NetSuite has announced a new set of enterprise resource planning features for financial data to enhance regulatory compliance.
The online business integration and solution provider introduced revenue recognition, allocations, advanced budgeting and multi-currency capabilities to its ERP. Among the new features: Users can allocate costs by GL account, class, department or location, and they can choose to weight by dollar or percentage, and can set up a recurring allocation schedule. In response to an increasing number of customers trading overseas, NetSuite now supports multi-currency bank accounts and expense reporting capabilities.
The company also added multiple budgets for tracking different scenarios, the ability to create new budgets from existing budgets or from actual results, and more customizable budget reports, as well as the ability to work on budgets offline in a spreadsheet that can be imported into NetSuite. In addition, through a partnership with Coastal Software, users can pay their vendors and taxes via electronic funds transfer directly from NetSuite.
The new ERP features are available immediately. Pricing is $199 per month for Advanced Financials (billing schedules, multiple budgets and allocations), and $449 per month for revenue recognition.
