With technology forcing companies in every industry to adopt new business models, NXTurn is giving customers a next-generation solution to win in the marketplace today and future-proof their business for change tomorrow.
NetSuite's SuiteBilling solution gives our customers the ability to manage product, service and subscription-based models within a single system. "What's happening in the cloud economy is that every company has every one of these business models now. That is the future of every company states NetSuite CEO Zach Nelson.
SuiteBilling combines billing and revenue recognition across revenue sources, greatly simplifying the process of managing multiple business models. What's more, with new revenue recognition rules taking effect all over the world, the ability to combine billing and revenue streams is taking on added importance.
SuiteBilling gives businesses unprecedented control and flexibility over products and pricing, while enhancing the customer experience by improving transparency and focusing on value delivered vs. the cost, all while supporting the new accounting standards.
NetSuite provides a single system to manage orders from multiple sales channels, and to manage billing and revenue recognition that supports compliance with revenue recognition rules such as revenue arrangements with multiple elements (ASC 605-25) and percentage-of-completion accounting (ASC 605-35), while providing a foundation to prepare for adopting ASC 606 in the future.
Additionally, NetSuite's cloud-based architecture, with the flexible and powerful SuiteCloud development platform, enables customizations that carry forward automatically with every upgrade and provides a robust ecosystem of complementary solutions.
|•||A Core Framework, allowing for internal NetSuite subscription management, project and fulfillment modules to directly leverage core billing, revenue recognition and financial elements and processes via billing accounts and charge records.|
|•||Enhanced Order to Revenue. NetSuite's superior and highly scalable order management functionality can process orders coming in from multiple channels and centralize them within one single system while advanced revenue management capabilities support multi-element arrangements.|
|•||Role-Tailored User Experiences. Billing and Revenue Work-Centers designed specifically for billing specialists and revenue accountants, respectively, streamline key workflows and help users to complete their critical business activities more quickly and easily.|
|•||Subscription Management, supporting subscription- and usage-based pricing models and rating (simple and advanced).|
|•||Unified, but Independent Approach, allowing invoicing and revenue recognition processes to work seamlessly together while meeting the specific independent needs of each process.|
|•||Rich, Customizable Customer Billing Portals, based on NetSuite's industry-leading ecommerce platform, enable companies to deepen and expand customer relationships.|