Sunday, July 09, 2017

SuiteCloud Development Framework: Bringing Greater Flexibility, Control, Efficiency to Customers

SuiteCloud Development Framework is an important tool used to bring NetSuite development up to industry standard practices, bridging the gap between traditional development environments and NetSuite customizations. 

What is SuiteCloud Development Framework

SDF is a technology that allows the development and deployment of SuiteApps and customizations and the configuration of NetSuite environments. This technology empowers developers, Admins and Publishers by integrating NetSuite development components into a robust SDLC experience for the SuiteCloud platform.

 

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Friday, June 30, 2017

Re-Inventing the Retail Experience: Bringing Back the Brick and Mortar

Learn how to leverage store associates as fundamental assets of your brand and foster deeper brand loyalty by making omnichannel a reality for your business. Make your customers' buying journey seamless by linking online and offline interactions to deliver a better customer experience. 

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Friday, June 09, 2017

Benefits of Inventory Item Costing

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Friday, May 19, 2017

2017 Best Practices to Automate Your Warehouse

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Thursday, May 11, 2017

NXTurn Unveils Major Global ERP Enhancements with NetSuite

New Functionality Spans Global Financials, Revenue Recognition, Billing, SRP, SCM and GRC to Empower Companies Ready for Next

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Friday, May 05, 2017

Why Online Reviews Are So Important

A positive reputation is one of the most powerful marketing assets a business has to convince new customers to contact them. The social proof contained within reviews and star ratings helps consumers short cut their research and make decisions faster and with greater confidence than ever before. 
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Friday, February 17, 2017

Easily Manage the Creation and Maintenance of Purchase Orders throughout your Supply Chain

 

 

NetSuite Advanced Procurement helps companies improve the procurement process by exerting tighter control over spending, simplifying requests for goods and services, and rendering real-time visibility end-to-end.

Key Benefits

  • Reduce work and errors associated with multiple buyer/vendor phone conversations and emails for every purchase.
  • Enforce compliance by requiring purchases to be made only through contracted vendors.
  • Minimize transaction costs by consolidating multiple requisitions into fewer purchase orders.
  • Take advantage of negotiating quantity-based terms and discounts for bulk purchases.

Creating and managing vendors, purchase orders, receipts and all other relevant transactions is one of the simplest, yet comprehensive aspects of our system. Before establishing a purchase contract, NetSuite allows purchasing buyers to email Request for Quotes (RFQs) to vendors and suppliers to get quoted prices on particular items detailing: open bid period, expected order and receive dates, tiered pricing and volume discount. It also notes the postposed incoterms, vendor instructions and payment terms.

With NetSuite, RFQs are sent directly to vendors via emails, allowing targeted vendors to respond with their bid prices via NetSuite vendor center. This allows your vendors extended capabilities to get involved independently without the buyer to enter bid prices from different vendors.

Buyers are able to customize the buying options with quoted rates, volume and/or overall order discount. Once vendors respond to the RFQs, our Advanced Procurement module enables your purchasing department to itemize and analyze extra details before a purchase contract is signed to the awarded vendors. 

When the RFQs are awarded to the vendors, you also have the capability to automate the purchasing process in NetSuite. Once purchase contracts are signed and prices are confirmed, subsequent procurement processes are straightforward. 

If you would like to learn more about this feature, please do not hesitate to contact our team at NXTurn. Our certified consultants can work with you to customize a NetSuite implementation that meets your individual business requirements.

The Advanced Revenue Management feature is available in new accounts that have purchased the module. Those accounts using Revenue Recognition (older version) should contact a NXTurn Consultant to discuss converting to the new version or for other revenue management related needs. 

