New Capabilities Scale Payroll Processing, Automate Payroll Workflows and Simplify Management, Delivering Greater Flexibility and Efficiency
SAN MATEO, Calif.—October 9, 2014—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced its next-generation premier payroll service focused on boosting scalability, performance, and usability. These next-generation features include: a payroll interface that validates all leave, payroll and salary data; full gross-to-net calculations; support for check printing, pay cards and direct deposit; dramatically enhanced payroll workflows that handle unprecedented large transaction volumes; and employee self-service, expense tracking seamlessly integrated into ERP. NetSuite Premier Payroll Service users will be able to improve efficiency, visibility, and flexibility in managing payrolls. Companies can deploy NetSuite Premier Payroll Service at large, multi-location enterprises within the U.S. employing thousands of employees and contingent workers and take advantage of a new streamlined and intuitive user interface, leveraging the design elements and extensive user testing of the new NetSuite user interface with progressive disclosure, optimised user interfaces, and a flatter, more modern look.
"Complex payroll environments consume inordinate amounts of time and money, especially at fast-growing companies that need to focus resources on innovation and customer service," said Joseph Fung, Vice President of HCM Products at NetSuite. "These next-generation new features in NetSuite Premier Payroll Service make it the go-to solution for businesses that want to improve payroll accuracy and cost-efficiency while natively integrating with NetSuite accounting, expense management and commissions."
Many businesses confront the challenge of trying to move data between disparate systems spanning time and attendance, employee contact forms and compensation data from the ERP system. Each step requires imports and exports of data, often involving cumbersome manual entry or confirmation. NetSuite's Premier Payroll Service, with built-in employee self-service and a fully integrated payroll interface that automatically enters time, salary, and payroll data with a modern, social UI eliminates the multiple batches that are often required for every pay run.
NetSuite's Premier Payroll Service natively supports NetSuite cloud accounting, expense management, and commissions to deliver end-to-end process efficiency and control. This full-service solution automatically calculates earnings, deductions, contributions, taxes, paid time off, and more, with payments to personnel via direct deposit, printed checks, or purchasing cards. NetSuite Premier Payroll Service automates all payroll tax filings with U.S. federal, state, and local jurisdictions and streamlines creation and delivery of year-end Form W-2 and Form 1099-MISC.
New capabilities in NetSuite Premier Payroll Service include:
Deeper editing capabilities. Payroll managers will be able to make adjustments to information at a line-item level without recalculating the entire payroll batch.
Dramatically enhanced payroll workflows. High volume, complex payroll batches are processed quickly and efficiently. Processing suspension. A payroll batch run can be suspended while in progress so revisions can be made with automatic resumption from the point of change.
New filtering and searching. Capabilities to filter and search by employees and other criteria improve overall control and management of payroll batch creation and execution.
Increased flexibility in managing automated processes. Managers will be able to adjust automated deductions and contributions within a payroll batch without creating separate data sets.
Next-generation UI. An enhanced user interface provides a simple, intuitive environment better designed to support larger data volumes and employee populations.
The above enhancements to the NetSuite Premier Payroll Service are expected to be available in early 2015.
Today, more than 20,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-class cloud financials/ERP suites for divisions of large enterprises and mid-sized organisations seeking to upgrade their antiquated client/server ERP systems. NetSuite excels at streamlining business operations as demonstrated in a recent Gartner study naming NetSuite as the fastest growing financial management software vendor on a global basis. NetSuite continues its success in delivering the best cloud ERP/financials suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud is accelerating.
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This press release contains forward-looking statements relating to expectations, plans, and prospects including expectations relating to the future availability of enhancements to the NetSuite Premier Payroll Service. These forward-looking statements are based upon the current expectations and beliefs of NetSuite's management as of the date of this release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements including, without limitation, the risk that difficulties or delays are encountered in developing and releasing these enhancements to the NetSuite Premier Payroll Service. All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and NetSuite disclaims any obligation to update these forward-looking statements.
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