5 Reasons Why Software & Internet Companies Will Adore NetSuite Release 2019.1

NetSuite for Software Business

When it comes to software and Internet companies, then it is an entirely different ball-game. Unlike traditional sectors such as manufacturing and retail, software and Internet firms are often located across multiple countries, having customers/vendors from multiple countries, dealing in myriad currencies and that too 24*7.

The ERP rules and protocols for manufacturing cannot be imposed on software firms; the financial/CRM of a retail business is no match for an Internet firm, which may not have any office at all.

This is where NetSuite comes in, unleashing a revolution for software and Internet companies.

NetSuite is the only Cloud-based ERP and Financials solution, which has been purpose-built for software companies. And this changes everything.

In their latest NetSuite Release 2019.1, there have been some exciting updates which tell you why and how Software/Internet companies benefit from NetSuite:

Solving The Tax Problem

More than anything else, software and Internet firms face the tax issue the most. It is normal for such companies to have a global, distributed customer base and often their employees are working remotely from different parts of the world. NetSuite Release 2019.1 resolves all tax-related issues via NexGen SuitTax which is a scalable, flexible tax determination, calculation, and reporting engine. Among other stellar features, SuitTax automatically updates tax figures for more than 100 countries, simplifies the whole process.

Solving The US-Based Sales and Use Tax Law

Outsourcing firms located in Asia and Europe, and having clients in the US often face the problem of US-based sales and use tax laws, which NetSuite Release 2019.1 tackles heads-on. Users can easily know which items are not taxable, which can be exempted from taxes if located in a particular state and seamlessly file for taxes for every state.

Multi-Book Accounting Feature

One of the top new features of NetSuite Release 2019.1 is the Multi-book accounting feature, which will solve a lot of problems for software and Internet companies. NetSuite users can now easily create multiple adjustment books, and also quickly create reports based on those adjustments. Multi-book implementations become much faster and easier.

New Lease Accounting Standards

NetSuite Release 2019.1 perfectly complies with the new Lease Accounting Standards: ASC 842, IFRS 16. This means that both lessees and lessors can acknowledge and recognize the fixed assets/leases on the accounting books, and comply with the new laws. To make it work easier, this module has been directly attached to the Fixed Assets Management SuiteApp.

Handle Multiple Projects, And Bill Them Accordingly

The biggest USP of software and Internet companies are scalability and flexibility, and the new NetSuite Release 2019.1 perfectly compliments that. Now, your project manager can handle multiple projects within the NetSuite ecosystem and seamlessly bill each client separately, with foreign currency converter, and separate tabs for calculating total time consumed.

You can find the full list of updates incorporated in the NetSuite Release 2019.1 for software and Internet companies right here.

Are you searching for an experienced consultant for implementing NetSuite in your company? Check our Consulting Services and find out how NetSuite can positively impact your business.

Date: 
Friday, March 8, 2019

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