What is netsuite?

NetSuite Inc. (NYSE: N) is a vendor of on-demand, integrated business management software suites for mid-market enterprises and divisions of large companies. NetSuite was originally named NetLedger by its founders Larry Ellison and his protege Evan Goldberg.

History

NetSuite’s hosted online business software is one integrated suite that includes accounting, customer relationship management (CRM), enterprise resource planning (ERP) software, e-commerce and Web site development.

Evan Goldberg, chairman and chief technology officer, founded the company with the financial backing of Lawrence J. Ellison, founder and chief executive officer of Oracle Corp. Other initial investors were StarVest Partners and UBS PaineWebber.

The initial iteration was marketed as NetLedger, then Oracle Small Business Suite.

NetSuite has grown to about 1,000 employees and has offices in San Mateo, California as well as in Denver, Colorado; Boston, Massachusetts (its OpenAir subsidiary, acquired in 2008); Toronto, Canada; the United Kingdom; the Philippines; Japan; Singapore; Hong Kong; and Australia.

In December 2007 NetSuite became a publicly traded company after its IPO on the NYSE.

Products

NetSuite has released NetSuite 2009.0 as its base service with NetSuite and NetSuite CRM+ as the two primary product options, with NetSuite Global CRM, Dedicated Server Options, OpenAir, and Payroll as some of the other product options or integratable services. In April 2008 NetSuite introduced OneWorld, an on-demand system to deliver global business management and financial consolidation capabilities to mid-market companies. With NetSuite OneWorld, multi-national organizations can manage companies with multiple subsidiaries, business units and legal entities from a single NetSuite account, seamlessly handling different currencies, taxation rules, and reporting requirements. Individual users at the local level get an application in their language and can transact in the local currency with local taxes and financial compliance fully enforced.

Features

NetSuite is an application covering business functions such as accounting, ERP, CRM, customer support, sales force automation, marketing automation, partner relationship management, ecommerce, and inventory management. Each of these also includes groups calendaring and tasking functions.

Supported Countries

Most countries in the world seem supported by NetSuite. 12 languages are available.

Country specific features:

UK: VAT 100 report, UK settlement discount, full support of VAT.

Australia: Business Activity Statement, Australia tax code list, full support of GST.

Canada: GST34 report, full support of GST/PST.

Japan: application in Japanese

NetSuite Partners

NetSuite has a lot of VAR (Value added-resellers) all around the world to enable people to have access to NetSuite specialists wherever they are. It allows NetSuite clients to have specialists close to their operations.