In high tech software companies, growth comes with business complexities. Visibility, streamlining back-office operations, revenue recognition, and financial compliances stifles up the growth of your software business. Migrating to new-age Cloud ERP systems would benefit the software industry to grow beyond the regions. NetSuite Cloud ERP is the top choice of most software companies to understand and address today’s growing challenges.
NetSuite Cloud ERP for software companies, can be advantageous in handling manual and time taking tasks, and thus supports scalability. Now, Netsuite ERP 2019.2 comes with advanced features to unlock the potential growth of software companies. NetSuite’s latest updates for hyper-growth software companies address challenges such as the following:
- Project management
- Resource management
- Revenue recognition
- Accounting compliances
Top 3 features to expect from NetSuite 2019 release 2 version
Budget planning is not consistent and is a hassle for software companies. Especially, startups and mid-size software companies face challenges with budgets right from planning to completion to marketing and sales. Netsuite ERP 2019.2 comes with an advanced project budget feature. It is a single-source project budget management tool that enables the monitoring of budgets.
- It comes with Work Breakdown Structure (WBS) that displays cost and revenue in customizable timeframes for profitability monitoring.
- Activity codes associated with project tasks to monitor performance.
These features enable visibility into budget allocations that give a better understanding of making decisions.
Resource Allocations With Flexibility:
Certainly. resource (people and funds) allocation is imperative in the success of software companies. One should know how to allocate and when to allocate resources. However, resource allocation changes with projects and their requirements. NetSuite 2019 release 2 ERP for software companies allows you to probe into the project requirements and optimize the allocation of resources.
NetSuite 2019 release 2 version comes with utilization reporting and resources allocation features. It includes the following:
- Tracking of every employee performance.
- Target utilization allows users to set a percentage target.
- Custom reports to track total hours, available hours, and overall usage.
- A resource allocation grid that enables resource managers to filter, manage, and reallocate resources.
Flexible and Revenue Recognition: NetSuite 2019 Release 2 features
To enumerate it further, revenue recognition and financial compliances are imperative for growing software companies. ASC 606 is the latest accounting standard that supports multi-currency transactions without consuming time and additional resources. It avoids legacy spreadsheets, complex revenue recognition, and forecasting operations.
Furthermore, Netsuite ERP 2019.2 comes with rule-based revenue recognition features. It helps software companies to customize the revenue recognition process according to renewals and contractual period. The increased customization in revenue recognition allows users to pre-program attributes more quickly and share company financials with greater confidence.
Above are the best features that we can expect from Netsuite ERP 2019.2 product updates. If you have bottlenecks around resource allocation, revenue management, and growth, NetSuite will help you to get out of them with ease. We at Amzur will provide business-specific NetSuite development solutions to ensure productivity together with innovation.