NetSuite Inc. has developed NetSuite Advanced Revenue Recognition, to aid companies in complying with the new Financial Accounting Standards Board rules for multi-element sales. Companies are required to adopt the new rules by the first fiscal year beginning on or after June 15, 2010. The offering is aimed at companies running their financial and accounting processes on enterprise resource planning (ERP) systems provided by SAP, Oracle Corp. and Microsoft Dynamics GP. For existing NetSuite customers, the new revenue-recognition capabilities are available as an add-module. NetSuite has recently announced a number of additional products and software enhancements. An update of the company's Ecommerce "cloud" platform incorporates new social media and search engine marketing capabilities. The features are integrated with the NetSuite business-management suite, which combines applications for electronic commerce, customer relationship management and financial processes. The latest Ecommerce cloud platform incorporates key components of Fluid Social, a social shopping platform. Retailers can place a complete set of social shopping features, including embedded chat, e-mail and Facebook functionality, directly into their product detail pages. In addition, the vendor has introduced the NetSuite Manufacturing Edition, a cloud-based manufacturing suite aimed at fast-growing and mid-sized manufacturers with global operations. Functionality within the new tool includes multi-site planning and management, material requirements planning, production management, engineering change control, shop floor control and work-in-progress management.
