Revenue Management
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Revenue management—particularly, revenue recognition from myriad licenses, services, and fees—remains a daunting challenge for many software companies. The majority of ERP and accounting software packages don't accommodate complex revenue recognition rules, forcing companies to manage revenue offline in spreadsheets, or with a specialized software package that isn't integrated with the core accounting system.
And as software companies' business models evolve to meet the needs of new markets and customers, they find that many revenue-management packages fail to accommodate the related revenue management and recognition that those new models require. Furthermore, the revenue-recognition rules dictated by the AICPA and SEC demand increasing diligence on the part of accounting staff to ensure compliance. These challenges have therefore motivated many companies to re-evaluate how they manage their revenues.
NetSuite's software industry solution significantly reduces the time and cost associated with invoice and revenue management by automating key billing and revenue recognition functions, providing full visibility into those processes throughout their lifecycle. NetSuite also provides detailed reporting of past, current and future revenue and billing streams—all within a single software platform. These revenue management software capabilities enable you to understand your true revenue position, better manage your billing and receivables, and ultimately, improve cash flow and accuracy of revenue.
NetSuite offers the following revenue management tools:
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