NetSuite adds new financial planning module

NetSuite's Financial Planning module will be available from the third quarter

NetSuite is adding a new financial planning module to its software-as-a-service web offering.

The company, currently the world's second largest listed provider of hosted software, has added the module to carry out budgeting functions and financial reporting, and to let customers carry out 'what if?' scenarios to try out new business models.

"Companies that make rapid, well-informed decisions, and execute with discipline, win in the marketplace," said Jim McGeever, chief financial officer at NetSuite.

"By delivering sophisticated business management, planning and modelling software via an on-demand model, we are providing midsized companies and divisions of large corporations with a set of capabilities previously reserved for elite enterprises.

"In so doing, we are not only helping to make our customers more productive, but enabling them to more effectively compete with, and in many cases outperform, their larger rivals."

The financial planning module was developed by NetSuite partner Adaptive Planning, but will be sold directly by NetSuite.

"With this new financial planning module, NetSuite fills a gap in the business performance management landscape," said Michael Fauscette, group vice president of software business solutions at analyst firm IDC.

"Available on-premise tools come with higher overheads, while spreadsheets offer little benefit when it comes to collaboration across a distributed organisation. With the new financial planning module, NetSuite delivers strategic visibility to organisations that will help them change the way they do business."

The Financial Planning module for NetSuite will be available for current and new customers from the third quarter of 2009.