NetSuite Software Company EditionWith NetSuite, your software company can manage its entire front-office and back-office operations with a single, flexible, powerful business application — integrating customer relationship management, customer service, financials, inventory management, ecommerce, and more — worldwide. Hundreds of software companies run their business on NetSuite — and we do too. Here's why NetSuite is the best application for software companies:
Advanced Financials with Revenue Management and Revenue Recognition. Financials are complex in any industry, and they are arguably the most complex in the software industry. The stumbling block for most software companies is managing revenue recognition and billing schedules — and ensuring compliance. Few financial packages provide these tools, forcing companies to manage these complexities offline in spreadsheets or in third party standalone packages. With NetSuite you have one financial system that manages accounting, complex billing and revenue recognition — so there's no more double entry. NetSuite supports AICPA, FASB and SEC regulations (including SOP 81-1, SAB 101, and EITF 00-21). NetSuite also accommodates the requirements specified in SOP 97-2 & 98-9 relating to Vendor Specific Objective Evidence or VSOE, including the accommodation of the Residual Method and a separate VSOE price for every item. Percent Complete Revenue Recognition allows companies to recognize revenue in conjunction with the completion of a project. NetSuite also supports Sarbanes-Oxley compliance with Section 404. Software companies can even manage both GAAP revenues and billing separately — a critical operation for most software companies.
NetSuite supports AICPA, FASB and SEC regulations (including SOP 81-1, SAB 101, and EITF 00-21). NetSuite also accommodates the requirements specified in SOP 97-2 & 98-9 relating to Vendor Specific Objective Evidence or VSOE, including the accommodation of the Residual Method and a separate VSOE price for every item. Percent Complete Revenue Recognition allows companies to recognize revenue in conjunction with the completion of a project. NetSuite also supports Sarbanes-Oxley compliance with Section 404. Software companies can even manage both GAAP revenues and billings separately—a critical operation for most software companies.
NetSuite lets you recognize deferred payments within regulations and guidelines, all within NetSuite financials. Deferred revenue reports deliver detailed data on both posted and forecasted revenue. NetSuite gives you easy access to detailed historical and future views for more accurate business management and planning.
NetSuite allows you to maintain your revenue stream and ensure that customers will receive uninterrupted service. NetSuite uses a single repository for customer management, facilitating the tracking and renewal of contracts including subscription licenses as well as maintenance and support.
NetSuite allows Finance departments to automate billing processes and eliminates the manual work typically associated with billing customers, reducing errors and saving the company time and money. Software companies can create highly customized billing schedules and templates easily and quickly to automate the creation of invoices based on the related license agreement and service contract to meet their exact needs. Milestone billing schedules let software companies bill as work is completed according to the service contract. Billing schedules can be applied to an entire sales order or to each specific item on an order and indicate what is to be invoiced and when, providing more granular visibility into cash flow from period to period. Powerful reporting capabilities provide accurate billing forecasts.
NetSuite makes it easy to manage sophisticated pricing models. NetSuite supports a variety of pricing mechanism including standard, volume, promotional, customer, industry specific pricing, and more in an easy to manage matrix.
NetSuite takes the guess work out of revenue forecasting. With all aspects of revenue management managed in NetSuite, and not offline in spreadsheets and third party systems, your revenue forecasts will be based on consolidated, real-time data for accurate, confident forecasting. Unlike standalone CRM solutions, NetSuite lets you see revenue from both your sales pipeline and existing customer base.
With a complete set of audit trails, NetSuite makes it simpler to maintain compliance with GAAP, FASB, SEC, and AICPA regulations and standards. NetSuite facilitates Sarbanes-Oxley Section 404 compliance by supporting internal controls, providing accurate, timely reporting and supporting individual accountability through a complete audit trail of all processes and every transaction.
NetSuite accounting includes full General Ledger, Accounts Payable and Receivable, multiple budgets, multi-currency, online bill pay, allocations, and multi-company consolidations all with real-time reporting.
NetSuite has been built from the ground up as a single, integrated application that is highly modular to meet the specific needs of software companies large and small. NetSuite is a process-centric application that operates in real-time.
NetSuite's integrated financial management has been proven to enable significant reduction in the size of finance departments in software companies. Greater productivity from integration, real-time tracking and reports, and auditing tools reduce the overhead that typically burdens software companies.
The Best CRM for Software Companies. Great customer relationship management can make or break a software company. And most CRM systems begin to fail as business growth expands across borders and currencies, resulting in poor visibility across the entire business organization. Unlike these standalone CRM applications, NetSuite Software Edition includes CRM that is seamlessly integrated with financials and your back office systems, giving you a 360 degree view of the customer — wherever that customer is worldwide.
Using OneWorld for Software Companies, executives in corporate headquarters have consolidated sales data on orders, forecasts, quotas and commissions rolled up across all regions and areas, with direct drill-down capability to see details at any level of the organizational hierarchy.