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Friday, February 10, 2017

Improving Your Bottom Line with NetSuite's Advanced Revenue Management

 

Advanced Revenue Management redefines older terms and adds new functionality to support a variety of use cases and business models 

  • Revenue Commitments are now referred to as Revenue Arrangements
  • Revenue Commitment Lines are now referred to as Revenue Elements
  • Revenue Templates are now referred to as Revenue Rules
  • Revenue Schedules are now referred to as Revenue Plans

New functionalities have been added

  • Item Categories – Grouping of items with similar fair value attributes
  • Fair Value Price List – Factors used in ascertaining prices for an item or item category
  • Fair Value Formula – Allows for formulas to be used in calculating fair values
  • Revenue Allocation Groups – Combines GROUPSUM* with Fair Value Formula
  • Fair Value Dimensions – Additional criteria for fair values related to items or item categories.

FASB Accounting Standard

NetSuite’s development of Advanced Revenue Management was spurred by a new FASB accounting standard. ASC 606 was developed to streamline controls in revenue management across all industry types (transaction exclusions are covered in publication ASC 606-10). Previously, ASC 605/SAB 104 allowed for process protocols to be industry specific.

ASC 606

In ASC 606 there are a series of questions a business must ask in order to determine the appropriate course of action for a revenue arrangement related to a contract or obligation.

Under ASC 606 a company recognizes revenue to reflect the transfer of goods or services to it’s customers for an amount in direct correlation to the obligation of the expectations for the same goods or services. 

These are the steps that follow this protocol:

  1. Identify the contract(s) with a customer
  2. Identify the performance obligations on the contract
  3. Determine the transaction price
  4. Allocate the transaction price to the performance of the contract
  5. Recognize revenue when (or as) the company satisfies the performance obligation

What does this mean and what does it do?

Well, namely, it removes ambiguity in revenue requirements and provides a systematic approach for handling a multitude of revenue issues. It also simplifies the number of requirements that companies must follow in preparing financial statements/disclosures. 

NetSuite’s Advanced Revenue Management solutions meets the requirements set forth in the ASC 606 protocol. The solution was developed not only to meet the new protocol but to also provide a highly configurable and layered approach to how revenue contracts are managed with a focus on ease of use for accounting professionals. It provides multi-element arrangement functionality and allows revenue recognition based on specific/flexible criteria.

Improvements have also been made to revenue-based reports.

One key report is the Deferred Revenue Waterfall Report, which is used to reconcile deferred revenue account balances and display forecasted revenue. It’s incredibly useful. Additionally NetSuite has created tools within the module to assist in deferred revenue FX reclassifications and other reclassifications that were previously handled using manual processes or scripted enhancements.

*GROUPSUM is a function used to accommodate percentage-based fair value calculations. GROUP(n) refers to the revenue allocation group and the expression(expr) is another field or formula. GROUPSUM(n, expr)   These tools coupled with a multitude of other features and settings allow for nearly unlimited flexibility, ensuring the correct revenue is recognized across a variety of tested uses cases. Use case example. Your company sells hardware and software but you also provide support against the hardware/software being sold. You may determine that the fair value of the support item is 10% of the sales price of the hardware and software being sold. Both your hardware and software items are part of the same revenue allocation group. Using new functionality available in Advanced Revenue Management you are able to do a few things not previously available; tie items to revenue allocation groups, establish fair value, create a fair value formula and also allocate the GROUPSUM function to the formula. Example infers that Calculated Fair Value is same as sales amounts for Hardware and Software. Revenue Plans are created for items in the following manner: Hardware (upon Fulfillment), Software (upon Fulfillment) and Support (Billing) 

Item Rev Allocation Group (RAG) Sales Amount Calculated Fair Value Amount Revenue Amount
Hardware XX 3000 3000 2093.02
Software XX 1000 1000 232.55
Support   300 400 1974.43

 

How is the Calculated Fair Value Amount RAG Allocation Group XX = 4000 

Our use case determines the Support is 10% of the RAG total = 400 

How is the Revenue Amount Determined for each item?

Total of all item Sales Amounts = 4300

Percent of item allocation (example Hardware) = 3000/4300 = .69767442

Revenue Amount (example Hardware) = .69767442*3000=2093.02 

How is the Revenue Amount determined for Support?

