LAS VEGAS, April 26, 2017 /PRNewswire/ -- SUITEWORLD 2017 -- Oracle NetSuite Global Business Unit (GBU), the industry's leading provider of cloud financials / ERP, HR and omnichannel commerce software suites, today announced the new release of major global ERP features. These new cloud ERP features are designed to ready businesses for next, with a host of enhancements to its core ERP suite. The new functionality spans global financials, revenue recognition, billing, Services Resource Planning (SRP), Supply Chain Management (SCM), and Governance, Risk and Compliance (GRC). These enhancements give NetSuite customers the ability to continue to scale and innovate efficiently.

NetSuite keeps customers ready for next with two major upgrades every year, with customizations that carry forward automatically, giving customers the assurance that they're always on the latest version of the software.

"For many years, NetSuite has been the clear leader in global cloud financials and ERP. With this release the lead just got bigger," said Jim McGeever, Executive Vice President of Oracle NetSuite Global Business Unit. "The major investments we have made in product development over the last several years, combined with the incremental Oracle resources, have allowed us to deliver the greatest amount of new financial and ERP features and functionality ever."

Global Financials: more automation and simplification of complex multi-company and multi-country financials


    --  New Intercompany Journal Entry: As NetSuite continues to extend and
        enhance its best of breed global financials capabilities, NetSuite
        OneWorld delivers the advanced intercompany journal entry capability
        which allows accountants more flexibility and control when booking
        intercompany transactions.
    --  GL Impact Locking: NetSuite is introducing new functionality designed to
        help customers meet the accounting and compliance requirements of many
        countries around the world. The new functionality also improves support
        for GRC mandates such as Sarbanes-Oxley (SOX), internal controls,
        enhanced GL audit numbering, and more visible changes to financial
        records.
    --  FX Revaluation Sustainability: Many companies have changed their
        operating structures, expanded internationally, and often transact
        business in multiple global currencies. Enterprises that report
        financial results in one currency may have branches or subsidiaries
        operating in different currency environments. Those businesses may, in
        turn, engage in transactions denominated in currencies different from
        the operating currency requiring them to meet the local statutory
        compliance requirements.

Revenue Recognition and Billing: simplifying complexities


    --  Next Generation Revenue Management: With new, more onerous revenue
        recognition regulations due to take effect over the next couple of
        years, revenue management is already a really big deal. NetSuite's
        Advanced Revenue Management automates revenue forecasting, allocation,
        recognition, reclassification, and auditing through a rule-based event
        handling framework. It is designed to support compliance with the ASC
        606 revenue standard. With advanced revenue management you can defer
        revenue for recognition across future periods according to the rules you
        configure. It supports fair values based on vendor-specific objective
        evidence (VSOE), best estimate of selling price (ESP), and third-party
        evidence providing greater flexibility and transparency in recognizing
        revenue.
    --  Billing Price Books: Allows for multiple pricing schemes to be available
        for each subscription plan whether it's by currency or region, or any
        other dimension critical to the business.

Services Resource Planning: more flexibility, automation for services companies


    --  Improved Performance and Ease of Use when Running Charges: Running large
        numbers of charge transactions can be tedious and time consuming.
        Improvements in the latest version address many of these problems and
        improve the entire user experience.
    --  Time Rejection Note: Enforces that timesheet approvals provide details
        as to why a timesheet entry was rejected and what actions the submitter
        must take to address the errors.
    --  Time Threshold Improvements: Adds additional rules to enforce limits for
        timesheet hour entry and produce fewer errors.
    --  Enhancements to Contract Renewals: Flexible contract creation, creating
        contracts based on status of sales order, flexible start date for
        renewals, relieve restrictions imposed by the contract, and flexible
        maintenance and support pricing.
    --  Improve Billing Flexibility with Billing Rate Cards: Tailor billing
        rates per customer and project, consolidate view of billing rates and
        optimize rate cards across eco-system of customers and projects.

Supply Chain Management: more optimization of complex supply chains


    --  In-Transit Accounting Enhancements: The inclusion of in-transit
        quantities and amounts in the Group Average Cost feature allows
        customers to have better visibility of their total investment and
        activity relative to the items they are managing across locations.
    --  Enhanced Transfer Order Processing: Inventory managers can now move
        inventory using intercompany and transfer orders at cost, while
        warehouse managers can now declare the inventory ownership on the
        intercompany and transfer orders to change either at time of shipment or
        receipt.
    --  Vendor Dashboard: The new vendor dashboard provides at-a-glance access
        to any and all information related to your vendors and also allows you
        to customize the screen - choosing from a variety of standard or custom
        reports, saved searches, KPI's, charts, tasks and alerts.
    --  New WMS Lite Features: Including fulfillment, receiving, inventory
        movements and the ability to create flexible cycle count plans that can
        be reused to speed up count generation process, simple replenishment
        based on orders, being able to execute picking on RF device without Pick
        Reports. Users can now enter transactions using different and multiple
        UOMs. The UOM conversion information and calculations for the
        transaction will also be visible. A new icon based touch menu interface
        improves the look and feel of the mobile application.
    --  Phantom BOMs: More easily supports complex BOM structures and systems by
        using phantoms to streamline the engineering process.
    --  Edit In-Process Work Orders: Handles the unknowns of manufacturing by
        making on-the-fly changes to the work order to account for re-work,
        repair and unexpected situations.

GRC: more GRC controls


    --  Enhanced 2FA: All users with non-customer center roles are able to use
        time-based one-time password (TOTP) Authenticator applications as their
        second factor to log in to NetSuite. Examples include Google
        Authenticator, Microsoft Authenticator (Both on Screen), Okta Verify,
        Duo Mobile, Authy or any other authenticator app that supports the TOTP
        algorithm defined by IETF RFC 6238.
    --  Detailed Audit Trails for Script and Script Deployment: This enhancement
        gives development teams, account administrators and auditors granular
        and detailed visibility into changes to these records, by whom and when.
        As with other system notes in NetSuite, this is also a searchable audit
        trail.

"We're repeatedly amazed with the features NetSuite continues to add to the product and their commitment to ongoing development," said John Gardiner, President and CFO at DiscoverOrg, a leading sales intelligence software provider. "The latest enhancements to billing and revenue recognition are going to have a big impact on our business and our bottom line."

About Oracle NetSuite Global Business Unit

Oracle NetSuite Global Business Unit pioneered the Cloud Computing revolution in 1998, establishing the world's first company dedicated to delivering business applications over the internet. Today, Oracle NetSuite Global Business Unit provides a suite of cloud-based financials / Enterprise Resource Planning (ERP), HR and omnichannel commerce software that runs the business of companies in more than 100 countries. For more information, please visit www.netsuite.com.

Follow Oracle NetSuite Global Business Unit's Cloud blog, Facebook page and @NetSuite Twitter handle for real-time updates.

About Oracle

Oracle offers a comprehensive and fully integrated stack of cloud applications and platform services. For more information about Oracle (NYSE: ORCL), visit www.oracle.com.

Trademarks

Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/netsuite-unveils-major-global-erp-enhancements-300445817.html

SOURCE Oracle NetSuite Global Business Unit