Provides rich, software specific reports on lead generation, and more importantly, lead conversion to revenue. New keyword tracking and conversion reports have also been added. Web site analytics also provide visibility into specific search engine referrers and natural keyword metrics allowing a software company to intelligently leverage the ad-word marketing channel which is fast growing to be the most effective marketing spend for technology companies.
NetSuite manages the complete lead to order process in-system. Complete Order to Cash Process
NetSuite automates the complete order to cash lifecycle with integrated order management serving as the critical pipeline between customer facing CRM and back-office ERP and financials. Integrated order management allows you to accurately fulfill and account for orders. It also provides histories for inquiries, support and upsell and cross-sell of products and services. Individual offices or subsidiaries can manage orders, forecast and sell in their local currency, while corporate measurement of forecasts, quota and commissions is converted into their local currency for easy management.
With NetSuite's Software Company Edition, you can automate management of renewals — allowing you to better manage your current customers and recurring revenue. Renewal automation helps you manage your installed base and better control recurring revenue from contracts.
Automated support for multiple co-termination renewal models helps you keep customer contract billing in synch with automatic pro-rating for purchases made at different times. NetSuite Software Company Edition automatically renews uplifts based on historical or current list prices; improves renewal revenue forecast accuracy through automated tracking; automatically tracks all contractual elements, such as support levels, to which the customer is entitled; supports monitoring and tracking of multiple license type (systems, users, environments, modules), maintenance agreements, support terms, statuses and dates, and contract end of life, upgrades, and downgrades; and allows you to capture metrics on both term-based and perpetual licenses, tracking customer retention, and license and maintenance metrics. quota attainment and the basis for payout; add return authorizations, credit memos and cash refunds occur. You can also reward reps for selecting your preferred shipping carrier and shipping method.
Customer portals provide password protected self-service access to order history, outstanding invoices, and trouble tickets, providing greater service at lower cost.
NetSuite PRM removes the traditional arm's length partnership with re-seller, referral and business development partners and makes them full allies. Now you can have the same level of visibility, transaction management and performance metrics with partners that you have with your internal sales team.
Automated upsell and cross-sell functionality improves the lifetime value of customers through add-on product, support and service sales.
Support for bug tracking integration improves visibility for efficient management and resolution of problems.
One Application to Manage Your Software Business. NetSuite is the one intelligent, integrated, customizable application to unify your business processes, increase visibility for better decision making, and extend processes to your customers and channel partners.
NetSuite manages the end-to-end lifecycle business processes in one system. Market > Sell > Order/Contract > Ship/Provision > Bill > Recognize Revenue > Maintain > Support > Upsell/Renew.
With complex billing and revenue recognition, NetSuite manages the intricacies of software financial management.
One integrated system (ERP+CRM+Ecommerce) delivers a single, real-time view of the customer across all departments and all locations.
NetSuite is designed from the ground up to run a software business.
NetSuite's ASP model provides lower cost and anytime/anywhere access.
Trading partner processes extend self-service via Partner and Customer Portals.
NetSuite is easily extended via SuiteFlex business process customization platform.
Global Subsidiary Management and Consolidation with OneWorld. NetSuite OneWorld is an optional module for real-time global business management for software companies. It consolidates all aspects of operations, sales, marketing, support, ecommerce, and financial management for businesses that have multiple companies or multiple legal entities under their multi-national or domestic jurisdiction.
NetSuite OneWorld provides the ability to manage multiple companies, with different currencies, taxation rules, and reporting requirements from within a single NetSuite account.
NetSuite OneWorld supports regions, subsidiaries, and separate legal entities with the same parent company with sophisticated accounting, ERP, and CRM-related financial consolidation in real time.
Using NetSuite OneWorld, executives in corporate headquarters have consolidated sales data on orders, forecasts, quotas and commissions rolled up across all regions and areas, with direct drill-down capability to see details at any level of the organizational hierarchy.
The NetSuite OneWorld module provides both global business management for companies that sell software internationally and multi-company business management for software companies that have multiple companies but do not require global capabilities such as multi-currency or international taxation management.
The Ultimate Business Dashboard Simplifies Management of a Software Business. NetSuite has long been the leader in dashboard technology, and has now applied those innovations specifically to the needs of software companies. The AJAX-based dashboards deliver a great user experience, but more importantly they give every user in a software company a custom dashboard that allows them to monitor everything in the business relevant to them — in real-time for the current period and as compared to past periods. NetSuite gives every user in your company a custom dashboard that allows them to monitor everything in the business relevant to them. Finally, "information at your fingertips" is a reality. You can see data trends in leads, opportunities, service issues, expenses, and much more. It's all managed with point-and-click content additions and drag and drop layout.
Address the specific needs and best practices for every major user in a software organization including CEO, CFO, Controller, Sales VP, Sales Manager, Renewals Manager, Support VP, Support Manager, Engineer, etc.
