MARKET researcher IDC has named NetSuite a leader in cloud-enabled finance and accounting applications in its 2017 MarketScape Vendor Assessment. NetSuite was one of 10 companies evaluated based on a wide range of criteria that included customer satisfaction (based on interviews with 35 references), financial stability, functionality, range of services, SaaS (software as services) capabilities and total cost of ownership.
Oracle and NetSuite were both evaluated in the report. NetSuite was acquired by Oracle in November 2016, however, they offer distinct products and the IDC MarketScape evaluated them separately. NetSuite’s OneWorld product helped it to stand out above the competition, according to the report. NetSuite OneWorld supports 190 currencies, 20 languages, automated tax calculation and reporting in more than 100 countries, and customer transactions in more than 200 countries.
“The ability of NetSuite financial application to handle multi-company, multisite, multiple language, and multi-currencies sets NetSuite apart from many other vendors in the financial applications market,” the IDC MarketScape report states.
As did the NetSuite tax engine.
“NetSuite SuiteTax module provides a native tax engine and covers both direct and indirect tax such as value-added tax (VAT), goods and services tax (GST), or sales and use tax,” the report states. “NetSuite’s SuiteTax module is one of the most comprehensive among the large financial applications providers.” The report also credited NetSuite’s revenue management and advanced billing, data security and employee access, and the NetSuite SuiteCloud development platform.
The IDC Marketscape report notes a number of trends driving change in cloud-enabled finance and accounting software. Notably, “digital transformation is fundamentally changing financial applications, allowing businesses to transform their decision making, which is enhancing their business outcomes significantly as we enter the digital economy,” the report states. In response, leading businesses have turned to SaaS and cloud-enabled software for its flexibility, agility and ease of implementation and upgrades.
Additionally, the IDC MarketScape report notes changing accounting standards, like ASC 606 and IFRS 16 and IFRS 17, are having an impact on the market. NetSuite has already built out capabilities to account for the accounting changes in ASC 606. Notably, NetSuite has built revenue recognition and billing system software together in the same engine.
NetSuite, a pioneer in cloud computing and the first cloud enterprise resource planning (ERP) company, now helps more than 40,000 companies, organizations, and subsidiaries in more than 100 countries transform their business operations and run their mission-critical business processes in the cloud.
NetSuite cloud financials and accounting software helps finance leaders design, transform and streamline their processes and operations. NetSuite seamlessly couples core finance and accounting functions with strong compliance management, which improves business performance and increases financial close efficiency while reducing back-office costs. With real-time access to live financial data, companies can quickly drill into details to quickly resolve delays and generate statements and disclosures that comply multiple regulatory financial compliance requirements.
Cloud computing lets companies focus on their business rather than on their software. They don’t have to use valuable IT resources to keep business systems on life support. Instead, they can re-deploy them to focus on more strategic business initiatives while leaving their cloud computing vendor to worry about scalability, security, uptime, application maintenance and system upgrades.