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.