Total Sales – Revenue amounts from Item Group XX = 1974.43 

This complex example demonstrates Advanced Revenue Managements understanding of the nature in which revenue amounts are allocated to each element in a revenue arrangement. 

 

The Advanced Revenue Management feature is available in new accounts that have purchased the module. Those accounts using Revenue Recognition (older version) should contact a NXTurn Consultant to discuss converting to the new version or for other revenue management related needs. 

 

 

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Friday, February 03, 2017

Leading Advertising Agencies Embrace NetSuite's SuiteCommerce Solutions

 

Maintain your creative culture, streamline agency workflows and gain insight to client and project-based accounting. 

  • Improve billing and invoicing accuracy to free cash flow while targeting profitable clients using a rich collection of historical data. 
  • Easily manage traffic using the NetSuite resource management tools to identify available resources and particular skills—and effectively staff your project at the right margin. 
  • Collaborate with virtual teams, easily identify and fill staffing shortfalls, allow staff to access assets and artifacts through collaborative electronic job jackets. 
  • Gain real-time insight to make data-driven decisions on performance through role-based dashboards and KPIs. 

NXTurn features for Advertising Agencies:

  • Pitch And Forecasting
  • Project Management And ProductionResourcing
  • Media And Procurement
  • Execution And Delivery
  • Billing And Revenue
  • Financial And Analytics
  • Global Management 

Download our white paper for a look at why forward-thinking ad agencies upgrade from QuickBooks. Discover the telltale signs of how QuickBooks is failing your business and restricting your growth and learn more about the agencies using NetSuite to optimize their performance and scale business into new markets. 

Download White Paper

 

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Friday, January 27, 2017

Discover the Benefits of the On-Demand Workforce

The days of maintaining workforces comprised predominantly of full-time employees are over. On-demand workers give businesses greater flexibility, agility and cost efficiencies.

For the media and publishing sector that is undergoing dramatic disruption due to demographic and technological changes, the need for on-demand workers is much broader than just editorial or creative staff—including technologists, data scientists and others. 

Download a copy of our white paper, "Tapping the On-Demand Workforce: Digital Strategies for Media and Publishing Companies," for a list of key ways media and publishing companies can leverage on-demand workers for positive business outcomes.

Download Now 


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Friday, January 20, 2017

The Finance Dilemma: Rising Expectations, Diminishing Returns

Financial services firms are intently focused on the challenges of competing in a fast-changing and dynamic marketplace. Fierce competition, regulatory reform and evolving customer needs are the norm. To survive and thrive in this fast-paced environment, growing financial services companies are turning to the cloud to enable speed, agility and operational efficiencies. 

Download this Research study to explore the key challenges, trends and opportunities in financial management. This report summarizes a survey of Executives in the Financial Services industry and provides insights into: 

  • Top pressures facing finance executives.
  • Opportunities for high-impact improvement.
  • Characteristics of the ideal financial management solution.
  • The benefits of cloud-based financial management.

 Download Research Study


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Friday, January 13, 2017

Continually Closing is not a Continuous Close

Closing the books is a resource intensive task requiring business acumen and a concerted effort not only by the finance team, but across all functional segments in the company. If you are at a company that has disparate systems, on different platforms, with middleware and integrations, think carefully about efficiently, accurately and cost effectively closing the books. Yes, you can redesign your processes, remove inefficient activities, etc., but without a modern day financial management system, you may not meet with success.

Download this report to learn how to redesign your processes, remove inefficient activities, etc., but without a modern day financial management system, you may not meet with success.

 Download Report

 


We are excited to announce that SuiteWorld17 will take place in Las Vegas, Nevada from April 24-27, 2017. SuiteWorld is NetSuite’s annual celebration of customers and partners who run remarkable businesses through the power of the NetSuite platform. 2017 marks our 7th year of bringing 6,000 of the best-of-the-best in cloud computing to one place – with the singular objective of moving your business forward. SuiteWorld17 will be the biggest and boldest one yet.

Conference Registration 


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