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NetSuite Unveils SuiteGL, Transforming General Ledger From One-Size-Fits-All Into A Dynamic Business Asset

Stocks in this article: N

SAN JOSE, Calif., May 14, 2014 /PRNewswire/ -- NETSUITE SUITEWORLD 2014 — NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today unveiled SuiteGL, a new product release packed with breakthrough capabilities for the general ledger component of NetSuite cloud ERP that can enable businesses to tailor general ledger processes to their unique business needs. The first and only cloud ERP solution to make general ledger-related customizations readily accessible to the business, NetSuite has combined the power of the SuiteCloud Development Platform with the world's leading cloud business management software suite to give finance professionals new flexibility and visibility, richer reporting functionality, enhanced audit trails and new support for multinational financial management. With SuiteGL, NetSuite customers and NetSuite Solution Provider partners can now transform the general ledger from a static subsystem into a dynamic business asset that is more adaptable to specific business requirements and changing conditions that automatically carries forward with every upgrade.

NetSuite's new GL customizability addresses the needs of finance teams, from small and mid-sized companies to Fortune 500 multinational organizations, to more flexibly accommodate a growing diversity of operational and financial requirements. These can include adapting accounting practices to the complex and widely varied standards of different nations, strengthening compliance with Sarbanes-Oxley and other regulations and satisfying industry- and company-specific requirements. Traditional ERP systems provide a hard-coded set of transaction types such as vendor bills, customer invoices and inbound/outbound payments that are rigidly reflected in the general ledger, limiting the business's ability to see and understand their GL impact. With traditional on-premise ERP systems such as Microsoft Dynamics GP or Sage, customizations related to the GL typically requires a costly third-party IT consulting team to edit the core code of the application, introducing business risk, maintenance issues and re-engineering upon an ERP upgrade because customizations won't carry over to the next version.

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