NetSuite, a provider of cloud computing business management software suites, has unveiled NetSuite Advanced Revenue Recognition, designed to help companies comply with new Financial Accounting Standards Board rules for multi-element sales.

NetSuite Advanced Revenue Recognition allows companies to obtain instant and ongoing compliance with FASB requirements. Because the solution is cloud-based, this compliance comes without the need to install new servers or maintain additional software. No matter what ERP system a company uses, NetSuite Advanced Revenue Recognition provides complete support for all the key revenue recognition standards, automates revenue recognition calculation, and provides dashboards and reporting for continual revenue recognition monitoring.

Key elements of NetSuite Advanced Revenue Recognition include:

Compliance with AICPA, FASB and SEC regulations (including SOP 81-1, SAB 101, EITF 00-21, EITF 08-01 and EITF 09-03);

Improved productivity through reduced calculation time and decreased reliance on spreadsheets;

Clear visibility and continual monitoring of all aspects of the revenue recognition process, including reporting on key data such as Estimated Selling Prices;

Support for revenue recognition schedules on all sales transactions, regardless of channel;

Ability to assign flexible and customizable recognition schedules on a per-item basis;

Immediate notification when revenue is due to be recognized;

Powerful templates which allow revenue recognition methods to be quickly assigned to all saleable items, and easily customized as needed; and

Built-in to NetSuite Financials or integrated with third-party ERP systems including Oracle Financials and SAP R/3.

The NetSuite revenue-recognition offering, available July 1, is specifically aimed at companies running their financial and accounting processes on enterprise resource planning systems provided by SAP, Oracle and Microsoft Dynamics GP (formerly known as Great Plains.) Companies running these and other legacy systems will be able to integrate the new NetSuite revenue recognition product to streamline their revenue management processes and gain the benefits of a modern cloud-computing solution. For existing NetSuite customers, the new multi-element revenue recognition capabilities are available as an add-on module.