NetSuite, the San Mateo, Calif.-based provider of business management software, says its new NetSuite Advanced Revenue Recognition offering can help companies automate their compliance with new Financial Accounting Standards Board rules for multi-element sales. Companies must comply with the rules--EITF 08-01 and 09-03--in the fiscal year that begins on or after June 15, 2010. NetSuite's new revenue recognition product is designed for companies that run SAP, Oracle or Microsoft Dynamics GP enterprise resource planning systems. The cloud-based application can boost companies' productivity by speeding calculations and reducing their reliance on spreadsheets, NetSuite says.
EastNets, a company in the United Arab Emirates that provides compliance and payment solutions and services, says it has launched en.PaymentSafe, a service that gives companies entry-level connectivity to the SWIFT network. The solution utilizes the EastNets Service Bureau to let companies process financial messages at low cost, EastNets says.
Interactive Data, a New York City-based company that provides financial market data and analytics, says it has enhanced its Corporate Actions Service. The service will now deliver data to clients every hour during the trading day, using an XML format. Interactive Data says the revamped service should streamline customers' integration of the data.
Thomson Reuters says its new accounting platform, Accounting CS, combines various facets of accounting work, including trial balance, financial reporting and client accounting, into a single platform. According to Thomson, the design of Accounting CS allows accounting firms and their clients to collaborate online. The new platform will also allow accounting firms to configure their customers' access to data and lets multiple staffers work on a single project simultaneously.