

Sullivan also revealed that automated bank feeds were on the way, so NetSuite customers will eventually be able to do auto reconciliation at the click of a button.

Jim McGeever, executive vice president of Oracle NetSuite Global Business Unit, said NetSuite had always been the clear leader in global cloud financials and ERP, but that with this release "the lead just got bigger".

“The major investments we have made in product development over the last several years, combined with the incremental Oracle resources, have allowed us to deliver the greatest amount of new financial and ERP features and functionality ever,” he said.

What’s coming next

  • Global customer, employee and project
  • Global business process configurator
  • Automated inter company accounting
  • SuiteTax
  • Cash management
  • Enhanced SuiteGL and SuiteSegments
  • Year-end closing journal

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