NetSuite provides a suite of revenue management features that helps businesses to streamline their revenue recognition process.
In addition, the features help to ensure compliance with accounting standards such as Sarbanes-Oxley and IFRS. As a result, NetSuite's revenue management features provide a comprehensive solution for businesses of all sizes.
Benefits of using NetSuite's revenue management features include reduced accounting costs, improved decision-making, and accelerated financial close.
Benefits
The features include real-time visibility into bookings, revenue, and commissions; automated invoicing and billing; and advanced reporting and analytics.
Benefits
Benefits List
Eliminate hours spent managing and recording revenue, and reduce the time it takes to close deals
Stay in compliance with industry-standard financial guidelines, even as they change over time
Works perfectly with Multi-Book Accounting to help you account for a single transaction under multiple standards
Analyze the revenue impacts of past sales and forecast expected revenue with detailed look into sales documents
Features List
Support for All Key Revenue Recognition Rules
NetSuite’s Advanced Revenue Management (ARM) solution helps companies comply with accounting standards including ASC 605, ASC 606, and IFRS 15, as well as reporting financial results in a timely manner. It supports all key rules, including SOP 97-2, SOP 98-9, SOP 81-1, SAB 101, EITF 00-21, EITF 08-01, and EITF 09-03.
The solution automates revenue forecasting, allocation, recognition, reclassification, and auditing through a rule-based event-handling framework.
Revenue Recognition
Sales agreements can cover both products and services or a series of transactions. NetSuite Revenue Management enables you to schedule revenue to be recognized at the proper time automatically.
Get more from revenue recognition with the following:
Revenue Policy Automation: Manage expceptions
Automate Planning: Rule-based revenue scheduling
Automate Unbilled Revenue Recording
Multi-Currency Transactions
Manage Balance Sheet Accounts: Based on real-time billings and revenue data.
View Financials in Real-Time
Flexible Forecasting
Multiple Performance Obligations
Configure revenue schedules from simple to incredibly complex agreements with NetSuite’s Flexible Revenue Contracts.
Complex Allocations Management
NetSuite’s comprehensive allocation features enable systematic compliance with ASC 606/IFRS 15.
Get more from complex allocations management with the following:
Dynamic Standalone Selling Price: Define the Standalone Selling Price (SSP) as either a constant or a dynamic formula
Powerful Allocation Calculator: Use Standalone Selling Prices to automatically allocate arrangement consideration across within the entire Arrangement
Revenue Recognition Across Industries
Follow industry specific guidance for revenue encompassing multiple deliverables or elements. Accounting can recognize and defer revenue amounts appropriately through the following:
Revenue Recognition Over Time
Support Percentage-of-Completion
Support Event Driven Revenue Plans
Revenue Recognition Complying with Multiple Accounting Standards
Harness multi-book accounting to record and post revenue-related activity to all books concurrently eliminating manual data entry:
Book-specific Standalone Selling Prices, Revenue Rules, Plans and Arrangements
