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NetSuite events to showcase first cloud software designed to automate revenue recognition for new FASB rules

Experts from KPMG, Deloitte, Protiviti, Hein & Associates and Proformative Join NetSuite Executives to Share Best Practices for EITF 08-01 and EITF 09-03 in Boston, Denver and Austin

SAN MATEO, Calif.—August 23, 2010—NetSuite Inc. (NYSE: N), the industry’s leading provider of cloud-based financials / ERP software suites, today announced the details of three special events designed to help companies understand the highly complex processes required to comply with new Financial Accounting Standards Board (FASB) rules for revenue recognition of multi-element sales, known as EITF 08-01 and EITF 09-03. The event, "Revenue Recognition Transformation: Strategies to Succeed in 2010 and Beyond" will provide business executives with valuable guidance and introduce them to new processes and solutions designed to automate revenue recognition.

NetSuite COO Jim McGeever and NetSuite CFO Ron Gill will be joined by leading revenue recognition experts from KPMG, Deloitte, Hein & Associates LLP, Protiviti and Proformative. They’ll provide strategies, insights and considerations for businesses facing the deadline to comply with these new revenue recognition rules. Attendees will also see a live demonstration of cutting-edge NetSuite Advanced Revenue Recognition cloud technology that speeds the road to adoption and increases the efficiency of revenue accounting teams. For more information about NetSuite Advanced Revenue Recognition, please visit www.netsuite.com.au/compliance.

The seminars will be held in Denver, Boston and Austin:

  • Tuesday, August 24, at the Hyatt Regency Denver Tech Center, from 8:30 a.m. – 11:30 a.m. MDT. Mr. McGeever will be joined by experts from KPMG, Hein & Associates, and Proformative.
  • Tuesday, August 31, at the Westin Waltham Boston, from 8:30 a.m. – 11:30 a.m. EDT. Mr. McGeever and Mr. Gill will be joined by experts from KPMG, Protiviti and Proformative.
  • Thursday, September 16, at the Barton Creek Resort and Spa in Austin, from 8:30 a.m. – 11:30 a.m. CDT. Mr. McGeever will be joined by experts from Deloitte, Protiviti and Proformative.

For more information about these three events, please click here.

Strategies for Building Strong, Flexible Revenue Recognition Processes

At the seminars, finance experts from NetSuite, KPMG, Deloitte, Protiviti, Hein & Associates, and Proformative will show how the new FASB rules — and new concepts, like Estimated Selling Prices — may impact existing accounting, financial systems and business processes. They will also detail how to calculate revenue allocations more accurately, create full audit trails, reduce manual effort, and centralize control and compliance monitoring.

Topics will include:

  • Best practices for managing revenue recognition, an overview of the new revenue recognition hierarchy;
  • What you need to know about the new EITF 08-01 and EITF 09-03 rules, and concepts like Estimated Selling Prices;
  • How the new rules impact existing accounting, financial systems and business processes;
  • Practical approaches to accurately calculating revenue allocations, get full audit trails, reduce manual effort and get centralized control and compliance monitoring;
  • How to avoid "spreadsheet hell" by using SAS 70 Type II compliant cloud solutions to accelerate the path to strong automated revenue recognition.

For more information about NetSuite, visit www.netsuite.com.au.

NOTE: NetSuite and the NetSuite logo are registered service marks of NetSuite Inc.