The globalization of business continues to be driven by several factors, including the growing presence of multinational corporations, global capital markets, foreign direct investment and economic interdependence. At the same time, investors, bankers, shareholders, customers and other financial statements users exist all over the world, specifically in countries that have their own unique sets of accounting standards.

Companies can acquire materials, build products and operate anywhere in the world using our suite in the cloud. But sourcing effectively and reducing spend—of all materials, office supplies, outsourced services, and so on—is challenging when considering the different geographies, unique monetary constraints per business unit and various vendors used within the company.

NetSuite Version 2014 Release 2 introduces powerful procurement features that will significantly improve end-to-end management of the materials and services acquisition, efficiently aligning buying needs across the company and helping you be more efficient and save money on an ongoing basis.

As companies seek to optimize financial management and streamline operations, we are excited to introduce new purchase requisition, purchase contract and blanket purchase order capabilities that can improve procurement ROI.

NetSuite Version 2014 Release 2 features new revenue recognition functionality to improve the financial close process, strengthen relationships with auditors and reduce delays and manual work.

New Deferred Revenue Rollforward Report.Successful audit preparation and planning are essential to maintaining a good rapport with your auditors and setting the tone for a collaborative relationship. Revenue accounting continues to receive significant scrutiny from auditors, who in many cases ask for specific documentation regarding internal controls that exist in the close process, as well as detailed support for sales transactions and their projected revenue streams. With NetSuite Version 2014 Release 2, accountants will be able to provide auditors with a deferred revenue rollforward report, out of the box, which will present the flow of deferred revenue between beginning and ending balances. Faced with higher audit standards and complex reporting requirements for managing revenue recognition, accountants will be able to continue building strong relationships with auditors while needing less time to prepare, create and provide audit support documentation.