NetSuite offers new ERP modules.NetSuite, Inc., a provider of integrated business application software for small and midsized businesses, has announced a pair of new advanced enterprise resource planning See ERP.
(application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. (ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. ) modules, both designed to deliver financial application software via the Internet. The new modules include NetSuite Revenue Recognition Module and NetSuite Advanced Financials Module. The new modules provide back-office functionality to midsized customers, and they also aid in corporate regulatory compliance laws when combined with NetSuite. NetSuite ties ERP, CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. and e-commerce together in a single, hosted application so midsized businesses need not waste time and money integrating disparate applications. With NetSuite's architecture as a single data repository, the compliance issues raised by fragmented data stored in multiple systems is addressed.
NetSuite is also delivered as an on-demand Web-based service, eliminating the ongoing cost of maintaining and upgrading the application.
NetSuite's Revenue Recognition Module is intended to ease accounting and reporting with flexibility, as well as to increase integrity and confidence with GAAP GAAP
See: Generally Accepted Accounting Principles
See generally accepted accounting principles (GAAP). Compliance. NetSuite's Advanced Financials Module is intended to bring robust and more sophisticated financial features to midsized businesses. This module offers numerous features and functions, including the following: allocations, multicurrency, budgeting, advanced billing and accounts payable and sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. payments via electronic funds transfer See EFT.
(application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. (EFT).