Track Sales on Billings, GAAP and Cash basis; forecast on billings, GAAP and cash basis; GAAP revenue, quota bearing reps on board; pipeline weighted and un-weighted.
Real-time visibility of orders/contracts, renewals, maintenance, support issues.
Saved searches give users rapid, repeatable adhoc reports right on their dashboard.
Calendars for individual and group scheduling.
RSS content feeds from your choice of providers.
Drill down to greater detail and transaction management directly from the Dashboard.
Integrated Back-Office with Software-Specific Features. NetSuite lets you manage the complex back-office within one system. NetSuite manages your entire back-office including inventory and fulfillment, the complete procure to pay process, paperless expense reports, payroll and payroll integration, and employee management.
End-to-end physical inventory and distribution including shipping, receiving and returns. Track orders door-to-door directly in NetSuite.
Complete procure-to-pay purchasing in-system and paperless, with approval workflow.
Self-service, paperless expense reports with approval workflow and optional payment.
Self service capabilities empower your employees and reduce your costs. NetSuite includes purchase requests, payroll and payroll integration, as well as a self-service Employee Center.
NetSuite provides real-time business processes and business intelligence across the business and partners.
Deep Services & Support Functionality. Quality of services and support are critical to software companies—both early on during implementation and over time for customer satisfaction and retention. High levels of service can be costly, and that's why NetSuite gives you the tools to provide the right level of service to the right customers at the best cost.
Superior multi-channel service with all customer interactions—live, online, email and in-person—are tracked to a single customer record.
Job and time tracking are built into the system allowing you to manage projects within NetSuite instead offline.
Support for bug tracking integration improves visibility for efficient management and resolution.
NetSuite's self-service Customer Center gives customers low cost, high availability service 24/7 around the globe.
Rich Channel and Partner Relationship Management Capabilities. Only NetSuite provides integrated partner relationship management for small and midsize software companies. NetSuite Software Company Edition lets you empower channel partners as an extension of your sales organization, while providing unprecedented visibility into channel transactions.
With NetSuite, integrated channel management capabilities allow you to manage one, two and three tier sales channel processes from distributors to resellers to end-user referral programs with enhanced channel-based reports, interaction management, industry-specific transaction forms and electronic fulfillment of indirect end-user sales.
With multi-tier channel management occurring in the same system as direct sales channel activities, software companies achieve unprecedented visibility into sales, forecast and pipeline across all their sales channels so they are able to effectively report on their numbers and course correct as needed to meet sales expectations.
Lead assignment & registration, together with promotional discounts and marketing campaigns.
Real-time inventory access for accurate order promising.
Sales Tools encyclopedia puts latest version of content, collateral and tools at your partners' fingertips.
Share case history, status and new case submittal for joint customers, empowering partners to act as first level customer support & service.
Software Development & Delivery. NetSuite gives software companies the capabilities they need to track defects and enhancements, and sell and deliver new releases on line, providing improved customer responsiveness.
NetSuite lets you track and manage defects or enhancement requests with a closed-loop corrective action process seamlessly integrated with support and service. Never let a product or other issue slip through the cracks again. NetSuite Issue Management functionality and processes are seamlessly integrated with customer relationship and case management, providing incredible visibility across the organization as well as externally to customers via their self-service portals.
NetSuite lets you sell files of software online and make them available for download. You can associate multiple files from the File Cabinet to a downloadable item. Any type of downloadable file can be sold in this manner including documents, music or executables. Once purchased, the files become available for download in a password-protected area, where you can display license codes. You can also leverage these new capabilities to require an online form to be submitted prior to making a download available rather than a purchase, allowing for marketing campaign calls to action around white papers and collateral that guarantee lead registration. Easy Customization and Integration. NetSuite's SuiteFlex customization and extension technology platform provides growing software businesses with a flexible, powerful and extensible business management solution.
Easy-to-use, point-and-click tools provide unlimited personalization, configuration, process validation and vertical tailoring.
SOAP standards-based Web service APIs extend NetSuite to other systems, third party vertical applications, or add-on capabilities.
Custom object, tab and code capabilities allow for entire applications to be built and hosted within NetSuite, providing all the benefits of a robust application architecture and on-demand hosting efficiencies.
Unique on-demand template cloning capabilities together with SuiteFlex Customization, SuiteFlex Web Services and SuiteFlex AppBuilder facilitate a library of industry verticals that can be further customized by individual customers to fit their specific business requirements.
Rapid ROI, Lower cost of Ownership. NetSuite can deliver a positive return on investment in fewer than 9 months — through automating processes, boosting sales, increasing productivity, reducing or avoiding headcount, and retiring costly legacy systems, reports Nucleus Research in its ROI Evaluation Report of NetSuite. To learn more about what NetSuite can do for your software company contact us now.
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